As per the formal notification of the Reserve Bank of India on February 25, 2016, every bank account holder must update their KYC. Any violation of this guideline can lead to account suspension and other hazards. On this note, several accounts were suspended by the State Bank of India (SBI) in July 2022 due to a delay in the KYC update.
If you want to continue a hassle-free banking experience, updating the State Bank of India KYC from time to time is essential. Keep reading to learn the procedure.
How to Update SBI KYC Online?
SBI provides various methods through which its customers can update KYC online. You can log into the SBI net banking account or YONO app to update SBI KYC online. The detailed steps are provided in the below sections.
How to Update SBI KYC through Internet Banking?
Below are the steps toupdate SBI KYC through internet banking:
Step 1: Log in to yourSBI 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.
When you update your KYC details, it will apply to all bank accounts under your Customer Identification File/ Form (CIF).
How to Update SBI KYC through YONO?
YONO is SBI’s integrated digital banking platform that offers convenient financial services to SBI account holders. You can also updateState Bank of India KYC documentsthrough the YONO app by following these easy steps:
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’.
How to Download the SBI KYC Form?
You can visit the nearest SBI branch to collect the KYC form. However, you can also download the SBI KYC form from theSBI’s official website, take a printout of it, fill it and submit it to the bank.
Which Documents are required for KYC in SBI bank?
You need to upload some documents while updating SBI KYC. However, document requirements may vary depending on the accounts.
Documents required forSBI KYC update of Individual account holders:
- Voter’s Identity card
- Aadhaar card
- Passport
- NREGA card
- Driving licence
Documents required forSBI 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 forSBI 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
Why is it Important to Update KYC Information with SBI?
Here are the reasons why you should keep the KYC updated on your SBI account:
- Protection from Account Freezing
If you do not update the KYC of your SBI account on time, it may lead to account freezing. In such cases, you cannot withdraw cash through an ATM or chequebook.
- To Comply with the RBI
As per the RBI guidelines, you need to update the KYC periodically. It is a mandatory requirement that all bank account holders should follow.
So, it is essential to update the State Bank of India KYC for every account holder. Timely updation will help you comply with RBI norms and protect you from the unnecessary hassles of frozen accounts. You can follow any of the abovementioned methods and update your KYC seamlessly.
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