Re-KYC for Bank Accounts

Re-KYC for bank accounts

Banks need to periodically update customer identification documents in their records of account holders to adhere to the KYC norms issued by the Reserve Bank of India (RBI). This can be triggered by a drastic change in the customer's profile or nature of transactions in the account and depends upon the risk profile of the account holder. In this regard, in addition to the KYC carried out at the time of account opening, the accountholders may be required to undergo re-KYC and submit relevant documents periodically.

Enquiry with the bank

It is in the interest of good housekeeping of financial records to check the status of accounts held with a bank and submit necessary KYC documents as and when required. Banks also keep sending reminders to customers regarding re-submission of KYC documents.

Re-KYC declaration form

Customers are required to fill a re-KYC form. Personal information and contact details need to be provided in the form.The form has to be signed by the account holder.

Documents

The customer needs to submit self attested copies of acceptable residential address proof and identity proof. Submission of documents and KYC form can be done physically by visiting the bank branch or by scanning the documents and uploading the same on the Net banking portal.

Processing of request

Once the documents have been submitted physically or online, the bank usually takes about 10 working days to process the request if the documents are found to be in order.

Points to note

In case of joint account holders, the re KYC declaration form is required to be submitted for each individual account holder.

If Aadhaar number has not been updated already in the bank records, a self attest ed copy of the Aadhaar card also needs to be provided.

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