SBI KYC: The State Bank of India has suspended the operation of a number of accounts due to a failure to follow KYC (Know Your Customer) regulations. According to a number of individuals who complained on Twitter and mentioned the public sector lender’s official handle, the SBI has frozen their accounts because they failed to update their KYC information by July 1 as part of the bank’s current KYC programme. These clients, many of whom reside abroad, are unable to use their SBI accounts to conduct any transactions as a result.
“We would like to let you know that KYC is an ongoing process that is done on a regular basis. Your account appears to be overdue for KYC, which is why the notice has been forwarded to you. In response to a client complaint whose account was frozen, the bank tweeted, “Kindly visit the branch and have it done for the smooth working of the account.
“I went to a neighbouring SBI bank and gave them my paperwork; they said it would take ten days. Since I can no longer use this account, kindly complete it as soon as possible, requested SBI customer Ajit Wale, who resides abroad.
Another client, Gaurav Agarwal, claimed that his account services were terminated abruptly for failing to upgrade his KYC. “My account has been placed on STOP due to overdue KYC. Nobody requested my KYC, thus I don’t understand why my account was put in STOP status, the consumer questioned.
“As per RBI Mandate, customers supposed 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 majority of clients who did not update their KYC details appear to be experiencing bank accounts being frozen without notification. The SBI, however, asserted that consumers have received notification to update their KYC through a variety of channels.
How to Update KYC?
If there has been no change to the KYC information previously provided by the customer, they merely need to provide the specified format, duly filled out and signed. This format may be presented to the branch in person, via the registered email address, by mail, or by sending a request to the branch via the branch email address.
“Customers must visit the Branch with original KYC documents and one Photograph for updating the latest KYC documents in the account,” the SBI stated on Twitter. “If 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.”
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