In today’s digital age, banking has become an essential part of everyday life. Whether it’s transferring money, shopping online, or managing savings, banks play a central role in financial transactions. However, if your bank account becomes inactive or is closed, it can disrupt these activities. To address this, the State Bank of India (SBI) has introduced new rules aimed at safeguarding customer funds and preventing fraud.
SBI’s New Directive on Dormant Accounts
SBI has announced that customers who haven’t made any transactions for a long time or have not updated their Know Your Customer (KYC) details must complete the process soon. The bank has identified numerous accounts with balances that remain unused, including those belonging to deceased individuals where nominees have not taken any action. To protect such funds and ensure account security, SBI is urging all account holders to update their e-KYC information.
Why e-KYC Is Crucial
Electronic KYC (e-KYC) is now mandatory for all SBI customers. It involves updating personal identification details such as Aadhaar, PAN card, and address proof. Failure to complete e-KYC on time may result in temporary suspension of the account. If no action is taken for an extended period, the remaining balance could be transferred to the Reserve Bank of India as per regulatory guidelines.
How to Complete Your KYC
The KYC process is simple and accessible. Customers can visit their nearest SBI branch, fill out the required form, and submit necessary documents. Alternatively, the process can be completed online through SBI’s net banking portal. Key documents required include:
- Aadhaar Card
- PAN Card
- Address Proof
This move by SBI aligns with broader efforts to enhance banking security and ensure that customer accounts remain active and protected. Customers are advised to act promptly to avoid any inconvenience and maintain uninterrupted access to banking services.