The Reserve Bank of India (RBI) has asked banks to update the KYC details of their customers from time to time. For this reason, banks ask their customers to update the KYC process from time to time.
The Reserve Bank of India (RBI) has asked banks to update the KYC details of their customers from time to time. For this reason, banks ask their customers to update the KYC process from time to time. However, the process of re-KYC varies for different categories of customers. Let us tell you that the KYC process will be repeated at least once a year for high risk customers, once every 8 years for medium risk customers and every 10 years for low risk customers.
Your account may be frozen
Let us tell you that the Reserve Bank of India had issued a circular on May 29, 2019 regarding Re-KYC. This circular has been updated on May 4, 2023. In this circular, RBI has said that if an existing bank customer does not submit his PAN, Form 60 or any equivalent document, then the operations in his account will be stopped. However, the customer will be informed before doing so.
Do not ignore any email
If your bank sends you an email asking you to update the KYC details related to your account, then take this task as a priority. If you are not able to update your KYC within the time limit, your bank account may get frozen. However, you can reactivate it. Let us tell you that the process of reactivating an account frozen due to KYC is the same for all banks.
