KYC Update Online - How to Update Your KYC Details?

KYC update is required when your address, name, mobile number or other personal details change. All citizens of India must update the KYC information for accessing bank accounts, mutual funds, Demat accounts, insurance and other financial services. 

Key Highlights

• Self-Declaration: No documents are needed if personal details remain unchanged.
• Reminders: Banks must send three reminders before and three after the due date.
• Business Correspondents: Biometric KYC updates can be completed through authorized BCs.
• Update Channels: KYC can be updated via branches, net banking, mobile apps, ATMs, or Video-CIP.

When should you Update KYC?

There are various situations when you might be required to do a KYC update:

• Change in Details: Update KYC with supporting OVDs within 30 days of any change in personal details.
• Periodic Updation: RBI-mandated KYC re-verification based on risk profile:

How to Update KYC Online?

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

KYC Details Update Form PDF

For offline or assisted KYC updates, a standard KYC updation form is used. The commonly accepted individual KYC application form is prescribed by SEBI and AMFI.

Documents Required for KYC Update

The following are the documents required for KYC Updates:

• 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 purposes for which you may have to complete KYC update:

Things To Know While Updating KYC

There are a few things to keep in mind to do your KYC update online or offline:

• Upload clear, untampered scanned documents.
• Ensure details match PAN/Aadhaar exactly.
• Online KYC gives instant mismatch alerts; offline does not.
• For offline KYC, carry original documents for verification.
• Avoid oversharing data. Provide only required details.

How to Update KYC Online?

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

Step 1: Log in to the bank's net banking portal or mobile banking app using the registered credentials.

Step 2: Go to the 'Profile' section and select the 'Update KYC' option.

Step 3: Update the required KYC details, such as name, address, mobile number, or other applicable information.

Step 4: Upload scanned copies of the required KYC documents, such as identity proof and address proof.

Step 5: Enter the one-time password (OTP) sent to the registered mobile number and click 'Submit' to complete the KYC update request.

RBI Guidelines On Periodic Updation Of KYC

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

• Guidelines: RBI revised the KYC guidelines in February 2005 based on FATF recommendations for AML and CFT.
• Compliance: Following FATF standards helps maintain international financial relationships.
• Policy: NBFCs must adopt Board-approved KYC and AML policies.
• Confidentiality: Customer KYC information must remain confidential and not be used without consent.
• Relevance: Only relevant, non-intrusive information should be collected for KYC.
• Consent: Separate customer consent is required for collecting information beyond KYC requirements.
• Coverage: KYC rules apply to authorised persons, brokers, and agents.
• Responsibility: NBFCs are responsible for ensuring authorised persons comply with KYC norms.
• RNBCs: RNBCs must follow KYC norms for new and existing customers.
• Updation: RNBCs should update KYC details during deposit renewals.
• Agents: RNBCs are responsible for KYC compliance by agents and sub-agents.
• Due Diligence: NBFCs must verify brokers, agents, and authorised persons before appointment.
• Records: Due diligence records must be maintained for audits.
• Audit: Brokerage accounts of authorised persons must be available for regulatory inspection.

Final Word

KYC update is essential to keep your financial accounts active and compliant. Whether done through netbanking, video KYC or KRA portals, KYC update online is the quickest and most convenient method.

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?