If your account is also in the state bank of India (SBI), the largest bank in the country and if you have not yet completed the KYC (Know Your Customer) process of your account, get it done at the earliest as SBI has fixed the last time for completing the KYC process. Which is only 10 days left to be integrated. What is the last date set by the bank?
In fact, the KYC process of each bank account is completed by each bank account, making available the full information of the holder with the bank. The last date for completion of the KYC process has been fixed by the State Bank of India (SBI) on February 28, 2020. Let me tell you, completing the KYC process does not harm the customers, but if the process is not completed, you will not be able to transact any kind of transaction from your SBI bank account. Your account will be refrigerated by the bank. However, SBI has alerted its customers by sending messages to complete the KYC process. The bank has informed its customers that the customers' accounts will be refrigerated if the bank does not complete the KYC process.
Last date for conducting KYC:
The bank has informed its customers that all account holder customers of the bank are required to KYC their account, the last date of which has been fixed by the bank on 28th February 2020. Therefore, all customers should complete these processes at the earliest otherwise the customers' bank accounts will be blocked.
SBI Bank has delivered this information to all its customers through SMS. The bank wrote in SMS that "KYC documents are to be updated in your account as per RBI guidelines. Please request all customers to go to their SBI branch with their latest KYC documents and contact them to complete the process. Future transactions in the customer's account may be withheld by the bank if KYC is not completed.
What is KYC?
KYC means the English language - Know Your Customer, i.e., customer information. In fact, RBI has asked all banks to keep all the information related to their customers. That is why SBI has sought full information from its homes. RBI has ordered the completion of the KYC process intending to curb scams and fraud cases involving banks. Completing the KYC process further increases the security of customers' accounts.
How the KYC process will be completed:
Customers will have to take all their documents and contact an employee of the bank in their branch, and the rest of the process will be completed. The following document will be required to complete this process.
Identity card (including photo)
Certificate of Residential
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