How To Update KYC Online; Check Step-By-Step Process Here

Updating KYC (Know Your Customer) details regularly is a must-do thing for everyone to protect their financial system. The process of updating KYC is simple and can be done by just sitting, without having the need to visit a bank to update KYC. The Reserve Bank of India has now made online KYC updates available for users with valid documents and with similar address.

Until 2022, users were required to visit the nearest bank branch for updating KYC. However, earlier this year, the RBI circular dated January 5, 2023, announced that if there are no changes in KYC information, users can submit a self-declaration via their email address, registered mobile number, ATMs, or other digital channels. As per the circular, if there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to finish the re-KYC process.

"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."

The circular also mentions that in the case of an address change, customers can provide the updated address through any of the above-mentioned channels. Subsequently, the bank will verify the newly declared address within around 60 days.

Steps to follow to update KYC Online

• Visit your bank's online banking portal and log in
• Locate the 'KYC' tab and click on it.
• Follow the on-screen instructions and submit your details, including your name, address, and date of birth.
• Upload scanned copies of Aadhaar, PAN, and the required documents. Ensure that you are able to scan both sides of your government ID cards.
• - Click on the 'Submit' button.
• You will get a service request number, and the bank will keep you updated on the progress via SMS or Email.

It must be noted that users may be asked to visit a bank branch to update their KYC documents in certain conditions, like if their KYC documents have expired or are no longer valid.

What Is KYC?

Know Your Customer (KYC) is a process through which banks get details like their customers' identities and addresses to confirm their identity and evaluate risk levels. The KYC process helps in preventing the misuse of banks' services. The KYC is a mandatory procedure to be followed by banks while initiating account openings and needs to be periodically updated.