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.
There are various situations when you might be required to do KYC updation, which are as follows:
There are various ways to update your KYC online, which are provided below:
Method | Process |
Netbanking or Mobile Banking App | Login to your bank's netbanking or mobile banking app, navigate to KYC update section, upload documents and submit. |
Video KYC | In video KYC, live call is conducted with an authorised executive of the financial institution. Initiate a video KYC call, show your identity documents and face and answer questions to complete KYC update. |
Email-based KYC | Draft an email with the subject line ‘Request for KYC update’. Mention your name, customer ID/ account number and upload the KYC documents and send the mail to the official KYC support email ID of the bank or financial institution. |
Online KYC Portal | Mutual fund and securities investors can visit the KYC registration agency portals, such as CAMS, Karvy (KFintech) or NSDL to update KYC. Log in to the portal, enter the required details, upload the documents and submit. |
Customer Service Chatbot | Some institutions offer KYC updation services through the chatbot on their website. Click on the chatbot, select KYC update option, submit the required details and documents to update KYC. |
Customer Care Number | Some institutions provide the option to update KYC by calling the customer care number of the bank or financial institution and following the instructions provided by them. |
The detailed procedure for KYC update through netbanking or mobile app are as follows:
You must submit certain specific documents as requested by the bank or financial institution for KYC updation. These documents may include the following:
Below are the different financial purposes for which you may have to update KYC:
Financial Purpose | Update Method |
Bank account | Netbanking, mobile banking app, video KYC, KYC form to branch |
Fixed deposit account | Netbanking, mobile banking app, KYC form to branch |
Loans | Netbanking, mobile banking app, email ID, KYC form to branch |
Mutual funds | KYC registration agency portal (CAMS, Karvy), Aadhaar-based e-KYC |
Insurance | Insurer website, mobile app, video KYC, email |
Credit cards | Netbanking, email, video KYC, KYC form to branch |
Demat account | Broker platform, KYC registration agency portal |
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.
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.
Below are the guidelines to be maintained while updating KYC periodically:
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?