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The State Bank of India (SBI) has frozen the accounts for not updating their KYC details by July 1, as part of its ongoing KYC drive

Several customers of the bank have taken to Twitter complaining about the same and tagged the official handle of SBI.

The bank said in its reply, “As per RBI Mandate, customers supposed get their KYC updated periodically. Hence, customers whose KYC updates are due are notified through many channels, one of them being SMS.”

“Based on this notification one can either visit any of our Branches to update their KYC details or send a copy for their KYC Documents to their Branch email id through your registered mail id (if the KYC details are unchanged)," SBI added.

In view of the rising threat of online frauds, the Reserve Bank of India (RBI) has mandated all financial institutions to carry out the KYC process before giving the customers the right to execute any transactions.

What Is KYC? KYC – Know Your Customer – is a one-time process whereby banks verify the authenticity of a customer by obtaining information about the latter’s identity.

What Are The Documents Required For SBI KYC? Aadhaar Letter/Card Voter's Identity Card Driving Licence PAN Card Passport NREGA Card

SBI customers can submit the KYC form at their nearest branch in person, by post or through the registered email id.

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