SBI Customers, Accounts Blocked for not Updating KYC? What You Should do Now

SBI KYC: The State Bank of India has stopped the functioning of a number of accounts for non-compliance with KYC (Know Your Customer) norms. As per a number of customers who’ve on Twitter tagging the official deal with of the general public sector lender, the SBI has frozen their accounts for not updating the KYC particulars by July 1, as a part of the financial institution’s ongoing KYC drive. As a end result, these clients, lots of whom keep overseas, aren’t having the ability to perform any transaction with their SBI accounts.

“We want to inform you that KYC is an ongoing train performed at common intervals. It appears that your account is due for KYC, therefore the message has been forwarded to you. Kindly go to the department and get it completed for the graceful functioning of the account,” stated the financial institution in a tweet in reply to a buyer’s criticism whose account has been frozen.

“I visited a nearby SBI branch and submitted documents, they told me that they will take ten days. Kindly do it as soon as possible as I am not able to use this account anymore,” stated Ajit Wale, an SBI buyer who lives overseas.

Another buyer, Gaurav Agarwal alleged that his account providers have been stopped with none prior discover for non-upgradation of KYC. “my account has been put on STOP because of KYC overdue. No one asked me for KYC so why the hell my account put on STOP mode,” stated the client.

“As per RBI Mandate, customers are supposed to get their KYC updated periodically. Hence, customers whose KYC updates are due are notified through many channels, one of them being SMS,” said the bank in its reply. “Based on this notification one can either visit any of our Branches to update their KYC details or send a copy for their KYC Documents to their Branch email id through your registered mail id (if the KYC details are unchanged),” it added.

The freezing of financial institution accounts with out notifying appears to be the issue of most clients who didn’t replace their KYC particulars. However, the SBI has claimed that clients had been knowledgeable by way of many channels to replace their KYC.

How to Update KYC?

To replace their SBI KYC particulars, clients must submit solely a duly crammed and signed prescribed format if there isn’t any change within the KYC data supplied earlier by them. This format might be submitted to the department in individual, or by way of the registered e mail id or by put up and it may be obtained from the Branch by sending a request on the department e mail id.

“In case there is any change in the current KYC documents of the customers from the documents submitted earlier by them and/or due to any other reason the bank requires some more information/documents, they have to visit the Branch along with original KYC documents and one Photograph for udpation of latest KYC documents in the account,” the SBI stated on Twitter.

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