Now you do not need to go to the bank to update 'Know Your Customer' i.e. KYC. Reserve Bank of India (RBI) has made it mandatory for all people to update KYC. To provide relief to the people, RBI has made this process quite easy. If there is no change in your KYC information then you do not need to go to the bank.
Till last year, it was mandatory to visit the bank branch to update KYC. In a circular issued on January 5, 2023, RBI said that people whose KYC update has no change, there is no need to go to the bank now. They can do KYC through e-mail ID, phone number, ATM and net banking etc. by giving a self-declaration.
Banks will have to provide facilities
RBI has asked all banks to provide KYC facility to customers for KYC through email, phone number, internet etc. without visiting the branch. RBI also told that if there is a change in the address, then KYC will be able to do as mentioned above. For this, valid address proof will have to be provided. The bank will verify the new address within two months.
Method of doing KYC
Login to your banking portal to update KYC from the comfort of your home.
Click on the KYC tab.
Enter your name, address and date of birth by following the instructions on the screen.
Scan and upload Aadhaar card and PAN card.
Click on submit, then you will get a service request number.
Bank will keep you updated through SMS and e-mail.
Remember that in some cases you may have to visit the bank. This happens when your KYC documents expire or are no longer valid. In such a situation, you will have to go to the bank for KYC with the necessary documents.
What will happen if KYC is not updated?
KYC is a process through which the bank collects information about the identity and address of its customers. This information is used to confirm the identity of the customer and to know their risk level. KYC process helps in preventing misuse of banking service.
It is mandatory for banks to do KYC while opening an account, and it is also necessary to be updated from time to time.
If you do not update KYC, you cannot avail the services of the bank. Your account may also be suspended. If KYC is not updated for a long time, the account can also be closed. However, before doing so, the bank will inform you about this.
According to RBI's KYC Update FAQ, if someone already has an account and is not submitting his PAN number, Form 60 or similar documents, then it will be closed. If there is money in the account, the settlement of money will happen only after the identity is confirmed.
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