The Reserve Bank of India (RBI) has announced that customers can complete the re-KYC (Know Your Customer) process by simply submitting a self-declaration if their KYC information hasn’t changed. This update is intended to streamline the KYC process, making it easier and more convenient for customers by reducing the need for in-person visits to bank branches.
Self-Declaration for Re-KYC
RBI has advised banks to allow customers to submit self-declarations through various remote channels, such as:
- Registered email
- Registered mobile number
- ATMs
- Digital platforms (e.g., internet banking, mobile banking)
- Letter submission
This means customers can now update their KYC status without visiting a branch.
Change of Address
If a customer’s address has changed, they can update it through any of these remote channels, after which the bank will verify the new address within two months.
Importance of Regular KYC Updates
RBI emphasizes that banks should keep KYC records current and conduct regular reviews. Fresh KYC may be needed in cases where:
- Existing KYC documents don’t meet the current list of Officially Valid Documents (OVDs).
- Previously submitted KYC documents have expired.
Accepted OVDs include the passport, driving license, voter ID, Aadhaar card, NREGA job card, and a letter from the National Population Register.
In these cases, banks are required to acknowledge any new documents or self-declarations from customers.
Fresh KYC Process Options
Customers have two main options for completing fresh KYC:
- Visiting a Bank Branch: Customers can complete the KYC update in person.
- Video-Based Customer Identification Process (V-CIP): For banks with this capability, KYC can be completed remotely over a secure video call with features like geo-tagging and time-stamping to ensure the process’s authenticity.
These options provide customers flexibility in fulfilling KYC requirements while ensuring security and compliance in banking services.
How to do KYC in SBI?
SBI Customers can visit this link for online video KYC.
Documents Required for SBI KYC
- Your Aadhaar No. / Virtual ID
- Mobile number registered with Aadhaar must be in your possession
- Your Physical PAN card
- A white sheet and a black pen
- A well lit, quiet room with a plain wall behind you
- High speed internet connectivity and you should be in India
How to do KYC in PNB?
PNB Customers can visit this link for online video KYC.
Similarly for other banks, customers can visit Bank’s official website and search for an online video KYC link. You can also easily do KYC in our app. Download hellobanker app and open link for KYC.