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To provide relief to thousands of customers amid the second wave of the pandemic, the State Bank of India (SBI) has announced that account holders do not need to visit branches to update their Know Your Customer (KYC) documents. Customers can submit proof of address and identity to their bank branch via email or courier.
SBI account holders can send the the documents using their registered email address to the branch’s mail address. “You may scan and email your KYC documents on the branch email address only if KYC updation is due in your account and the branch has notified you for the same. Please note to send the email from the email ID you have registered with your bank account,” State Bank of India said in a tweet.
To update their KYC details online, customers need to submit any of the following documents: 1) Passport, 2) Voter’s Identity Card, 3) Driving Licence, 4) Aadhaar Letter/Card, 5) NREGA Card, 6) PAN Card. Non-resident Indians (NRIs) can submit a passport or residence visa copies to complete KYC norms. The residence visa copies should be attested by foreign offices, notary, Indian Embassy, officers of correspondent banks whose signatures are verifiable through an authorized branch of the SBI.
For the account holders below the age of 10 years, the ID proof of the person who will operate the account, is required to be submitted to the bank. Minors operating the bank account themselves, can produce any of the KYC documents for identification or address verification.
Earlier this week, the Reserve Bank of India (RBI) directed banks and other regulated financial entities to not impose any punitive action against customers for failure to update KYC till the end of the year.
“Keeping in view the current COVID-19 related restrictions in various parts of the country, regulated entities are advised that in respect of the customer accounts where periodic updation of KYC is due and pending as on date, no restrictions on operations of such account shall be imposed till December 31, 2021, for this reason alone, unless warranted under instructions of any regulator/ enforcement agency/court of law, etc,” said the RBI.
“Rationalisation of KYC compliance is RBI’s way of helping Indians manage their finances while we deal with the second wave of COVID-19,” Mayank Goyal, founder and chief executive officer of moneyHOP.
The central bank has also allowed digital channels for the periodic updation of KYC for the convenience of customers. The digital channels include video-KYC and submission of electronic documents through digilocker.
“Now, its time for the banking industry to quickly adapt digital means in order to not only elevate their customer experience but also provide a helping hand for mass majority to have access to financial services in a contactless manner,” he added.