The Reserve Bank of India has taken steps to simplify KYC-related instructions from time to time, taking into account available technological options for improving customer convenience within the framework prescribed by the Prevention of Money Laundering Act, 2002 (PMLA) and rules framed thereunder.
As per the Reserve Bank of India’s notification on February 25, 2016, all bank account holders are required to update their KYC (Know Your Customer) details periodically. Failing to comply with this guideline can result in account suspension and other issues. In fact, SBI had to suspend several accounts in July 2022 due to delayed KYC updates.
Which Documents are required for KYC in SBI bank?
Documents required for SBI KYC update of Individual account holders:
- Voter’s Identity card
- Aadhaar card
- Passport
- NREGA card
- Driving licence
- Letter issued by the National Population Register containing the name and address.
Documents required for SBI KYC update of minor account holders:
- Identity proof of the person who operates the minor’s account (It can include any of the ID proof mentioned above)
Documents required for SBI KYC update of NRI account holders:
- Indian Embassy
- Notary Public
- Foreign offices
- Any correspondent bank officer’s signature that can be verified through the A/B category Forex handling bank branch
How to Update SBI KYC through Internet Banking?
Step 1: Log in to your SBI net banking by entering your credentials.
Step 2: Click on the ‘My Accounts & Profile’ tab.
Step 3: Select the ‘Update KYC’ option. Enter your profile password and click ‘Submit’.
Step 4: Select your account from the drop-down menu and click on ‘Submit’.
Step 5: Fill out the information to be updated, upload the relevant documents and submit.
Step 6: You will receive an OTP on the registered mobile number. Enter the OTP to update your KYC.
How to Update SBI KYC through YONO?
Step 1: Open the SBI YONO application and log in using your MPIN.
Step 2: Click on the menu on the top left of the home screen and select ‘Service Request’.
Step 3: Select the ‘Update KYC’ option.
Step 4: Enter your profile password and click ‘Submit’.
Step 5: Fill out the information to be updated, upload the relevant documents and submit.
Step 6: You will receive an OTP on your registered mobile number. Enter the OTP and click on ‘Submit’.
Step 7: If your KYC update has been successful, you will receive a final message saying, ‘Successful KYC for CIF has been updated in bank records through YONO’
FAQs
Why is it Important to Update KYC Information with SBI?
Protection from Account Freezing
Failure to update your SBI KYC on time can result in your account being frozen. If this happens, you won’t be able to withdraw cash using an ATM or chequebook.
To Comply with RBI Guidelines
As per the RBI regulations, updating KYC periodically is a mandatory requirement for all bank account holders. This ensures compliance with the law and helps prevent issues like account freezing.
How to Download the SBI KYC Form?
visit the nearest SBI branch to collect the KYC form. However, you can also download the SBI KYC form from the SBI’s official website, take a printout of it, fill it and submit it to the bank.
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