In a bid to enhance the security of the country’s financial system, the Reserve Bank of India (RBI) has mandated regular Know Your Customer (KYC) updates for bank customers.
To streamline this process, the RBI has introduced online KYC updating services for customers with valid documents.
If your bank account has been frozen due to KYC non-compliance, here’s how you can reactivate it.
KYC, or Know Your Customer, is a crucial one-time process where banks gather and verify customer identity information. This procedure typically occurs when opening a new bank account or investing in various financial products.
If you receive an email from your bank requesting KYC information updates, it is essential to comply.
RBI guidelines necessitate periodic KYC re-verification to ensure accounts are not misused for illicit activities.
Importance of Regular KYC
As per RBI regulations, banks are obligated to periodically update customer information based on risk profiles.
Account holders can revise their data by submitting their PAN card or Form 60. Failure to comply within 30 days of the bank’s notification may result in an account freeze.
If there have been any changes to your KYC details, you must provide updated documents. Fortunately, KYC updates can now be conveniently completed online.
Steps to Update KYC Online
1) Log in to your online banking portal. Click on the ‘KYC’ tab. Read and follow the on-screen instructions, carefully reviewing your personal information, including name, address, and date of birth.
2) Upload scanned copies of your PAN card, Aadhaar card, and any other required documents to complete the process.
3) After completing all steps, click the ‘Submit’ button. Your bank will confirm the update through SMS or email.
Required Documents for KYC Update
To update your KYC information online, you may need any of the following documents:
- Aadhar card
- Voter ID card
- Driving license
- PAN card
- National Rural Employment Guarantee Act (NREGA) Card
By adhering to the RBI’s KYC regulations and promptly updating your information, you can ensure the continued functionality of your bank account and contribute to the security of the financial system.