Bank Accounts: Now it is very easy to open a bank account and update your KYC details! The Reserve Bank has made major changes in the KYC rules. According to the new changes, customers can easily join banking services in person, through video, and using OTP. This will be of great help to the common people, especially those who are using banking services for the first time and those who are receiving government benefits.
Direct KYC: You can open an account directly by going to the bank using your Aadhaar details. If your current address is different from the address in your Aadhaar, you just need to provide a self-declaration. You are also allowed to do digital KYC while going to the bank in person.
Non-Face-to-Face KYC (NFTF): You can open an account from home using Aadhaar OTP without visiting the bank. Certain conditions apply. Documents in DigiLocker and other e-documents, as well as certified paper copies, are required. Accounts opened in this manner must have a complete KYC completed within one year.
Video-to-Face KYC (V-CIP): This is a method of completing KYC by talking to a bank officer directly through a video call and verifying the identity documents. This will be considered equivalent to doing KYC in person. It can be used to open an account and update KYC details.
Other key changes: Central KYC Registry: Now banks can take their KYC details from the Central KYC Registry with the consent of the customer. So, there is no need to submit new documents every time.
KYC through Business Correspondents: Business correspondents who provide banking services in rural and other remote areas can now also help in KYC procedures.
Old accounts can be easily reopened: RBI has directed banks to easily reactivate accounts opened through government welfare schemes if they become inactive.
Also Read: Is Your Smartphone Safe to Use? Tips to Protect Your Privacy
Share
Woman Who Missed Air India Flight by 10 Minutes Escapes Death
Andhra CM Remembers Vijay Rupani’s Soft-Spoken Leadership
