The Reserve Bank of India (RBI) has made it compulsory for consumers to update their Know Your Customer (KYC) data on a regular basis in order to guarantee uniformity throughout the sector and safeguard the financial system.
To make this process simpler, the RBI has made online KYC updates available to consumers who have already submitted acceptable documentation and whose address has not changed. Additionally, rather than going to a bank, customers may now update their KYC information online.
What Is Know Your Customer (KYC)?
Banks use the Know Your Customer (KYC) process, a one-time procedure, to verify a customer’s legitimacy by learning more about their identity. When creating bank accounts or making investments in other goods, customers must go through KYC.
If your bank emails you requesting that you update the KYC information related to your account, make a note of it and try to complete it as soon as possible. According to RBI standards, banks and other financial institutions must re-KYC their clients to ensure they aren’t being used for unlawful activities.
KYC needs to be updated on time. This procedure is governed by the PMLA (Prevention of Money Laundering Act) of 2002 and the PMLA (Maintenance of Records) Rules of 2005. Banks are required by RBI requirements to regularly update their client data depending on each client’s risk profile.
Steps To Update KYC Online
- Step 1: Access your online banking account.
- Step 2: Look for and choose the ‘KYC’ option.
- Step 3: Read and adhere to the on-screen directions. Include personal information as well, including your name, address, and birthdate.
- Step 4: Upload scanned copies of your PAN, Aadhaar, and other necessary papers to finish the procedure. (Remember to scan both sides of your official ID cards).
- Step 5: After completing the steps above, click “Submit.”
The bank will then provide you with a service request number and, as necessary, inform you of the status through SMS or email.
What Are The List Of Documents Required For KYC Updation?
- Aadhaar Card
- Voter Identity Card
- Driving Licence
- PAN Card
- National Rural Employment Guarantee Act (NREGA) Card.