SBI account holders have received a critical warning from the State Bank of India (SBI). SBI account holders must obey the bank's instructions or their accounts will be frozen, according to India's largest public lender. This has to do with the account's KYC.
According to reports, the public sector bank released a notice on May 1 requesting SBI account holders to complete their KYC as soon as possible. It has been stated that this mission must be accomplished by May 31, 2021, or their accounts will be frozen.
This is a relief since the SBI stated that customers can send their KYC documents via post or registered mail instead of entering the bank to get their KYC completed. Because of the increase in Covid 19 cases, the decision was made.
Customers of SBI must submit their records, and the bank will notify them by phone when their KYC has been changed.
Customers will not be expected to visit the bank in person, and partial freezing of CFIs due to KYC updation will not take place until May 31, according to SBI on Twitter.
Thanks to the coronavirus pandemic, SBI has extended this facility until May 31. Customers must upgrade their KYC before the deadline to continue receiving banking services without interruption, according to the SBI.
