India's SBI to allow online KYC and onboarding

Thursday 3 June 2021 11:26 CET | News

In the wake of the COVID-19 epidemic, State Bank of India (SBI) has announced that its account users can now update their Know Your Customer (KYC) papers online.

All account holders must submit KYC papers. Due to the increase in COVID-19 cases, SBI said in a tweet in May 2021 that KYC will be updated based on documents received via post or registered email. 

Individuals must produce government-accepted evidence of identity and address if they are 18 years old or older. This comprises passports, voter ID cards, driver's licences, AADHAAR cards, NREGA cards, and PAN cards, among others.

ID proof of the individual who will be operating the account will be necessary in the event of youngsters under the age of ten. According to the SBI, in cases where children can handle their accounts independently, the KYC procedure for ID/address verification will remain the same as it is for individuals aged 18 and up.

NRIs will be required to present copies of their passports and resident visas that have been fully attested by foreign offices, notaries, the Indian Embassy, and officers of correspondent banks whose signatures have been obtained through the Bank's authorised (A/B category forex dealing branch). 

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Keywords: online banking, digital onboarding, eKYC, digital identity
Categories: Banking & Fintech | Online & Mobile Banking
Countries: India
This article is part of category

Banking & Fintech