Panchkula, Oct. 24 -- State Bank of India (SBI) has asked holders of inoperative regular savings accounts to update their Know Your Customer (KYC) details, warning that accounts with nil balances for more than a year could be closed if the required formalities are not completed within a month.
According to a public notice issued on Saturday, the bank has advised customers whose regular savings accounts have become inoperative due to the absence of customer-initiated transactions during the past two years to update their KYC details.
The notice states that inoperative accounts maintaining zero balances for more than one year will be closed one month after the date of the notice, without any further intimation, if the account holders fail t...