KYC Update: If you have not yet updated your bank account KYC and do not want to go to the bank branch due to Corona, then there is good news for you. The central bank RBI has asked all the banks not to freeze the bank account of anyone till 31 December 2021 in case there is no KYC updte i.e. the worries of the bank account freezing due to not having KYC updates by the end of this year happened.
Apart from this, State Bank of India (SBI), the country’s largest bank, gave a big relief to the account holders for updating the KYC. SBI has approved updating KYC by sending documents to the account holders via post or registered e-mail. Now SBI account holders do not need to go to the bank branch to update KYC.
Second hand car will also get warranty and free service, check price to benefit details
This is the rule related to KYC Update
- Low-risk customers must update KYC every 10 years.
- Medium risk customers must update KYC every 8 years.
- KYC is updated once every two years for high risk customers.
Norms related to KYC made easy by RBI
- Approval of Video KYC for new category clients such as proprietary firms, Authorized Signatories and Beneficial Owners of Legal Entities and for periodic updates of KYC.
- Conversion of Limited KYC accounts opened on Aadhaar e-KYC basis into fully KYC-compliant accounts in non-face-to-face mode
- Allowing the use of KYC Identifiers of the Centralized KYC Registry for Video KYC and allowing electronic documents as proof of identity, including identity documents issued through DigiLocker.
- Use of customer friendly options like use of digital channels for KYC updates.
(Ortical – Sunil Dhawan)