KYC Update Online - How to Update Your KYC Details?

KYC (Know Your Customer) update is mandatory in India for conducting financial transactions in India. Whether it's your bank account, Demat, mutual fund, or insurance account, KYC details updation is essential. 

Read on to know how to do KYC update online, when should you do KYC update, documents required to do KYC update and RBI guidelines on KYC update.

When Should You Update KYC?

There are various situations when you might be required to do KYC updation, which are as follows:

• Change in your personal details, such as address, name, contact number etc. 
• Where you have already changed your name on your PAN card, Aadhaar card or passport. 
• When there is a regulatory request by your bank account or mutual fund to update KYC of your account.

How To Update KYC Online?

There are various ways to update your KYC online, which are provided below:

The detailed procedure for KYC update through netbanking or mobile app are as follows:

• Log in to the netbanking or mobile app using your credentials.
• Find the “Update KYC” section in the “Profile” settings.
• Enter the required details, such as name, address, contact number, etc., to make changes to the KYC.
• Upload the latest scanned copies of KYC documents, such as identity and address proof.
• Enter the one-time password. After entering the OTP, click on the submit button. 
• Now your application for KYC details update will be reviewed and you will receive an official notification regarding your KYC verification within a few days.

Documents Required for KYC Update

You must submit certain specific documents as requested by the bank or financial institution for KYC updation. These documents may include the following:

• PAN card
• Aadhaar card
• Voter ID card
• Passport
• Driving license
• Utility bills not older than 2-3 months
• Bank statement or passbook
• Recent photograph

KYC Update for Different Cases

Below are the different financial purposes for which you may have to update KYC:

Things To Know While Updating KYC

There are a couple of things to keep in mind while updating your KYC. If you are updating your KYC online you will have to keep in mind several aspects. Such as making sure that uploading the scanned copies of your original documents is not tampered with by any means. As your application goes through multiple levels of checks and verifications, this is the last and final layer of verification in a digital KYC process.

And in case if you are updating your KYC details in an offline mode then it is a bit different from the online process. As while filling the details online it will immediately notify in case there is a mismatch in the details given which is not the case with offline form filling. You can do a KYC update physically by visiting a KYC kiosk, bank, or AMC branch along with the scanned copies and originals of required documents.

KYC Details Update Form PDF

A KYC detail update form PDF typically contains sections, like personal details, contact details, proof of identity, address details and declaration with self-certification.

You will also find a field for C-KYC number, where you will have to enter this number, which is mandatory for CKYC update requests. Under the personal details section, you need to enter some basic details of yours, such as name, DOB, nationality, place of birth, monthly income, caste, religion etc.

Under the proof of identity and address, you will have to tick the document you are submitting as identity proof and address proof. And under the address details enter your current and permanent address, state, PIN, city and district.

Under the declaration and self-certification, you will have to read the terms and conditions and accept their terms and conditions. You might also be required to do a signature there and paste a recent passport-size photograph.

RBI Guidelines On Periodic Updation Of KYC

Below are the guidelines to be maintained while updating KYC periodically: 

• RBI issued revised KYC guidelines in February 2005, updating earlier January 2004 instructions based on FATF recommendations for AML and CFT.
• Compliance with FATF standards is necessary for maintaining international financial relationships.
• NBFCs must adopt KYC and AML policies with Board approval within three months of the circular date.
• Customer information collected for KYC must be kept confidential and not used for cross-selling or other purposes without consent.
• Information sought from customers must be relevant to risk perception, non-intrusive, and conform to KYC norms.
• Separate consent must be obtained from customers for collecting additional information beyond KYC requirements.
• KYC guidelines also apply to persons authorised by NBFCs, including brokers and agents collecting public deposits.
• NBFCs are fully responsible for ensuring their authorised persons' compliance with KYC norms and accepting consequences for violations.
• RNBCs were separately instructed to comply with KYC guidelines for new customers from April 1, 2004, and progressively for existing large depositors.
• RNBCs must update KYC details at the time of deposit renewal for remaining accounts, ensuring customer convenience.
• RNBCs are responsible for full KYC compliance by agents and sub-agents collecting deposits on their behalf.
• NBFCs must implement a due diligence process for appointing and verifying brokers, agents, and authorised persons.
• Due diligence records for authorised persons must be maintained for audit and regulatory verification.
• NBFCs must ensure authorised persons’ brokerage accounts are available for audit and inspection when needed.

KYC details can be updated both online and offline mode. You will have to update your KYC with banks or financial institutions where you have changed your address, name, phone number and others to ensure your records are up-to-date and to conduct your financial transactions smoothly. 

Other KYC Articles:
1. e-KYC Aadhaar - How To Check Aadhaar e-KYC Online And Offline?
2. What is KYC and How to do KYC Verification?