Bank Account KYC online: New year is knocking. Along with changing the calendar on the new year, many changes will be seen in everyday life as well. Especially many things related to financial are going to change. One of the links of this change is to update your bank account immediately. And especially get KYC updated. Because on January 1, 2022, the accounts whose KYC has not been updated can be frozen by the bank. Reserve Bank of India has asked to take strict steps regarding KYC.
So now you don’t have time. If you have not updated KYC in your bank account, then get this work done immediately. Otherwise, you will not be able to do any transaction related to your bank account in the new year. The Reserve Bank of India is going to take strict action against all such account holders who have not got their KYC done by December 31, 2021.
It is necessary to do KYC every two years
Know Your Customer i.e. under KYC (Know Your Customer), customers have to provide proof of their identity and address. KYC is required for financial transactions. With this, the bank keeps getting updated information about the customers. High risk account holders have to get KYC done every two years whereas for low risk account holders have to do KYC once in 10 years. KYC updation is also required to reactivate the bank accounts that have been inactive for a long time.
RBI guidelines (RBI KYC guidelines)
RBI had sent a circular to all banks in May this year. In the circular, RBI had said that keeping in view the prevailing COVID related restrictions in various parts of the country, regulated entities are advised that in respect of customer accounts where updation of KYC is to be done and the same is pending, such accounts No restriction will be imposed on the operation of the CMS till 31st December 2021 for this reason only. However, restrictions can be imposed under the directions of any regulatory/enforcement agency/court.
Part of Anti Money Laundering Laws
The need to update KYC is not only for banks but for every regulated financial institution as it is part of anti money laundering laws. These entities include finance companies, mutual funds, broking houses and depositories.
Documents required for KYC (KYC documents list)
If you are going to the bank for KYC update of your account, then definitely keep these documents with you. These can be passport, voter ID card, driving license, Aadhar card, NREGA card or PAN card. You can also get KYC done online from the comfort of your home.
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