SBI - How to Update KYC Online?

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, providing relief to thousands of customers during the second wave of the pandemic. Customers can email or courier proof of address and identity to their bank branch. The KYC can be updated based on the documents received from customers via registered mail or email. KYC documents are now required for all account holders. Let's take a look at how to update State bank of india's KYC online.

What is KYC?

Know Your Customer, or KYC, is a one-time procedure in which banks validate a customer's identity by learning more about them. Customers must complete their KYC when opening bank accounts or investing in various instruments.

KYC documents for individuals

• The passport
• Voter Identification Card
• Driving Permit
• Aadhaar Card/Letter
• Card NREGA
• PAN Number

Documents for minor accounts

If the child is under the age of ten, identification paperwork for the person in charge of the account must be submitted. When a minor manages their own account, the same KYC procedure is used to identify and validate the person's address.

How to update KYC online?

Step 1: Customers must email or mail their address proof and identity proof to their respective bank branch.
Step 2: When sending the documents, the email should be sent from the registered email address.
Step 3: You must send your KYC documents only when they are due in your account.
Step 4: A passport, a voter's identity card, a driver's licence, an Aadhaar card, an NREGA card, a PAN card, and one identity document and proof of address must all be verified (either permanent or current).
Step 5: If it is a minor account, the minor must be under the age of ten and provide ID proof of the person who will operate the account for the submission of documents.
Step 6: Once the minor is able to operate the account on their own, the KYC procedure identification or address verification would apply to any other individual.
Step 7: If the account holder is an NRI, he must submit copies of his passport and residence visa attested by foreign offices, Notaries Public, the Indian Embassy, and officers of correspondent banks whose signatures are verifiable through the bank's authorised (A/B category Forex handling branch).
Step 8: For small accounts with no more than Rs 1 lakh in total credits in a fiscal year, no more than Rs 10,000 in total withdrawals and transfers in a month, and no more than Rs 50,000 in total balance at any time.