In the wake of the COVID-19 epidemic, State Bank of India (SBI) account users can now update their Know Your Customer (KYC) papers online. All account holders must submit KYC papers.
Due to the increase in COVID-19 cases, SBI said in a tweet earlier this month that KYC will be updated based on documents received via post or registered email.
"Important Announcement. In view of the resurgence of COVID-19 cases along with various lockdowns in place in many states, it has been decided that KYC updation shall be carried out on the basis of documents received from customers through post or registered email. Customers will not be required to personally visit the branch for the purpose of KYC updation," tweeted SBI.
Individuals must produce government-accepted evidence of identity and address if they are 18 years old or older. This comprises passports, voter ID cards, driver's licences, AADHAAR cards, NREGA cards, and PAN cards, among others.
ID proof of the individual who will be operating the account will be necessary in the event of youngsters under the age of ten. According to the SBI, in cases where children can handle their accounts independently, the KYC procedure for ID/address verification will remain the same as it is for individuals aged 18 and up.
NRIs will be required to present copies of their passports and resident visas that have been fully attested by foreign offices, notaries, the Indian Embassy, and officers of correspondent banks whose signatures have been obtained through the Bank's authorised (A/B category forex dealing branch).
Due to the second COVID-19 wave, RBI Governor Shaktikanta Das earlier this month encouraged banks not to take any harsh action against accountholders with missing KYC updates until December 31, 2021.
"Keeping in view the COVID related restrictions in various parts of the country, Regulated Entities are being advised that for the customer accounts where periodic KYC updating is due/pending, no punitive restriction on operations of customer account(s) shall be imposed till December 31, 2021, unless warranted due to any other reason or under instructions of any regulator/enforcement agency/court of law, etc." said RBI Governor Shaktikanta Das.
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