Home >Industry >Banking >SBI account KYC updation can be done via post or email

India's largest lender State Bank of India (SBI) has decided to permit acceptance of documents for KYC updation through mail or post in the wake of difficulties faced by customers due to local lockdown induced by the second wave of coronavirus pandemic.

In a communication to the chief general manager of all its 17 local head offices dated April 30, the SBI said it has been advised to accept KYC updated requests through mail or post without the physical presence of the customer in the branch in view of a resurgence in Covid-19 infections.

The move is expected to be followed by other public sector lenders.

Periodic updation has to be carried out at least once every two years for high-risk customers, once eight years for medium-risk customers and once every 10 years for low-risk customers.

In view of Covid-19 curbs or lockdown in several states, it said, branches can carry KYC updation on the basis of documents received from customers through post.

In no case the customer should be asked to personally visit the branch for KYC updation, it said.

"Please ensure that partial freezing of CIFs due to KYC updation is not done up to May 31, 2021," it added.

The instruction should be applicable with immediate effect, it added.

The bank has also been doing customer awareness campaigns on digital banking amid pandemic, and local level engagements of distributing hand sanitisers, masks, PPE kits, donation of ambulances, etc are being undertaken.

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