Latest News | SBI Permits Submission of Documents for KYC Updation Via Post or Mail

New Delhi, May 1 (PTI) In view of difficulties faced by customers due to local lockdown induced by the second wave of COVID-19, State Bank of India (SBI) has decided to permit acceptance of documents for KYC updation through mail or post.

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

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 in every ten years for low risk customers.

In view of restrictions or lockdown in many 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 above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)