As per the formal notification of the Reserve Bank of India on February 25, 2016, every bank account holder must update their KYC. Any violation of this guideline can lead to account suspension and other hazards. On this note, several accounts were suspended by the State Bank of India (SBI) in July 2022 due to a delay in the KYC update.
If you want to continue a hassle-free banking experience, updating the State Bank of India KYC from time to time is essential. Keep reading to learn the procedure.
SBI provides various methods through which its customers can update KYC online. You can log into the SBI net banking account or YONO app to update SBI KYC online. The detailed steps are provided in the below sections.
Below are the steps to update SBI KYC through internet banking:
Step 1: Log in to your SBI net banking by entering your credentials.
Step 2: Click on the ‘My Accounts & Profile’ tab.
Step 3: Select the ‘Update KYC’ option. Enter your profile password and click ‘Submit’.
Step 4: Select your account from the drop-down menu and click on ‘Submit’.
Step 5: Fill out the information to be updated, upload the relevant documents and submit.
Step 6: You will receive an OTP on the registered mobile number. Enter the OTP to update your KYC.
When you update your KYC details, it will apply to all bank accounts under your Customer Identification File/ Form (CIF).
YONO is SBI’s integrated digital banking platform that offers convenient financial services to SBI account holders. You can also update State Bank of India KYC documents through the YONO app by following these easy steps:
Step 1: Open the SBI YONO application and log in using your MPIN.
Step 2: Click on the menu on the top left of the home screen and select ‘Service Request’.
Step 3: Select the ‘Update KYC’ option.
Step 4: Enter your profile password and click ‘Submit’.
Step 5: Fill out the information to be updated, upload the relevant documents and submit.
Step 6: You will receive an OTP on your registered mobile number. Enter the OTP and click on ‘Submit’.
Step 7: If your KYC update has been successful, you will receive a final message saying, ‘Successful KYC for CIF has been updated in bank records through YONO’.
You can visit the nearest SBI branch to collect the KYC form. However, you can also download the SBI KYC form from the SBI’s official website , take a printout of it, fill it and submit it to the bank.
You need to upload some documents while updating SBI KYC. However, document requirements may vary depending on the accounts.
Documents required for SBI KYC update of Individual account holders:
Documents required for SBI KYC update of minor account holders:
Documents required for SBI KYC update of NRI account holders:
Here are the reasons why you should keep the KYC updated on your SBI account:
If you do not update the KYC of your SBI account on time, it may lead to account freezing. In such cases, you cannot withdraw cash through an ATM or chequebook.
As per the RBI guidelines, you need to update the KYC periodically. It is a mandatory requirement that all bank account holders should follow.
So, it is essential to update the State Bank of India KYC for every account holder. Timely updation will help you comply with RBI norms and protect you from the unnecessary hassles of frozen accounts. You can follow any of the abovementioned methods and update your KYC seamlessly.
Can't get yourself started on taxes? Get a Cleartax expert to handle all your tax filing start-to-finishYes, you can update the KYC online for SBI. You can simply log in to the YONO app or update KYC through net banking.
How to fill KYC update form in SBI?You need to fill in the personal details such as the account holder's name, DOB, address, and contact details on the required fields. The form comes in three sections: A, B, and C. The first section asks for your identification details, and the second section asks for your address and contact details. The third section asks about your income and occupation details.
Can I update my KYC through Yono SBI?Yes, you can update KYC through YONO SBI. You need to log in to the YONO app with your MPIN. From the menu, click on ‘Service Request’, click on the ‘Update KYC’ option and fill out the details to update KYC.
Can I update my KYC in any SBI bank?It is recommended that you visit the SBI branch where you hold an account and submit the required documents to update the KYC.
How can I update my KYC without going to the bank?As per the RBI norms, you need to submit some specific documents (ID proof) for KYC. So, you can carry the documents while visiting the branch, collect the KYC form, and submit the filled-out form and documents for the updation process.
How can I update my KYC in SBI without visiting the branch?You can easily update your KYC in SBI without even visiting the branch. If you are using the Net banking option, you can update KYC from there or through the YONO app.
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According to RBI guidelines, SBI account holders must update their KYC to avoid account suspension. SBI offers online KYC update through net banking and YONO app. The KYC form can be downloaded or collected from the nearest branch. Mandatory documents like Aadhaar card or Passport are required for different account types. Updating KYC helps prevent account freezing and comply with RBI regulations.
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