Bank Customers Alert: Now You Don’t Need to Visit Bank to Update KYC. Read RBI’s Latest Guidelines

Bank KYC Latest Update: RBI said that bank account holders are no longer required to visit their bank branches to update ‘know your customer’ (KYC) details provided they have already submitted valid documents and not changed their address.

Bank KYC Latest Update: If you are planning to visit the nearest bank branch to update your bank KYC, here comes a big update for you. In the latest guideline, the RBI said that bank account holders are no longer required to visit their bank branches to update ‘know your customer’ (KYC) details provided they have already submitted valid documents and not changed their address.

Instead, if there is no change in KYC information, they can submit a self-declaration through email-id, registered mobile number, ATMs, or any other digital channels.

After RBI Governor Shaktikanta Das said that the banks should not insist on branch visits for KYC updation, the central bank issued guidelines for the same.

“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 RBI said.

“The banks have been advised to provide the 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 a bank branch,” the RBI added.

The RBI in the guidelines said if there is only a change in address, customers can furnish a revised/updated address through any of these channels after which, the bank would undertake verification of the declared address within two months.

Moreover, the RBI added that the banks have been mandated to keep their records up-to-date and relevant by undertaking periodic reviews and updates to comply with the Prevention of Money Laundering Act, 2002 (PMLA).

“Fresh KYC process can be done by visiting a bank branch, or remotely through a Video-based Customer Identification Process (V-CIP) (wherever the same has been enabled by banks),” it said.