Things to know about Re-KYC | Fusion - WeRIndia

Things to know about Re-KYC

Things to know about Re-KYC

Banks update the details of their customers from time to time.

You might have received an SMS or email from your bank asking to update your information or submit your KYC details again (Re-KYC).

In this context, here are important things to know about Re-KYC:

  • As per the guidelines of the Reserve Bank of India, banks must update the details of their customers periodically, that is, update of Know Your Customer (KYC) details. That’s why many banks ask their customers to update their KYC details.
  • You can submit any approved proofs of identity and proofs of address like an Aadhaar card, passport etc. RBI eased the update process of your re-KYC details.
  • Many customers do not update their addresses even after moving to new places. But you must update your address in the bank records.
  • If your address is not updated, it will be difficult for you to receive chequebooks, credit or debit cards etc., from the bank.
  • Re-KYC is useful for such people. However, banks accept address change through non-face-to-face channels. They will verify the updated address within two months of submission.
  • Customers who want to update their address can use non-face-to-face channels to revise it.
  • Non-face-to-face channels include registered email, mobile numbers, ATMs, internet banking, mobile application, letter etc.
  • Customers need not visit the bank branch but can update the information through any of the above.
  • If there is no change in your KYC details like there is no change of address, you can simply submit your self-declaration. Thus, there is no need to submit your documents again.
  • However, sometimes, banks are not able to confirm the validity of the submitted KYC documents. In such cases, fresh KKYC is required. So, customers are requested to visit the bank.
  • Alternatively, they can finish KYC details through a Video-based Customer Identification Process (V-CIP).
  • Banks must provide an acknowledgement receipt after getting KYC details or self-declaration from the customers.
  • Regarding minor customers, banks must get fresh photographs after the minor become major.

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