KYC Update

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KYC (Know Your Customer) is a mandatory check to authenticate the identity of the customer and prevent financial frauds. As per the Reserve Bank of India (RBI) guidelines, every customer is required to complete KYC verification before availing any form of financial services in the country. This includes opening bank accounts, making wallet-based transactions, investing in mutual funds or fixed deposits, etc. Once the KYC verification is done, you can proceed with investments and transactions in a hassle-free manner. However, as per the RBI, you are required to periodically update your KYC.

When to Update KYC?

Your KYC information should reflect your latest personal details. In case there is a change in the details provided initially, it is critical to notify the bank and update your KYC information. This could include a change in the name, place of residence, etc., so that no fraudulent transactions occur on your identity.

RBI guidelines also mandate periodic KYC updates for the high-risk, medium-risk, and low-risk customers. Such differentiation parameters depend on various factors such as customer location, turnover volume, mode and nature of payments, social status, etc. While the process remains the same, the timelines tend to vary. The different periodicities for high-risk, medium-risk, and low-risk KYC updation are listed below:

 

  • KYC updation for high-risk customers: The KYC updation for high-risk customers should be done every two years.
  • KYC updation for medium-risk customers: The KYC updation for medium risk customers should be done every eight years.
  • KYC updation for low-risk customers: The KYC updation for low-risk customers should be done every ten years.

Documents Required for Periodic Updation of KYC

Documents required for the periodic updation of KYC -

 

  • KYC documents accepted as a proof of identity or address -

  1. PAN Card

  2. Voter’s ID Card

  3. Passport

  4. Driving license

  5. NREGA Card

  6. Aadhar Card

  • If you are a minor with less than 10 years of age, the ID proof of the account operator will be required. If the minor can independently operate the account, the KYC documentation will proceed as is done for individuals.

  • If you’re an NRI, you will be required to submit the Resident visa and the Passport copies which need to be attested duly by -

  1. Notary Public

  2. Foreign Office

  3. Indian Embassy

  4. Officers of correspondent banks whose signatures can be verified through a branch of the Bank that is authorized (A/B category Forex dealing branch)

How to Update KYC?

Fill KYC Form Online

If your bank offers the option to update your KYC details online, you need to follow the steps mentioned below:

  • Visit the bank’s online website and complete the login process.
  • Fill in all the required details in the form.
  • Select the KYC documents you are providing as proof of identity and proof of address.
  • Authorise the update by checking the box.
  • Enter the captcha code mentioned.
  • Click 'Submit'.

Once you submit the form for KYC update online, you would be prompted to download the filled form, sign it, attach the self-attested copies, and courier the same to the verifying authority, in this case, your bank.

If you avail the eKYC service, you can use either the Aadhaar based OTP or Aadhaar based biometric verification to complete the entire process digitally.

Fill KYC Form Offline

To update your KYC details by filling the downloadable form, you need to follow the steps mentioned below:

  • Visit the bank’s online website and complete the login process.
  • Download and print the ‘Bank account KYC update form’.
  • Fill in all the required details in the form.
  • Select the documents you are providing as proof of identity and proof of address.
  • Sign the form.
  • Attach a recent passport-size photo on the form along with the self-attested proof of identity and address.
  • Submit the form to your bank via courier or by visiting the branch.

If you are availing the services of a fund house or KRA, you can download the KYC update form from their website. You would then need to submit the duly filled and signed form along with the self-attested documents at their office. Once processed and approved, the KYC update process will be complete.

It is extremely vital to comply with the bank when it comes to updating your KYC as it may result in partial freezing or complete closure of your account. Some of the popular banks that offer KYC updation are the State Bank of India (SBI), Axis Bank, HDFC Bank, RBL Bank, etc. You can opt for offline or online KYC service based on your convenience. Do note that it may take anywhere between five to seven days to process and update your KYC information. You can check your KYC status using your PAN card number.

FAQs on How to Update KYC?

  • ✔️How long does it take to update KYC?

    It takes around five to seven days for KYC updates to be processed.

  • ✔️How to check the status of the KYC update?

    To check the KYC profile update status, you can visit a KYC Registration Agency or bank website, log in, and select the ‘check your KYC status’ option. 

  • ✔️How to update eKYC?

    To update eKYC, you need to visit your bank’s website, access the KYC update form, and fill it online. You would need to select the proof of address and identity and upload the scanned copies of the document for verification. Once submitted, the bank will verify the documents and update your KYC status.

  • ✔️How to update KYC for high-risk, medium-risk, and low-risk customers?

    The KYC update process is the same for high-risk, medium-risk, and low-risk customers as they are required to complete all the formalities associated with the initial verification process. However, the timelines for such updates vary based on the risk factor.

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