In case of address change, customers can submit the updated address through the remote channels, which banks will verify within two months. Banks may ask for fresh KYC process if their records don’t have the correct documents or if they have expired.
Customers can also complete a fresh KYC process through video call in banks that provide this facility. The RBI has asked customers to contact their bank for more information about the options available for updating KYC details. The regulator said it has taken measures to rationalise KYC-related instructions, considering the available technological options for enhancing customers’ convenience within the law.
A fresh KYC process needs to be undertaken only when the documents in bank records do not conform to thecurrent list of ‘officially valid documents’ (see graphic). Fresh KYC is also required if the validity of the document submitted earlier has expired. Banks must acknowledge receipt of KYC documents/ self-declaration submitted by customers.
In December, RBI governor Shaktikanta Das had clarified in a post-policy press conference that banks should not insist on branch visits. The governor’s clarification had come when many customers said their banks were asking them to visit the branch for KYC before December 31, 2022. This KYC demand had led to fears that accounts may be frozen if customers do not visit the branch.
Officially valid documents are passport, driving license, Aadhaar, voter ID, job card issued by MGNREGA and letter issued by the National Population Register.
