Bank sends alerts to customers, get it done within 12 days, your account may be closed otherwise

New Delhi: Recently, the State Bank of India (SBI), the country's largest government bank, has sent an SMS alert to its customers.  Now if customers do not comply with the bank, their bank account may be frozen, that is, despite the money in the account, the customer will not be able to pay the transaction.  SBI has asked customers to complete KYC.  The deadline for the bank to complete the KYC has been fixed on February 28, 2020.  So if a customer does not take the document to the bank within the time limit and completes the KYC, his bank account may be frozen.  It is worth mentioning that KYC has been mandated by the Reserve Bank of India (RBI) for all banks.

Why is KYC Important?

 It is not possible to invest without KYC and without it, opening an account in a bank is not easy.  If you want to invest in a mutual fund, KYC is a must for you.  In addition, the bank has a lottery facility or a PF withdrawal, KYC is mandatory for all such facilities.

RBI sends this SMS to customers
 The Reserve Bank of India has mandated KYC for all bank account holders.  With this in mind, SBI has started sending SMS to its customers.  It states, "As per the guidelines of the Reserve Bank of India, it is mandatory to update the KYC documents in your account."  Contact the SBI branch with your new KYC documentation for this.  If KYC is not completed, the transaction can be stopped in your account at a later time.
Important credentials for KYC
 The KYC ensures that your banking services are not misused.  According to the SBI website, it is important for the KYC to provide credentials.  For this you can use the election card, driving license, PAN card, Aadhar card, NREGA card, pension card or identity card provided by the post office.  Keep in mind, however, that whatever address you show, your address must be the same as the one you provided when opening the account.

It is also mandatory to provide proof of address
 Along with the credentials you will also need to provide proof of your address, for this you can use the telephone bill, bank account passbook, letter provided by a recognized government institution, lightbill, ration card, credential given by a trusted company or credit card statement.

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