Re-KYC: Meaning, Importance and How to Update Your KYC

Know Your Customer (KYC) is an important part of the banking relationship. Banks obtain and verify prescribed customer information as part of KYC requirements.

However, customer information may change over time. You may move to a new address, update your identity-related information or experience other changes in your personal details. Banks are therefore required to periodically update KYC information in accordance with applicable regulatory requirements.

This periodic process is commonly referred to as Re-KYC or periodic KYC updation.

HDFC Bank provides different Re-KYC options depending on the type of customer, eligibility and whether there has been a change in KYC information.

Eligible customers may be able to complete Re-KYC digitally through HDFC Bank InstaServices, NetBanking or MobileBanking.

For InstaServices, customers can access the Update KYC service, authenticate themselves using the required details and OTP, complete Aadhaar-based e-KYC where applicable, verify or update their information and submit the request after authentication.

Customers can also access the KYC update option through their HDFC Bank NetBanking profile or through the KYC section under My Profile in MobileBanking.

Where digital Re-KYC is not applicable or preferred, customers can submit the relevant KYC updation form and required documents through an HDFC Bank branch.

If your KYC information has not changed, you may not necessarily need to submit fresh identity and address documents.

Under applicable RBI guidelines, a self-declaration confirming that there is no change in KYC information can be obtained through permitted channels. HDFC Bank provides applicable no-change confirmation options depending on the customer category.

Resident individual customers should use the options communicated or made available by HDFC Bank when their Re-KYC becomes due.

If only your address has changed, the updated address can be provided through applicable channels. Under RBI requirements, the declared address is subsequently required to be verified by the regulated entity through prescribed means.

If other KYC details have changed, additional information or documentation may be required depending on the nature of the change and the applicable KYC requirements.

The information or documents required can vary depending on the customer category and whether existing KYC details have changed. You may be asked for identity or address-related documents, PAN details, Aadhaar-based authentication where applicable, or other relevant information.

Always use official HDFC Bank channels and check the applicable requirements before submitting your Re-KYC request.

Re-KYC helps ensure that the information available with your bank remains current and compliant with applicable KYC requirements. If your Re-KYC is due, check whether you are eligible to complete it digitally or whether additional documentation is required.

Keeping your KYC information updated can help you maintain an uninterrupted and secure banking relationship.

*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.