KYC Update: How to Update Your KYC in Easy Steps?

KYC (Know Your Customer) is a mandatory check to authenticate the identity of the customer and prevent financial frauds. As per the Reserve Bank of India (RBI) guidelines, every customer is required to complete KYC verification before availing any form of financial services in the country. This includes opening bank accounts, making wallet-based transactions, investing in mutual funds or fixed deposits, etc. Once the KYC verification is done, you can proceed with investments and transactions in a hassle-free manner. However, as per the RBI, you are required to periodically update your KYC.

When to Update KYC?

Updating your KYC details is generally not required unless there has been a change in your personal details. If there has been a change in your name or your address, you will be required to update your KYC as soon as possible.

Documents Required in Case of Periodic Updation of KYC

Here is a list of documents that are required for periodic updation of KYC:

1. KYC documents accepted as a proof of identity or address -

PAN Card
Voter’s ID Card
Passport
Driving licence
NREGA Card
Aadhaar Card

In case of a minor who is less than 10 years of age, the ID proof of the account operator will be required. If the minor can independently operate the account, the KYC documentation will proceed as is done for individuals.
In case of a minor who is less than 10 years of age, the ID proof of the account operator will be required. If the minor can independently operate the account, the KYC documentation will proceed as is done for individuals.

2. If you’re an NRI, you will be required to submit the Resident visa and the Passport copies which need to be attested duly by -

Notary Public
Foreign Office
Indian Embassy
Officers of correspondent banks whose signatures can be verified through a branch of the Bank that is authorised (A/B category Forex dealing branch)

How to Update KYC?

Most banking institutions, mutual fund houses and credit card issuers allow you to update your KYC details online. Here’s a brief overview of the process that you would have to follow.

Step 1: Log into your account and select the Update KYC option
Step 2: Enter the information that you wish to update in the relevant fields
Step 3: Upload scanned copies of the KYC documents bearing the new information
Step 4: Submit the request for a KYC update
Step 5: Validate the request by entering the OTP sent to your registered mobile number or email ID

That’s it. Your KYC update request should be reviewed, verified and approved within a few working days.

Some service providers offer Aadhaar-based eKYC updation where you don’t have to submit any documents. Instead, you can simply submit the online KYC form with the updated information and authenticate your request by entering the Aadhaar OTP sent to your registered mobile number. However, make sure to first update your Aadhaar card with the new information before opting for the Aadhaar-based eKYC option.

Alternatively, you can also update your KYC offline. Simply visit your service provider’s branch office and request a KYC updation form. Fill out the form and submit it along with self-attested copies of KYC documents bearing the new information. Your request will be processed within a few working days. It is advisable to carry the originals of your KYC documents since the branch representative may require you to produce them for verification purposes.

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How long does it take to update KYC?

It takes around five to seven days for KYC updates to be processed.

How to check the status of the KYC update?

To check the KYC profile update status, you can visit a KYC registration agency.

How to update eKYC?

In order to update your KYC online, you’ll need to visit your bank’s website, access the KYC update form, and fill it out online. You would need to select the proof of address and identity and upload the scanned copies of the document for verification. Once submitted, the bank will verify the documents and update your KYC status.

How to update KYC for high-risk, medium-risk, and low-risk customers?

The KYC update process is the same for high-risk, medium-risk, and low-risk customers. They are required to complete all the formalities associated with the initial verification process. However, the timelines for such updates vary based on the risk factor.

Can we update KYC without a PAN card?

No, you cannot update KYC without PAN as it is a mandatory document for KYC verification.

Can I update KYC from an ATM?

Yes, you can update your KYC at an ATM. This is provided that there are no changes to be made. You can submit a self-declaration at an ATM near you.

How do I update my KYC online?

You can update your KYC online through the bank or provider’s portal. Here’s how you can get started:

Step 1: Log in to the bank portal
Step 2: Click on ‘Update KYC’
Step 3: Choose the information you want to update
Step 4: Make the necessary changes and submit the required documents
Step 5: Validate your request by entering in the OTP sent on your mobile number