SBI bank account holders? Alert! You may not be able to withdraw cash due to KYC trouble

SBI Bank KYC:  All State Bank of India (SBI) account holders who have not completed their KYC or Know Your Customer requirement will not be able to withdraw cash from their accounts. The state-run bank has issued a notice to its account holders with regards to their incomplete KYC.

The state-run bank had instructed its consumers to obtain the KYC with the bank-account by 28 February to avoid inconvenience or disruption in services and has been sending email and message alerts to all the account holders with incomplete KYC.

From today, SBI account holders with incomplete KYC will not be able to do transactions.

In the message to the customers, the bank has mentioned that as per the directions of the Reserve Bank of India (RBI), the customers are required to complete the KYC requirements of their accounts.

Since the due date has already passed, the bank will be freezing the accounts of such customers who have not completed their KYC requirements. However, the customers can visit the bank and complete the KYC to get their accounts reactivated.

How to update your KYC
If you wish to update your KYC information, you need to visit the nearest SBI branch. You will be required to submit a copy of your identity proof and your address. The SBI net banking users can update their KYC information online. According to the information available on the SBI website, you will have to submit a government-approved ID and address proof.  

Which documents will be considered for KYC requirements

-- Voter ID
-- Passport
-- Driving Licence
-- MNREGA cards
-- India Post issued Identity card
-- Telephone Bill
-- Electricity Bill
-- bank passbook with photo
-- Ration card
-- Aadhaar Card
-- PAN Card
-- ITR, water bills, and property tax papers
-- Credit card statement

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All banks - be it public sector or private sector banks will have to mandatorily ensure that the KYC requirements with all the customers are complete, failing which the banks may be penalised by the banking regulator.