The biggest bank in India has set the deadline for the KYC update. All account holders will be required to update their KYC without delay in order to continue banking services with the State Bank of India (SBI). Failure to do so will mean that the services of those customers will be suspended.
SBI accounts will be frozen after May 31
On its official Twitter handle, SBI shared, customers must update KYC by 31 May 2021 to continue banking services without any hassle. To do so, customers can bring their KYC documents and visit their home branch or nearest branch.
Also, SBI has facilitated its customers who do not wish to visit the branch in person due to the second wave of Covid outbreak and as there is a lockdown in place in many parts of India. Sbi wrote, “We have extended this facility until 31 May due to Corona. Any accounts whose KYC has not been updated after this date will be frozen.”
How to update KYC from home
Those who cannot go to the bank because of the corona pandemic, they can do so via speed post or email. They can send their documents related to KYC without visiting the bank. In such a situation, they will get notified through email when the KYC is updated.
So update your KYC and save your account from getting freezed.
SBI commits 71 Crore Rupees for Combatting the Pandemic
SBI has dedicated 71 Crores for nation’s different need at the time of the Pandemic which has gripped the whole nation. This relief has been sanctioned under SBI Foundation. The details are below.
- The Bank allocated Rs. 30 Crore for setting up 1,000 bed makeshift hospitals in some of the most affected states for COVID-19 patients.
- Another Rs. 21 Crore has been allocated to Circles for supporting local initiatives through the provision of life-saving healthcare equipment, oxygen supplies to hospitals, COVID-19 care centres and ambulances for transporting COVID-19 patients as well as PPE kits, masks, and food relief.
- The Bank will contribute Rs. 10 Crore to complement the Government’s efforts in genome sequencing.
- The remaining Rs. 10 Crore will go towards partnering with Community NGOs to address the community needs.