Bank KYC: RBI Says Customers Can Submit Self-declaration Online if There Is No Change
Moneylife Digital Team 05 January 2023
Confirming information published by Moneylife on bank know-your-customer (KYC), the Reserve Bank of India (RBI) clarified that if there is no change in KYC information, a self-declaration from the individual customer is sufficient to complete the re-KYC process. 
 
In a release, RBI says, "The banks have been advised to provide 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), and letter without need for a visit to bank branch." 
 
"Further, if there is only a change in address, customers can furnish revised or updated address through any of these channels after which, the bank would undertake verification of the declared address within two months," it says.
 
According to RBI, banks are mandated to keep their records up-to-date and relevant by undertaking periodic reviews and updations. "A fresh KYC process or documentation may have to be undertaken in certain cases including where the KYC documents available in bank records do not conform to present list of the officially valid documents (OVDs) like passport, driving license, proof of possession of Aadhaar number, the voter's identity card, job card issued by NREGA and letter issued by the National Population Register, or where the validity of the KYC document submitted earlier may have expired." 
 
"In such cases, the banks are required to provide an acknowledgement of the receipt of the KYC documents or self-declaration submitted by the customer," RBI says.
 
At the same time, RBI says, fresh KYC can be done by visiting a bank branch, or remotely through a video-based customer identification process (V-CIP), wherever it has been enabled by the banks.
 
Last month, quoating a high-level source from RBI, Moneylife (KYC Menace: Even Savvy Customers Are Unaware of Online KYC Option) wrote that the "re-KYC process and low-risk" customers are required to do re-KYC once in 10 years. This can be done through self-declaration in case there are no changes in KYC details. This can be done through digital channels such as customer's email ID, mobile, ATMs, online banking or internet banking, and mobile application of the bank concerned." 
 
You may also want to read...
 
 
 
 
Comments
esmrathnam
3 months ago
Yearly once let banks get their account holders address update through registered email , or by whatsapp registered mobile no. to make update address.
sdmallick2
3 months ago
Do you think Banks are bothered about what RBI said in KYC matter.
Unless a public whipping is done those 'sarkari damads' sitting in banks this will continue.
cjmaski
3 months ago
What about customers who are not net banking users. Is there a form available to down load online, that can be filled and submitted to the bank and retain an acknowledgement .
m.muralidharan
3 months ago
#AXIS Bank has online update facility but it never goes through. It is a nightmare for those customers from #CITIBANK whose data like address etc have been wrongly dowloaded into AXIS system and now personal visit to specified branches (not all branches accept even though Customer care says NEARBY branch) is a must. Branch officers do not have any data of which branch accepts reKYC. They direct you back to customer care. After having a great ride with CITIBANK all these years, I feel, we have crashlanded on #AXIS takeover. No solution seems to be insight.
mohapatrapk1
Replied to m.muralidharan comment 3 months ago
Agreed with observation. I am yet to get my relationship statement for the last 4 years and Rekyc online e not possible if your Aadhar phone number is different unlike other banks. No point to informing the bank.
Kamal Garg
2 years ago
At least, wherever online banking has been availed by the account holder, a simple pop-up screen whenever one logs into the system, can ask this question and accordingly the account holder can reply. Only in case, there is any change in the address, the required proof submission facility should be there on the same pop-up screen, like, facility of uploading of screen shot of the valid address proof papers.
tenkaraimohan
Replied to Kamal Garg comment 2 years ago
Very good and practical solution, ????
r_ashok41
2 years ago
Needs to be more clear if there is no change then what to do like an email /sms etc sending to whom and details which bank needs to mention clearly otherwise it will put more questions than answers and especially from public sector banks where people are not much service oriented to customers.
yrdesai
Replied to r_ashok41 comment 2 years ago
Based on my Self experience I agree with your observations.
ArrayArray
Free Helpline
Legal Credit
Feedback