Bank Account Holders Alert! Know Your Customer i.e. KYC is a process through which banks or financial institutions verify the identity of their customers.
This potentially helps in the prevention of financial crime or money laundering in any form. The Reserve Bank of India (RBI) has made it mandatory for all banks to complete the KYC of each of their customers. Government sector Bank of Baroda has now given special information about this to its lakhs of customers.
The bank has given this information to the customers through a tweet. The bank has told the customers that if there are any changes in the documents with the help of which the customers completed the KYC process at the time of account opening, they should inform the bank. Such customers will have to inform the bank within 30 days of updating the document so that the bank can include the updated document in its records.
What did the bank write in the tweet?
Bank of Baroda wrote in this tweet, “According to the RBI guidelines, the KYC documents submitted at the time of account opening. If there is any change in them, the information has to be given to the bank within 30 days of the updation so that the bank can keep its records.” I can update it.”
The bank also said that for more information on this, customers can contact the nearest branch of Bank of Baroda. Know further that if you are a customer of this bank, then how can you update your KYC documents.
Re-KYC document submission process
Bank of Baroda customers can choose any one of the two methods for re-KYC. The first way is to go to the home branch and submit the re-KYC document form and KYC document along with your signature.
Apart from this, customers can submit KYC details through e-mail/post/courier along with self-declaration. This will be valid only for change of address in KYC document. If there is no change in any document and the customer needs to re-KYC, the customer can e-mail it along with a self-declaration to rekyc@bankofbaroda.com. In this, it will be mandatory to send a scanned copy of their KYC documents.
— Bank of Baroda (@bankofbaroda) May 16, 2023
What documents are required for KYC?
Passport for Customer Personal Account, Driving License with photograph, Proof of having Aadhaar Number, Voter ID Card issued by Election Commission, Job Card issued by NREGA duly signed by State Government Official or National Census Register The letter issued by the bank containing the name and address can be used as a KYC document.
No hassle of completing KYC process again and again through CKYC
Through KYC, the bank saves the data of its customers in digital format. Earlier, customers had to do KYC several times for different purposes. But now this process is completed through Central KYC i.e. CKYC. Due to this, customers do not have to update KYC again and again for different tasks like opening an account, taking insurance or opening a demat account.
