Periodic updation of KYC Information and documents is carried out by the bank as per the
guidelines
issued by Reserve Bank of India. According to the guidelines, it is mandatory to update any
change
in the KYC information / documents with the bank by the customers.
a) Individual Customers:
-
i. No change in KYC information: i. No change in KYC information: In case
of no
change in the KYC information, a self-declaration from the customer in this regard shall be
obtained through customer’s email-id registered with the RE, customer’s mobile number
registered
with the bank.
-
ii. Change in address: In case of a change only in the address details of
the
customer, a self-declaration of the new address shall be provided by the customer through
customer’s email-id registered with the RE, customer’s mobile number registered with the RE,
letter etc.
Further, the bank, at their option, may obtain a copy of OVD for the purpose of proof of
address,
declared by the customer at the time of periodic updation.
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iii. Accounts of customers, who were minor at the time of opening account, on their
becoming major: In case of customers for whom account was opened when they
were
minor, fresh
photographs shall be submitted by such customers on their becoming a major. Wherever
required, bank may carry out fresh KYC of such customers i.e. customers for whom account was
opened when they were minor, on their becoming a major.
b) Customers other than individuals:
-
i. No change in KYC information: In case of no change in the KYC
information of
the Legal Entity (LE) customer, a self-declaration in this regard shall be submitted from
the LE
customer through its email id registered with the RE, letter from an official authorized by
the
LE in this regard, board resolution etc. Along with this, LE customers have to mandatorily
submit the Beneficial Ownership Declaration Form.
-
ii. Change in KYC information: Customer should mandatorily comply with
the
entire KYC process equivalent to that applicable for on-boarding a new LE customer, in case
of
change in KYC information.
In case the validity of the KYC documents available with the bank has expired at the time of
periodic updation Customer should mandatorily comply with the entire KYC process equivalent to
that
applicable for on-boarding a new LE customer.