Mumbai: Know Your Customer (KYC) is a procedure through which banks collect details regarding their customers’ identities and addresses. This collected information serves the purpose of confirming the customer’s identity and evaluating their risk level.
The Reserve Bank of India (RBI) has made it mandatory for users to update their KYC details regularly. The apex bank had introduced online KYC updates for users who have already submitted valid documents and whose address has not changed.
Failing to update your KYC information could lead to restrictions on transactions or even a temporary suspension of your bank account.
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Earlier this year, the Reserve Bank of India (RBI) announced that if there are no changes in KYC information, users can submit a self-declaration through their email address, registered mobile number, ATMs, or other digital channels.
‘The banks have been advised to provide facilities for such self-declaration to individual customers through various non-face-to-face channels such as registered email-id, registered mobile number, ATMs, digital channels (such as online banking / internet banking, mobile application), letter, etc., without need for a visit to bank branch,’ said RBI.
In the case of an address change, customers can provide the revised or updated address through any of these channels. Subsequently, the bank will verify the newly declared address within a span of two months.
How to update KYC online:
– Log in to your bank’s online banking portal.
– Locate the ‘KYC’ tab and click on it.
– Follow the on-screen instructions and provide your details, including your name, address, and date of birth.
– Upload scanned copies of Aadhaar, PAN, and the required documents. Ensure that you scan both sides of your government ID cards.
– Click on the ‘Submit’ button. You will receive a service request number, and the bank will keep you updated on the progress via SMS or Email, as applicable.
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