We all know how boring doing bank chores are but we are also aware that completing bank procedures and maintaining a healthy financial life is crucial.
And one of the most important of bank procedures is to update KYC in bank accounts from time to time.
All of you readers must be knowing what exactly a KYC is but why don’t we just go over it again.
What Is A KYC?
KYC or “Know Your Customer/Client” is a procedure followed by banks and companies alike to identify as well as verify their customers.
Banks’ objective to use KYC is to ensure that they are not being misused intentionally or unintentionally for money laundering purposes or loan defaults. It also helps banks understand their customers and their financial needs better which in turn assists the banks in managing their risks soundly.
It’s kind of a security check for banks and hence very important for them!
Well, while opening a bank account, you must have provided your documents for KYC but you should regularly keep a check with the banks and update KYC in your bank accounts whenever asked to avoid any restrictions on your bank account as per RBI guidelines.
In fact, banks send out email notifications to their customers to re-submit the documents for KYC.
The process for updating KYC in bank accounts is pretty simple and quick:
#1 You Gotta Fill The Re-KYC Declaration Form
Well filling a form is like the basic thing to do whenever you want to get something done.
Filling the Re-KYC form is a simple process. You can get the form from the bank or internet (if they have that facility) or the bank even sends the form to its customers at home.
The common details required in the form are:
– Customer ID
– Account Number
– Personal details like name, address, contact information
– Occupation and income details
– Address and identity proof
– A self-attested photograph is also needed
If the account is a joint account, then both the individuals need to fill the form separately.
Also Read: A Step-By-Step Guide On How To Get A Passport In India
#2 Submit The Necessary Documents For KYC
Following the filling of the re-KYC form, you need to submit self-attested copies of acceptable identity and address proof to the bank.
Documents can be uploaded online on the bank’s website as well if it provides that kind of facility.
The documents that are acceptable as identity and address proof are:
– Passport
– Voter’s Identity Card
– Driving License
– Aadhar Card
– PAN Card
Once you submit the documents to the bank along with the re-KYC declaration form, the bank will usually take about 8-10 working days to process your request of updating KYC in your bank account.
That’s it! Less hassle and you get your KYC updated in no time at all.
Hope this blog helped you understand the simple process of updating KYC.
Happy banking!
Sources: Economic Times, SBI website, AllOnMoney
Images Source: Google Images
