When you want to open an account with SBI, you’ll have to fill out their KYC form online or offline, which stands for Know Your Customer. This form contains sensitive information about you and your family members, including your name, address, date of birth, and your photo identification documents.
You’ll need to visit one of the SBI bank branches in order to submit this form in person and collect it from ATM card to chequebook once you’ve completed the application process.
This article will explain how to complete this application process and submit your KYC form to SBI successfully.
What is KYC?
KYC (Know Your Customer) is an anti-money laundering procedure which helps banks or financial institutions identify clients and report any suspicious activity. If you have a savings or current account, or other financial product with SBI, you’ll need to fill out a KYC form.
You can read more about how to complete KYC here. The basic process involves filling out two forms (one form for a single user): one for yourself, and one for your joint holder(s).
It’s important to ensure that all information on both forms is correct the penalty for providing false information is up to seven years in prison.
Why You Need To Comply With KYC
As part of a recent government mandate, all banks in India will soon be required to submit and verify your details. This process is called Know Your Customer or KYC. Complying with KYC laws is a necessary step for you as an Indian citizen or anyone who wants to open bank accounts or maintain existing ones.
Though it might seem like a lot of work, complying with KYC laws can actually be beneficial for you and your future finances. By completing KYC, you are verifying that your personal information has not been tampered with.
If someone else were to try to use your personal information for nefarious purposes, then that would be detected during the verification process.
So if there’s ever any question about whether someone has access to your personal information or banking account, then that should be cleared up by having gone through KYC verification.
The primary benefit of submitting KYC is safety from identity theft and that’s not something everyone takes lightly!
Which documents do I need for KYC compliance?
To complete your KYC verification, you’ll need to download and fill out SBI’s online KYC form. You’ll also need two proof of address documents, one proof of identity document, and a copy of either your PAN card or Aadhaar card.
Here are some more details on each type of document you can use for KYC compliance:
Proof of Address Documents: Passport, driving license, electricity bill (less than 3 months old), bank statement (less than 3 months old), ration card/government-issued ID card (for non-resident Indians only).
Proof of Identity Documents: Passport, driving license, Aadhaar card/PAN card. Copy of Either Your PAN Card or Aadhaar Card – Your pan card will be required if you want a chequebook to want to transact more than 50K. If you do have an Aadhaar number, then an e-Aadhaar is acceptable in place of a physical copy of your original Aadhar card.
2 Recent Passport Size Photo
Documents you need if your Aadhaar Details do not match your PAN
If your Aadhaar number does not match your PAN, you need documents from one of these three sources (as per Rule 6(2)):
- Permanent Account Number (PAN)
- Voter ID card
Only one document is required for each category. A permanent account number can be obtained by filling out an application form and submitting proof of identity, proof of address and a photograph.
A voter identification card can be used as long as it has your name, and photo and shows that you are an Indian citizen. You may also use any other government-issued photo identification card with your name and address as listed on your Aadhaar card.
In case you do not have any of these documents, you will have to apply for a new PAN card first. Once your new PAN is issued, SBI will update your KYC details within 24 hours.
Please note that if there is no change in status (i.e., if you are still single), then only biometric verification is required at SBI branches while updating KYC details online through net banking/ATM cum Debit Card/mobile app/internet banking/phone banking facility.
Other Documents Required For Customers With An ADDRESS Outside India
You need to submit at least two of these documents (which include your passport, identity card and/or driver’s license) along with your filled-in SBI KYC form. The address on one of these documents must match your current address given in our KYC form.
Note that you will be required to submit original copies of these documents in person when you visit any branch for further validation. These original copies would then be verified against your existing data with us for approval.
Documents required For Non-Residents, Overseas Citizens of India and Persons of Indian Origin
Identity Proof (original) Any one of the following documents is accepted as Identity Proof for NRIs, OCIs and PIOs:
- Voter’s Identity Card;
- Driving License issued by government authorities in India ;
- Government Service ID;
- NREGA Job Card;
- PAN Card or Form 60 with passport size photo, with signatures duly attested by a Gazetted Officer/ Notary Public;
- Certificate of Identity (issued by Indian Mission abroad)
- Certificate of Residence issued by Foreign Regional Registration Office (FRRO)/Foreigners Registration Office (FRO);
- Letter issued by foreign government authorities certifying identity and nationality of an individual;
- Certificate of Identification issued by foreign government authorities;
Documents required If Your Bank Account Has Been Closed Or Moved To Another Branch/District In The Last Two Years
If your bank account has been closed or moved to another branch/district in the last two years, you must submit a letter on your (in)ability to produce any/all of these documents.
SBI will require you to go through a slightly different process if any of these circumstances apply. Don’t worry it’s super easy, and I’ll walk you through it below.
The only difference is that you’ll need to provide an additional document proving that your bank account was closed or transferred. This can be a copy of your cheque book issued by your previous bank with cancelled cheques, and/or proof of address from your previous residence.
You’ll also have to sign a declaration confirming that your bank account has been closed or transferred.
Here are some sample declarations for reference:
I hereby declare that my current/last bank account had been closed after 30th June 2017. My new current/last bank account number is xxxxxx. My old current/last bank account number was xxxxxx. I wish to use Jhon as my KYC information instead of my old KYC due to the closure of my previous account.
I hereby declare that my current/last bank account had been transferred after 30th June 2017.
If you are unable to produce any or all documents, you must submit a letter explaining why and include a copy of your proof-of-address document from your previous residence.
Download & Details to fill in SBI KYC Form
The process for filling in KYC details for your SBI account is very easy. You can visit any of your nearest SBI branches and submit an application with a copy of your passport, PAN card, driver’s license or Aadhaar card. The bank will help you fill out the details and verify them as per RBI guidelines.
The first step is to read through all of these documents and ensure that you have filled in all of your personal information like name, DOB, address and so on correctly.
Once you are sure about it, go ahead and sign at the bottom of each page. Then, provide copies of all your supporting documents.
SBI’s KYC process is quite simple if you follow these steps closely. If you have any questions regarding SBI’s KYC form, feel free to ask in the comments below and we will do our best to help you out.