‘Know your customers’ or KYC is a Reserve Bank of India guideline for all banks functioning on Indian soil under which each bank has to maintain updated documents for all its account holders. The intention is to stop money laundering and other fraudulent activities.
KYC norms have existed in some form for a while now but the emphasis on ‘KYC documents’ has increased since 2007, after most banks went online, and are thus required to update documents of all its account holders in order to keep a close and accurate track of them.
If you have opened a bank account recently, you do not need to worry, as all your KYC documents are probably updated. However, if your savings account is old, you might need to re-submit documents. All banks have been sending information about KYC checks to account holders in the form of mails and SMSs.
What documents form KYC?
1. Address proof: This is one of the most important documents that you will need to provide to your bank as part of the KYC process. Proof should pertain to your current address and your permanent address.
2. Identity proof: This is the second most important document to fulfill KYC requirements. These documents can be self-attested.
How should you re-submit KYC documents?
1. Enquiry: If you haven’t received an email or SMS from your bank about resubmission of your KYC documents and if your savings bank account is fairly old, you need to visit your branch or call your bank’s helpline number to enquire about re-submitting your KYC documents. In most cases, you can submit KYC documents in any branch of your bank in India.
2. Submission of documents: If your bank asks you to re-submit your KYC documents, then you will need to provide residential and identity proof. Aadhar cards are also accepted.
3. Re-KYC declaration form: When you re-submit your KYC documents at the branch, you will be asked to fill a re-KYC form that requires updated information of the account holder along with signatures.
4. Processing: The banks usually takes about 10 days to process your new KYC request. This time is required in order to check the veracity of all the documents that you have submitted. Once your request is processed, you will be notified in the form of an SMS or via email.
Re-submission of KYC documents is in the interest of consumers, and as such, everyone should be enthusiastic about the process. KYC documents not only prevent your account from being misused, they also help in future banking transactions.
Disclaimer: Copyright Kotak Mahindra Bank Ltd.
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