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Update KYC before January 1, otherwise banks can freeze your account

In view of the Reserve Bank of India (RBI) guidelines, it is mandatory for all bank account holders to submit KYC details on or before January 1, 2020, which banks can freeze their accounts.

 All major banks including SBI, IDBI…






 In view of the Reserve Bank of India (RBI) guidelines, it is mandatory for all bank account holders to submit KYC details on or before January 1, 2020, which banks can freeze their accounts.

 All major banks including SBI, IDBI, ICCI etc. have been regularly sending SMS messages and email reminders asking their customers to update their KYC details on or before.

  Failure to follow the order may allow banks to freeze accounts for which the KYC details have not been updated.

 If this happens, the bank account holder will not be able to operate their account, withdraw or transfer funds.

 In order to update the KYC details, customers may need to visit the nearest branch of the bank in which they have an account and submit all relevant documents for KYC updation.

  In some cases, an account holder can update his KYC details by clicking "No change in my KYC details" in the update KYC section of the bank's portal.

 KYC stands for "Know Your Customer".  To obtain information about the identity and address of bank customers, to ensure that the bank's services are not misused by the customer, and a combination of anti-money laundering standards and financial terrorism guidelines set by the RBI  Follow a procedure.

 Banks follow this procedure while opening accounts and updating the same from time to time.  For KYC in individual bank accounts, banks ask for a specified proof of address and identity along with the latest picture of the customer.  For current accounts, the requirements vary.

 As per RBI guidelines, banks are required to update records periodically.  It is a part of banks due to the labor structure.

  KYC is required to be done at least every 2 years for high risk customers, every 8 years for medium risk customers and every 10 years for low risk customers.

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