Bank customers will no longer need a branch visit to update KYC information. This is as per new guidelines that have been put in place by the Reserve Bank of India. RBI’s notification says, “If there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process”.
Banks will have to allow customers to self-declare KYC information without a branch visit, through channels such as registered e-mail ids, mobile numbers, online banking, and ATMs. In case of a change of address, the bank will have to undertake address verification within two months after the customer submits the updated address details through online channels.
However, customers may have to do a fresh KYC if the documents with the bank are not updated with the list of offically valid documents or if such documents have expired. In such cases, the fresh KYC can be done by either visiting a bank branch or remotely through a video based customer identification procress (if enabled by the bank).