Fresh KYC details for bank accounts: Do you need to submit it again? Is it mandatory? RBI answers

Fresh KYC details for bank accounts: Do you need to submit it again? Is it mandatory? RBI answers – Do you need to submit fresh KYC details? | The Economic Times

Updated: 11 Jan 2023, 05:35 PM IST

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Do you need to submit fresh KYC details?

Do you need to submit Know Your Customer (KYC) documents again to your bank? The Reserve Bank of India (RBI) has recently released details guidelines for the periodic updation of KYC details of customers. All you need to know.

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Periodic KYC updation is important

It is important to update your KYC documents periodically. The central bank has simplified the process for the periodic updation of KYC or re-KYC.

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When customers don’t have to do re-KYC

In case, there is no change in any KYC information, customers can do a re-KYC through self-declaration.

RBI has advised the banks to provide the facility of such self-declaration to individual customers through various non-face-to-face channels such as registered email, registered mobile number, ATMs, digital channels (such as online banking/internet banking, mobile application), letters, etc., without need for a visit to the bank brancIn case, there is no change in any KYC information, customers can do a re-KYC through self-declaration.

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When do you need to submit fresh KYC?

In case there is only an address change, customers can submit revised or updated addresses through any of the non-face-to-face channels mentioned above. Once customers submit revised address proof,banks need to undertake verification of the declared address within two months.

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Re-KYC: Know the conditions

Customers may have to submit fresh KYC documents in certain cases.

1) Banks can ask customers to submit fresh KYC documents where documents available in bank records do not conform to the present list of officially valid documents such as passport, driving license, proof of possession of an Aadhaar number, Voter’s Identity Card, job card issued by NREGA and letter issued by the National Population Register.

2) If the validity of the KYC documents submitted earlier has expired, you have to submit fresh KYC details.

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RBI further says that fresh KYC can be done by visiting a bank branch or remotely through a video-based customer identification process (V-CIP) if the bank has enabled it.

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