Avoid fake KYC messages but understand re-KYC to avoid account freezing
The stories of cyber fraud have become so numerous that we might ignore the bank’s KYC verification messages, believing them to be forgeries. However, regular mail from your branch is now arriving. In the mail, KYC verification is also requested. Failure to do so may result in the account being frozen. This procedure is known as re-KYC. If you received these messages or emails from your bank, you must also follow these instructions. Technical Dost will inform you when, how, and where to do it.
Why do you need to do re-KYC?
KYC is a verb for “know your customer.” When opening accounts or starting services, banks and other institutions ask their customers or users for several documents related to their identity. For instance, a photo ID for name identification and any other document related to it for address identification. However, all work is now done with just the Aadhaar card. Information about customers may also change. That is why the bank requires KYC on a regular basis.
This occurs on occasion.
The RBI has established guidelines for this. There are specific instructions for banks to perform re-KYC on each of their accounts. It also has a fixed limit. From two to ten years Assume you’ll have to go to the bank every two to ten years to get your KYC done. In layman’s terms, the most recent ID and address proof must be submitted. By the way, if your information has not changed, you can do so via email or a mobile app, depending on the bank.
There is a special reason for doing this, by the way. This allows the RBI to identify dead, fake, and fraudulent accounts. It is no secret that crores of rupees are missing from numerous accounts. Nobody knows who it belongs to. Re-KYC is important in this. If the money is yours, you will undoubtedly visit the branch. It also greatly aids banks in maintaining accurate records. For example, if someone has died or if someone does not wish to keep the account open.
Periodic Updation of KYC details of Customershttps://t.co/D2nB3tlhNi
— ReserveBankOfIndia (@RBI) January 5, 2023
A reliable method of avoiding fraud
Banks always place a high value on one thing. Passwords, OTPs, passbooks, checkbooks, or any other work are not required by the bank. Does not send any links or request any documents. It is clearly stated in the SMS and email that, KYC must be completed and you must come to the branch. On the phone, Bank will not ask you for any information or account number. If you received the Re-KYC message, you must visit the branch. This is a strong indication that if someone contacts you via phone or SMS and requests information, you should not provide it. Also, inform them that you will be visiting the branch.