GENERAL NOTICE TO ALL CUSTOMERS
In accordance with the provisions of the PML Rules, customers are required to submit updated documents to the Bank whenever there is any change or update to the documents submitted at the time of establishing the business relationship or account-based relationship, or thereafter, as applicable.
Customers must submit the updated documents within 30 days from the date of such change or update to enable the Bank to update its records accordingly.
PERIODIC KYC UPDATION GUIDELINES
Regulatory requirements and frequency for keeping customer information updated
Periodic KYC updation is the process of keeping the customer’s KYC information and documents updated and relevant. Customers are required to periodically update their KYC details as per the regulatory requirements.
a When is KYC required to be updated?
The frequency of periodic KYC updation is based on the risk category of the customer:
| Customer Risk Category | Frequency of KYC Updation |
|---|---|
| High Risk | At least once every 2 years |
| Medium Risk | At least once every 8 years |
| Low Risk | At least once every 10 years |
b How can customers update their KYC?
Customers may update their KYC through the following channels:
Bank Branches
Visiting any branch of the Bank
Business Correspondents
Through an authorised Business Correspondent (BC)
Other Modes
Through other modes communicated by the Bank from time to time
c What if there is NO CHANGE in KYC information?
Where there is no change in the customer’s KYC information, eligible customers may submit a self-declaration confirming that there is no change in their KYC details.
d What if there is a CHANGE in KYC information?
Customers should promptly inform the Bank of any change in their KYC information, such as:
Customers should submit the updated documents within 30 days from the date of such change or update to enable the Bank to update its records accordingly.
IMPORTANT INFORMATION FOR CUSTOMERS
KYC DOCUMENTS FOR INDIVIDUALS
(Documents acceptable as proof of identity/address)
Officially Valid Documents (OVDs):
Note on Deemed OVDs:
If the OVD does not have updated address, the following Deemed OVD’s can be submitted for the limited purpose of proof of address, which is valid for 3 months:
MINORS
A minor of any age can open a Savings, fixed or Recurring Deposit Account through a natural or legally appointed guardian. Minors above the age of 10 years can operate the account independently and KYC procedure for identification/address verification as in the case of any other individuals would apply.
KYC Requirements:
- Minor’s Identification: Birth Certificate, School ID, Scheduled Caste/Tribe and Aadhaar Card may be obtained.
- Guardian’s Identification: The guardian’s identity proof as mentioned in KYC for individual above to be obtained for verification of identity and address.
- Photographs: A recent passport size photo of both the minor and the guardian to be obtained.
SMALL ACCOUNTS
Those persons who do not have any of the ‘officially valid documents’ can open ‘small accounts’ with banks on the basis of a self-attested photograph and signature/thumb print in the presence of an official of the bank.
Account Thresholds:
- Aggregate of all credits in a financial year does not exceed ₹1,00,000 (one lakh).
- Aggregate of all withdrawals and transfers in a month does not exceed ₹10,000 (ten thousand).
- Balance at any point of time does not exceed ₹50,000 (fifty thousand).
ANNEXURES & DOWNLOADS
Forms and annexures for customer KYC updation
KYC Updation for Individual
Standard KYC updation form for individual account holders.
KYC Updation for Individual with CKYC Number
Updation form for individuals having Central KYC (CKYC) identifier.
KYC Updation for Non - Individual
KYC updation form for entities, companies, firms, trusts, and institutions.
KYC Updation for Non - Individual with CKYCR Number
Simplified declaration form for non-individuals with CKYCR when there is no change.