In a circular issued on April 30, 2021, the State Bank of India has said it will now carry out updation of KYC or Know your Customer based on the documents received via mail or post.
For high risk customers, KYC has to be updated every 2 two years, one every eight years for medium risk year and once every 10-years for low-risk customers.
SBI To Not Freeze Account If KYC Becomes Due
Now amid restriction in most states, the bank said wherever KYC updation becomes due., it shall be carried out on the basis of documents received from customers via post or registered e-mail. "In no case the customer should be asked to personally visit the Branch for KYC updation. Please ensure that partial freezing of Customer Information Files (CIFs) due for KYC Updation is not done up to May 31, 2021," it added.
The instructions are applicable with immediate effect.
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