New Delhi. The country’s largest bank, the State Bank of India (SBI), has allowed KYC documents to be submitted through post or mail in view of the difficulties faced by the customers due to the lockdown being implemented at the local level due to the second wave of Kovid-19 epidemic. . SBI on 30 April advised the Chief General Managers of all its 17 local head offices to accept KYC document requests through post or mail without direct presence of the customer in the branch of Kovid-19 infection in a communication once again. Granted.
Now Other Public Sector Banks Is expected to do the same. KYC updates are required by high-risk customers at least once every two years, medium-risk customers once in eight years, and low-risk customers once every ten years. In many states, KYC can be updated by sending documents via post to branches in view of local restrictions or lockdowns. It was also asked to ensure that the accounts of the customers are not partially closed till 31 May due to non-updating of KYC. These instructions are applicable with immediate effect.
Rate of interest on home loan also reduced
The State Bank of India on Saturday also announced a reduction in the interest rate on its home loan to 6.70 percent. The bank has said in a release that the rate of interest on loans up to Rs 30 lakh will be 6.70 percent per annum and the rate of interest on loans ranging from Rs 30 lakh to Rs 75 lakh will be 6.95 percent. The bank has kept interest at 7.05 per cent on loans above this.
SBI managing director CS Setty said that reducing interest on his bank’s home loan would make it easier for consumers to take loans as it would reduce the monthly installment (EMI) of the loan. The bank has said that 0.05 percent concession will be given on interest for women. Similarly, an additional concession of 0.05 percent will be given to those applying for loans through the YONO app. The bank was offering 6.70 per cent on housing loans as on 31 March 2021. It restored the old 6.95 percent rate from April 1. SBI has a 34 percent share in the home loan market and has given a total home loan of over Rs 5 lakh crore.