SBI freezes accounts for not updating KYC
Hyderabad: The State Bank of India has frozen several accounts due to non-compliance with KYC (Know Your Customer) regulations. Several twitter users took to twitter to complain about the same by tagging the bank’s official ID. An SBI customer Gaurav Agarwal, tagged the official handle of the bank and said that his account services have […]
Hyderabad: The State Bank of India has frozen several accounts due to non-compliance with KYC (Know Your Customer) regulations. Several twitter users took to twitter to complain about the same by tagging the bank’s official ID.
An SBI customer Gaurav Agarwal, tagged the official handle of the bank and said that his account services have been stopped without any prior notice for non-upgradation of KYC. “My account has been put on STOP because of KYC overdue. No one asked me for KYC so why the hell my account put on STOP mode. Is everyone fool in SBI ? (sic)” he said.
In a reply, SBI tweeted, “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.
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 (1/2)
— State Bank of India (@TheOfficialSBI) July 2, 2022
According to the bank, based on this notification, one can either visit any of the SBI Branches to update their KYC details or send a copy of their KYC Documents to their Branch email id via registered mail id if the KYC details are unchanged.
In response to another NRI user who complained that his account had been blocked without any intimation or warning, SBI stated “We would like to inform you that KYC is an ongoing exercise conducted at regular intervals. It seems that your account is due for KYC, hence the message has been forwarded to you. Kindly visit the branch and get it done for the smooth functioning of the account,”
We would like to inform you that KYC is an ongoing exercise conducted at regular intervals. It seems that your account is due for KYC, hence the message has been forwarded to you. Kindly visit the branch and get it done for the smooth functioning of the account.
— State Bank of India (@TheOfficialSBI) July 4, 2022
Most customers who did not update their KYC details seem to have their bank accounts frozen without being notified. However, the SBI claims that customers were notified via multiple channels to update their KYC.
