Periodic updation of KYC details of customers is mandatory for banks. The Reserve Bank of India (RBI) has, however, simplified the process for the periodic updation of KYC (re-KYC). In a statement dated January 5, the RBI reiterated the need for period updation of KYC details of customers and the ways in which they can do that.
Re-KYC when there is no change
In case there is no change in any KYC information, customers can do a re-KYC through self-declaration. The RBI has instructed banks to provide facilities for such self-declaration through various non-face-to-face channels.
“As per the present guidelines, if there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process. The banks have been advised to provide facility of such self-declaration to the 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,” RBI said.
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Re-KYC when there is a change in address only
In case there is only a change in address, customers can furnish revised/updated addresses through any of the non-face-to-face channels mentioned above. After the submission of the revised address, banks are required to undertake the verification of the declared address within two months.
In some cases, banks may be required to do fresh KYC. For instance, there may be cases where KYC documents available with the banks do not conform to the list of officially valid documents. RBI says that in such cases, banks are required to provide an acknowledgement of the receipt of KYC documents/self-declaration submitted by the customers.
RBI further says that fresh KYC can be done by visiting a bank branch or remotely through a video-based customer identification process.
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Account of minors
In the case of customers who were minors when their accounts were opened, RBI says banks should obtain fresh photographs of such customers on their becoming a major.