SBI permits submission of documents for KYC updation via post or mail

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

In a communication to the 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 the physical presence of the customer in the branch in view of a 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 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 the 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)