The bank needs to update KYC details of its customers from time to time. Banks need to submit and verify basic details of customers to complete the KYC process.
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How to update your bank’s KYC
>> Customers have to visit the nearest branch of State Bank of India for KYC updates.
>> Necessary documents have to be submitted here.
>> Customers have to provide proof and address proof for their identity.
>> Customers with personal accounts can use passport, voter ID, driving license, PAN card, Aadhaar card.
What should minor account holders do?
If the account holder is a minor and is less than 10 years of age, then their ID will be proof, who are operating the account. If the minor is operating the account himself, in that case the process of verification of the identity or home address of the person will be similar to the other normal case.
What do NRI customers do?
If you are an NRI customer, you can give your passport or visa. Residency visa should be validated by foreign officers, notaries, Indian embassy, officers of the bank concerned.
These documents can be given as proof of address
>> Telephone bill (not more than 3 months old)
>> Bank Account Details (not older than 3 months)
>> Letter issued by recognized government authority
>> Electricity bill (not more than 6 months old)
>> Ration Card
>> Identity card issued by trusted employers
>> Income tax / estate tax assessment order
>> Credit card statement (not more than 3 months old)
>> Copies of Registered Leave & License Agreement / Sale Deed / Lease Agreement
>> A letter issued by the hostel wardens of the university / institution to the student residing here, signed by the Registrar, Principal / Dean – Student Welfare.
>> In case of students, if they are staying with their relative, then their identity card and address certificate along with the declaration of that relative.
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According to RBI rules, banks will have to update their KYC after a certain time, customers whose KYC is not updated. By giving notice to the bank, customers have to tell that their KYC is not updated.