If there is no change in KYC details, they can submit a self-declaration through email-id, registered mobile number, ATMs, or other digital channels.
In the latest guideline, the RBI said that Bank account holders who have already submitted valid documents and haven't changed their addresses are no longer obliged to visit their bank locations to update their "know your customer" (KYC) information, according to the RBI. They can instead submit a self-declaration through an email address, a registered mobile number, ATMs, or any other digital channel if there hasn't been a change in their KYC information.
The central bank provided recommendations for the same after RBI Governor Shaktikanta Das stated that banks shouldn't require branch visits for KYC updates.
“As per the present guidelines, if there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process,” the RBI said.
“The banks have been advised to provide the facility of such self-declaration to the individual customers through various non-face-to-face channels such as registered email-id, registered mobile number, ATMs, digital channels (such as online banking/internet banking, mobile application), letter, etc., without need for a visit to a bank branch,” the RBI added.
READ: Income Tax, Aadhaar, PAN rules on cash transactions: You can't buy item worth Rs 2 lakh in cash without THESE documents
According to the RBI's recommendations, consumers can provide a revised or updated address through any of these channels if there is just a minor address change. The bank will then verify the provided address within two months.
Additionally, the RBI stated that in order to comply with the 2002 Prevention of Money Laundering Act, banks must periodically examine and update their records to maintain them current and relevant (PMLA).
“Fresh KYC process can be done by visiting a bank branch, or remotely through a Video-based Customer Identification Process (V-CIP) (wherever the same has been enabled by banks),” it said.
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