The bank will not partially freeze the accounts if the KYC details are not being updated till May 31, the bank assured. “Partial freezing of CIFs due for KYC updation will not be done till 31st May 2021,” the lender added.
What is KYC
KYC means Know Your Customer and is a mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time.
To open a bank account, individuals need to submit proof of identity and proof of address (either permanent or current ). It could be any one of these documents: Passport, Voter’s Identity Card, Driving Licence, Aadhaar Letter/Card, NREGA Card, or PAN Card. If minor is less than 10 years of age, ID proof of the person who will operate the account needs to be submitted. If the minor can operate the account independently, KYC procedure for identification/address verification as in the case of any other individuals would apply.
In the case of non-resident Indians, the passport and residence visa copies, should be attested by foreign offices, notary, the Indian embassy, officers of correspondent banks whose signatures are verifiable through an authorized(A/B category Forex handling branch) branch of SBI.
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