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As per the Reserve Bank of India’s notification on February 25, 2016, all bank account holders are required to update their KYC (Know Your Customer) details periodically. Failing to comply with this guideline can result in account suspension and other issues. In fact, SBI had to suspend several accounts in July 2022 due to delayed KYC updates.
To ensure a smooth and uninterrupted banking experience, it is crucial to regularly update your SBI KYC. Continue reading to learn the step-by-step procedure for updating your KYC with the State Bank of India.
SBI provides various methods for its customers to 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 sections below.
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:
Protection from Account Freezing
Failure to update your SBI KYC on time can result in your account being frozen. If this happens, you won't be able to withdraw cash using an ATM or chequebook.
To Comply with RBI Guidelines
As per the RBI regulations, updating KYC periodically is a mandatory requirement for all bank account holders. This ensures compliance with the law and helps prevent issues like account freezing.
It is crucial to update your SBI KYC regularly. Timely updates will keep you in line with RBI norms and protect your account from unnecessary disruptions. You can easily follow any of the methods mentioned earlier to update your KYC seamlessly.
Read More
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