New Delhi. SBI has extended the date of updating (KYC) to 31 May in view of the increasing corona infection. The bank has issued a notification asking its customers to update the KYC. The bank has told the customers that KYC should be updated by May 31, else the banking services may be stopped. It has been said in the bank’s information that in order to continue banking services without any hassle to the customers, it will be necessary to update the KYC by 31 May 2021. Due to Corona, the bank has extended this facility till 31 May, i.e. now the account holders whose KYC will not be updated till 31 May will get their accounts frozen. In view of the growing infection of the Corona epidemic and restrictions such as lockdown and night curfew in many states, it has made the process of getting KYC update easy for its customers. This news has come as a big relief for those SBI customers, who have been stuck due to lack of KYC updates.
Get KYC updates done at home SBI has decided that its customers can send documents via e-mail or post to get KYC updated. There is no need to go to the branch with papers. After a conversation with the Chief General Managers of all its 17 local head offices, the SBI has directed that they accept the KYC update via e-mail or post.
Account will not close till May 31 SBI has also asked to ensure that no customer accounts are partially closed till May 31 due to no KYC update. These instructions have come into force with immediate effect.
How many days KYC update Banks rate their customers based on their risk. High risk customers of the bank have to update KYC at least once every two years, customers whose risk is moderate, they have to update KYC once every eight years. Customers whose risk is very low or low, also have to update KYC once every ten years.