Re-KYC is a process wherein banks and financial institutions can remain updated with a customer's latest personal details and contact information and makes sure that the info they used while opening the account is not outdated. In case customer asks, how often Re-kyc will be conducted, we can let them know that this is as per the discretion of the bank and RBI Guidelines.
INTERNAL INFO: According to the Reserve Bank of India (RBI) Master Circular on KYC, periodic KYC updates should be done at least once every two years for high-risk customers, once every eight years for medium-risk customers, and once every ten years for low-risk customers. In May 2021, the RBI simplified the process for periodic KYC updates, also known as re-KYC. If there are no changes to KYC information, a self-declaration from the customer is enough to complete the re-KYC process. The KYC guidelines are issued under Sections 45K and 45L of the Reserve Bank of India Act, 1934. Non-compliance with the guidelines may result in penalties ❗SBM Bank will send a Video KYC (VKYC) link to customers via email, which will remain active for a period of three days. ❗In the event that a customer is unable to complete the VKYC process within the given time frame, they can request a new link by contacting SBM Bank at 1800-1033-817 or via email at customercare@sbmbank.co.in. ❗Customers will be provided with a total of three VKYC links within a 30-day period. If they fail to complete the reKYC process after these attempts, their account will be temporarily suspended. ❗To unfreeze their account, customers can reach out to SBM Bank at 1800-1033-817 or via email at customercare@sbmbank.co.in to request a new VKYC link. ❗It's important to note that VKYC links will not be functional for customers residing abroad. In such cases, customers are advised to utilize the funds in their account before their account is frozen. Upon their return to India, they can contact SBM Bank to obtain a new VKYC link.
Note: This is for the savings account and the credit card. If users do not complete the rekyc within 30 days. Their savings account and credit card will be frozen (Google Chrome).