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SBI customers alert! Keep these documents handy to update KYC

To update your KYC, State Bank of India (SBI) allows several documents which can be used by different individuals for the purpose.

Know Your Customer (KYC) is a process where banks obtain information about their customers’ identity thereby ensuring that bank services are not misused. The KYC procedure is used when bank customers open accounts. Banks are also required to periodically update their customers’ KYC details. For this, the banks are required to collect and verify basic details of customers.

To update your KYC, State Bank of India (SBI) allows several documents which can be used by different individuals for the purpose.




Also Read: Non-life insurers direct premium rises by 6.7 per cent in January 

How to update your KYC with SBI?

Customers must visit the nearest SBI branch and submit a copy of any proof of address and identity (ID) approved for the KYC update.

In the case of an individual, minors, NRIs or small account holders, SBI has specified a list of documents effective for KYC.

When it comes to KYC, individuals are required to support the bank with proof of identity and proof of address.

Also Read: Non-life insurers direct premium rises by 6.7 per cent in January

KYC Documents Individuals

Passport

Voter Identity Card

Driving Licence

Aadhaar Letter/Card

NREGA Card

PAN Card

Rules for minors

If the minor is less than 10 years of age, the individual who will run the account is required to submit the Identity proof of himself or herself to the bank.

In instances where the account can be run separately by a minor, the KYC norms verification procedure will proceed, as in the case of any other individual.

Proceedure for NRIs

For Non-resident Indians (NRIs) copies of a passport or residence visa can be submitted by non-resident Indians (NRIs).

International offices, notaries, the Indian Embassy, officials of correspondent banks whose signatures are demonstrable via an authorised branch of the SBI must properly attest with the copies of the residence visa.

The bank must then update the KYC after a certain period of time, according to the standards prescribed by the RBI.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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