Do you need to submit fresh KYC details again: While opening an account in the bank, you have to submit proof of your identity and address (Address Proof). For this, the bank asks you for many documents like PAN Card, Aadhaar Card and Driving License. But once these documents are submitted and the account is opened, can the bank ask you to submit all these documents again? This question can arise in the mind of the customer when such demand comes from the banks many times. Let us know what the rules and guidelines of the Reserve Bank of India (RBI) say about this.

The self declaration is enough if there is no change
If there is no change in your KYC details and all your KYC-related documents, which you have given earlier to the bank, are still valid, then you need not submit them again. According to the instructions of RBI, in such a situation self-declaration of the customers is sufficient. It is not even necessary to go to the bank branch for this. You can also give a declaration of no change in KYC through your registered email, registered mobile number, ATM or internet/online banking. RBI has asked the banks to provide such facilities to the customers.

If only the address has changed then KYC details will be updated like this
If your address has changed, then you will have to submit your new address information and its documentary proof (Address Proof) again. But if all the details other than the address in your KYC are the same as before, you can also submit the new address proof through the online methods mentioned above, without visiting the bank branch. Banks can verify the new address proof within two months of the submission of the new address proof by the customer.

When are the fresh KYC documents required to be submitted?
Banks can ask their customers to submit fresh KYC documents in the following situations –
If your documents already submitted with the bank do not include documents like a Passport, Aadhaar, Driving License and Voter I-Card, which come under the existing list of valid documents, then the bank may ask you to submit fresh KYC documents.
If the validity of your valid KYC documents with the bank has expired, for example, your driving license given to the bank has expired, then you can be asked for a new valid document in its place.
KYC can also be done through a video
Be it updating KYC or submitting fresh KYC, the Reserve Bank of India (RBI) has made this process extremely easy. Apart from visiting the bank branch, this can also be done through the Video Based Customer Identification Process (V-CIP). Provided your bank is offering this facility.

Why is it necessary to update KYC from time to time?
And lastly the most important thing. If the bank asks you to update your KYC, then you should not take it as a hassle or hassle. It is in your interest to keep your KYC details updated with the bank. It is also necessary for the security of your account that whatever information related to you and the bank has, it should be correct. And now RBI has made this process very easy as well.