The State Bank of India (SBI) has announced that if customers fail to update Know Your Customer (KYC) details within February 28, 2019, then the bank may freeze their accounts.
As per the Reserve Bank of India (RBI) guidelines, banks have to update the KYC details of the customers periodically and accordingly, the banks keep on sending notices to its customers.
In a statement, the SBI has said, “Bank may be constrained to freeze accounts which are KYC Non-Compliant/ overdue for KYC updations if the required documents are not provided before 28.02.20.”
The bank has also sent message alert to its customers to complete the KYC verification before the last date.
The SBI, in its notice, also mentioned that letters issued by the National Population Register (NPR) would be valid documents for the KYC verification.
KYC documents for individuals:
- Voter’s Identity Card
- Driving Licence
- Aadhaar Letter/Card
- MNREGA Card
- PAN Card
- Letter of NPR
- Recent Photographs
- Mobile Number
KYC documents for non-individuals
- Proof of the name, address and activity of the concern
- Registration certificate (in the case of a registered concern)
- Certificate/licence issued by the Municipal authorities under Shop & Establishment Act
- Sales and income tax returns
- CST/VAT certificate
- Certificate /registration document issued by the Sales Tax/Service Tax/Professional Tax authorities
- A licence issued by the Registering authority like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India
- Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities, registration /licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/ Department, etc.
- Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of the bank account etc.
- The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities.
- Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.
- According to onlinesbi.com, a person who will operate the account is required to submit his/ her ID proof to the bank, if the holder is below the age of 10 years.
“In cases where minor can operate the account independently, KYC procedure for identification/address verification as in the case of any other individuals would apply,” the website says.
Non-resident Indians (NRIs) can present a passport or residence visa copies, attested by foreign offices, notary, Indian Embassy, officers of correspondent banks.
For more KYC updation related visit: sbi.co.in/web/personal-banking/information-services/kyc-guidelines.