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SBI Customers, Accounts Blocked for not Updating KYC? What You Should do Now

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New Delhi :

The State Bank of India has stopped the functioning of several accounts for non-compliance with KYC (Know Your Customer) norms.

As per several users who have complained on Twitter tagging the official handle of the public sector lender, the SBI has frozen their accounts for not updating the KYC details by July 1, as part of the bank’s ongoing KYC drive.

As a result, these customers, many of whom stay abroad, are not being able to carry out any transaction with their SBI accounts.

“We would like to inform you that KYC is an ongoing exercise conducted at regular intervals. It seems that your account is due for KYC, hence the message has been forwarded to you.

Kindly visit the branch and get it done for the smooth functioning of the account,” said the bank in a tweet in reply to a customer’s complaint whose account has been frozen.

Another customer, Gaurav Agarwal alleged that his account services have been stopped without any prior notice for non-upgradation of KYC. “my account has been put on STOP because of KYC overdue.

No one asked me for KYC so why the hell my account put on STOP mode,” said the customer.

“As per RBI Mandate, customers supposed get their KYC updated periodically. Hence, customers whose KYC updates are due are notified through many channels, one of them being SMS,” said the bank in its reply.

“Based on this notification one can either visit any of our Branches to update their KYC details or send a copy for their KYC Documents to their Branch email id through your registered mail id (if the KYC details are unchanged),” it added.

The freezing of bank accounts without notifying seems to be the problem of most customers who did not update their KYC details.

However, the SBI has claimed that customers had been informed through many channels to update their KYC.

How to Update KYC?

To update their SBI KYC details, customers need to submit only a duly filled and signed prescribed format if there is no change in the KYC information provided earlier by them.

This format can be submitted to the branch in person, or through the registered email id or by post and it can be obtained from the Branch by sending a request on the branch email id.

“In case there is any change in the current KYC documents of the customers from the documents submitted earlier by them and/or due to any other reason the bank requires some more information/documents,

they have to visit the Branch along with original KYC documents and one Photograph for udpation of latest KYC documents in the account,” the SBI said on Twitter.

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