State Bank of India has been sending 'STOP' messages to multiple account holders, causing widespread confusion among customers. According to reports from The Economic Times, this routine measure is typically implemented as a debit freeze due to pending KYC requirements. The bank has clarified that this is not a security breach but rather a compliance measure to ensure proper customer identification under Know Your Customer (KYC) norms. The restriction affects various automatic transactions including SIP investments, OTT subscriptions, utility bill payments, credit card bills, and EMI debits until the KYC process is completed.
Customers with mobile numbers linked to their SBI accounts can complete the KYC update process online without visiting a branch. As reported by The Economic Times, the online process involves logging into the SBI Online portal using account number and registered mobile number. The system will display a KYC update prompt if the account is eligible for online completion. The process requires OTP verification on the registered mobile number, followed by entering PAN and Aadhaar details with additional OTP authentication. Once verified, customers must follow on-screen instructions to submit required details and complete the KYC update.
Customers who cannot complete online KYC updates must visit their home SBI branch for manual processing. According to The Economic Times, they should carry both original and photocopies of PAN and Aadhaar cards for document verification. The bank will update records after completing a KYC update form, after which the 'STOP' restriction will be lifted and the account will be reactivated. This alternative is necessary when the online KYC option is unavailable or when customers prefer manual processing.
