re-KYC Update: Now bank customers can complete the re-KYC process from home, check update

 

To provide any service to a customer, banks or companies have to first complete the KYC process. After this, the re-KYC process has to be repeated from time to time so that the customer’s information remains updated with the institution.

Bank Rules: Reserve Bank has clarified that if there is no change in the information included in the KYC of the customers, then they can complete their re-KYC process only through self-declaration. This process can be done online. That is, now customers can complete the re-KYC process from home if there is no change.

To provide any service to the customer, banks or companies have to first complete the KYC process. In which ID proof, address proof etc. are given. After this, the re-KYC process has to be repeated from time to time so that the customer’s information remains updated with the institution. According to the Reserve Bank, the purpose of self-declaration for re-KYC is to make it easier for the customer to work and save their time and effort of visiting the branch. With this, re-KYC can also be completed on time.

The Reserve Bank said that banks have been advised to provide such facilities to customers to complete re-KYC so that they do not have to visit the branch for re-KYC. This includes facilities like registered email, registered mobile phone, ATM, online banking, internet banking and app. At the same time, the Reserve Bank clarified that if only the address is to be changed in KYC, then the customer can update the address through any such channel. The bank will verify this address in 2 months.

However, the Reserve Bank has said that banks will keep their customers’ records updated in every situation and can also direct for new KYC in certain circumstances. According to the central bank, if the documents given for KYC are such documents which are not included in the list of approved documents, then the bank can ask for new KYC.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more