According to the Reserve Bank of India (RBI)'s directive updating KYC (Know your customer) is mandatory for every bank customer.
SBI: If you are an SBI customer then there are chances you might receive a message from your bank asking for a KYC update. But if you have ignored the same, think again. If a customer failed to update its KYC details, then it is very likely he or she might not be able to carry their bank transactions.
According to the Reserve Bank of India (RBI)'s directive updating KYC (Know your customer) is mandatory for every bank customer.
KYC consists of elaborated details of customers including if you want to invest in a mutual fund or seeking a bank locker or want to withdraw your PF amount. The purpose behind the KYC is to ensure that nobody takes undue advantage of the banking services.
Below we have described how to get your KYC done. If you have FAQs related to KYC, then click here.
1. What is KYC and why it is important?
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KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts. Banks are also required to periodically update their customers’ KYC details.
2. What is e-KYC? How does e-KYC work?
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e-KYC refers to electronic KYC.
e-KYC is possible only for those who have Aadhaar numbers. While using e-KYC service, you have to authorise the Unique Identification Authority of India (UIDAI), by explicit consent, to release your identity/address through biometric authentication to the bank branches/business correspondent (BC). The UIDAI then transfers your data comprising your name, age, gender, and photograph electronically to the bank. Information thus provided through e-KYC process is permitted to be treated as an ‘Officially Valid Document’ under PML Rules and is a valid process for KYC verification.
3. What documents are required to complete KYC?
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You need to have Passport, Voter's Identity Card, Driving Licence, Aadhaar Letter/Card, NREGA Card, PAN Card, NREGA Card, The certificate issued by UGC/AICTE having a photograph, Govt/Army Id card
Further, any one document towards proof of identity and proof of address-either permanent or current.
4. What documents will work as address proof?
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Telephone bill (Not older than 3 months), Bank account detail (Not older than 3 months), Certificate by government official, Electricity bill (Not older than 6 months), Ration card, Income/Property tax valuation order, Credit card statement (Not older than 3 months), Registered lease/license agreement/sale deed/lease agreement copies, Letter to students by University/hostel warden of that institution and it should be certified by registrar/dean, Student if living with their relatives then the latter's affidavit, his Id card and residential proof
