New Delhi: After the Reserve Bank of India (RBI) revised its ‘Know Your Customer’ (KYC) guidelines, it is mandatory for all account holders to update their KYC on or before January 1, 2020. Else their bank accounts are likely to be cancelled.

To keep customers aware of the move from the RBI, the private and public sector banks, including SBI, IDBI, ICCI, are regularly sending alerts, notifications and email reminders to customers to update their KYC details.

Deadline to update KYC 

While January 1, 2020, is the deadline for general bank account holders, people using PhonePe, Paytm, Amazon Pay or other such wallets can update their KYC by February 29, 2020.

If the KYC is not updated for a long period of time, then there is chance that the bank might freeze your account. Hence is it advised that all should hurry up to update their accounts with KYS before the deadline. Once the account is cancelled, no one can do any transaction.

To update their accounts with KYC, customers need to visit their respective bank branches located nearby. They need to submit their relevant documents to the bank officials. If somebody’s account is regularly updated, then they need to click on ‘No Changes in my KYC details’ in the update KYC section of bank’s portal.

KYC needs to be updated in every two years for high-risk customers, while for medium risk customers, they can update in every 8 years. Low-risk customers can update their KYC in every 10 years.

Why KYC

With an objective to prevent misuse and fraud, as instructed by the RBI, banks follow this process to receive information about the identity and address of the customers for their safe transaction in the bank.