In response to the increasing number of Covid-19 incidents in India, the country's largest lender has agreed to enable customers to upgrade their KYC details from the shelter of their own homes. The State Bank of India (SBI) has agreed to allow documents for KYC update to be accepted via mail or post. Customers will no longer be required to visit a branch to update their KYC details. SBI made the announcement in light of several states imposing lockdowns in order to fight with COVID-19. Other public sector lenders are likely to pursue SBI's direction and enable customers to update their KYC details via email or post as a result of SBI's announcement. In light of the Covid-19 restrictions or lockdown, SBI said that branches will carry out KYC updates using documents received via the post from customers. SBI has also stated to customers on its twitter handle that "Please ensure that partial freezing of CIFs due to KYC updation is not done up to May 31, 2021." SBI has said that no branch will ever require a customer to visit in for a KYC update. According to the public sector lender, the order should go into practise instantly.
How to update SBI KYC details?
Customers must now send proof of address and identity (ID) to their concerned bank branch by mail or post in order to complete the KYC update. State Bank of India, the country's largest lender, has set a list of documents that are acceptable for KYC for individuals, minors, NRIs, and small account holders. Individual account holders can use any document to prove their identity and address, namely their passport, voter's Id card, driving licence, Aadhaar card, NREGA card, and PAN card.
Documents required for proof of identity/address
Below are the documents required for SBI KYC update for different types of customers.
For individuals more than 18 years old
- Voter ID Card
- Driving License
- Aadhaar Card/PAN Card
- NREGA Job Card
Documents required for minors
In case a minor is under the age of ten, ID proof of the individual who will be using the account (guardian or legal heirs) must be given. When a minor is able to run an account independently i.e. when he or she will reach the age of 18, the standard KYC procedure for identity or address verification will apply.
Documents required for NRIs
Non-resident Indians (NRIs) can complete KYC standards by submitting a passport or copies of their residence visa or passport. The VISA copies of NRIs must be attested by foreign offices, notary, the Indian Embassy, and officers of correspondent banks whose signatures are verifiable via an authorised branch of the SBI.
An important note for SBI customers
State Bank of India (SBI), the country's largest lender, had recently issued an alert to its customers about QR scans. On April 27 2021, the lender had issued notification to citizens not to scan QR Codes shared by others unless they want to pay. QR codes have become an extremely widely accepted method as more users switch to online transactions, fraud linked to such transactions is also on the upswing. And considering the same SBI had recently tweeted that "You don't receive money when you scan a QR code. All you get is a message that your bank account is debited for an 'X' amount. Do not scan #QRCodes shared by anyone unless the objective is to pay. Stay alert."
It's important to note that QR codes are only used to make payments, not to receive money.