In a bid to enhance customer convenience and comply with regulatory requirements, the State Bank of India (SBI) has introduced a hassle-free process for Know Your Customer (KYC) updates through its YONO app. This move aligns with the Reserve Bank of India’s ongoing efforts to simplify KYC-related instructions within the framework set by the Prevention of Money Laundering Act, 2002 (PMLA).
SBI Customers Can Update KYC Through YONO App: A Breakdown
SBI, in a recent communication via X (formerly Twitter) on December 21, 2023, emphasized the importance of periodic KYC updation as per regulatory mandates. Here’s how SBI customers can seamlessly update their KYC through the YONO app:
- Visit the Nearest Branch: Customers with changes in their address can visit the nearest SBI branch for KYC updation. For those with unchanged KYC information, a duly filled and signed prescribed format (Annexure A) can be submitted in person, via mail, or through the registered email address.
- Changes in KYC Details: If there are changes in KYC details, customers need to visit the branch with original KYC documents and one photo. Annexure C-Self Declaration form for KYC updation, along with other required documents, must be filled out.
- Update KYC through YONO App:
- Log in to the YONO app.
- Navigate to SERVICE REQUEST in the menu on the top left of the home screen.
- Click on the update KYC icon (available only for customers with pending KYC updates).
- Enter the profile password and submit.
- Verify and update address, occupation, and income parameters if required.
- Choose the option for KYC address details updation.
- Tick the undertaking box and proceed.
- Enter the OTP sent to the registered phone number and submit.
This digital initiative by SBI not only streamlines the KYC updating process but also ensures that customers can fulfill regulatory requirements with ease, all through their smartphones.
