How to Update KYC Details Online?

E-KYC or online KYC is an effective way to submit your identity and address proof online. It is a standardized way to check the authenticity of customers on a portal by the Indian government. To verify their identity and address, customers of the financial service are required to submit KYC documentation before investing in a variety of financial instruments like fixed deposits, mutual funds, and more

The primary goal is to potentially catch and eliminate illegal activities on any platform. For most portals — be it mutual funds’ investments, brokerage trading platforms, or bank websites — before you create an account, you will be required to carry out your KYC. The Reserve Bank of India has made it mandatory for everyone using these platforms.

What is KYC and Why Is It Important?

KYC stands for Know Your Customer. It’s one of those super important things banks and financial companies need from us. The RBI, SEBI, and IRDAI have made it mandatory for everyone dealing with money banks, insurance providers, and mutual funds to follow KYC norms.

So why should you care? Because without it, your bank account, your SIPs, or even your demat account could be frozen. That’s why learning how to update KYC online (or offline, if you prefer) is a life skill now.

When Should You Update KYC?

Updating KYC details online is very rare, and it is not a very common thing to do. However, it’s possible to encounter a situation where you may have changed your name or address. Similar to how KYC is generally considered a one-time process, so is its update. The scenarios when KYC updates may be required are as follows:

• In case you legally want to change your name then the name on your PAN card, Aadhar card, and latest passport would be different. You need to input your scanned copies of your latest Aadhar/PAN card to get your KYC updated.
• If you change your address by moving into a new home after marriage, moving out of your house, or moving to a whole different city, a lot of your KYC documents like the Aadhar, PAN, Driving License, and Passport would need to be updated. This is when you can use the online portal to make the KYC update.

If you do not change your address or name for a second time, this process is generally considered a one-time way to access your financial history and carry out transactions. KYC update is mandatory in case you have updated your personal details again.

Ways to Update KYC Details

Let’s break down how to KYC update.

Option 1: Update KYC Online

• Log in to your bank’s website or app
• Or visit a KYC Registration Agency like CVL, CAMS, or Karvy
• If you’re using Aadhaar, you can go through DigiLocker or even use Aadhaar eKYC

Option 2: Update KYC Offline

• Head to your nearest bank branch
• Fill out the KYC Update Form
• Submit it along with your documents

Both work. But if you’re wondering how to update eKYC online from the comfort of your couch? Read on.

Step-by-Step Guide to Update KYC Online

Here’s an easy-to-follow plan if you were wondering how to update bank KYC online:

1. Visit your bank’s official website or one of the KRA portals like CAMS or CVL
2. Log in using your credentials
3. Look for the option called ‘Update KYC’ – it’s usually right there
4. Upload the necessary documents like Aadhaar, PAN, etc. (clear photos only)
5. Hit submit

If you ever googled how to update KYC, this is your one-stop answer. No long queues, no awkward forms; just a few clicks.

Documents Required for KYC Update

Now that you have got an answer to the query, ‘how do I update my kyc online?’ here’s what you will need –

Whether you’re uploading or submitting them offline, just make sure they’re valid and match your records.

How to Check KYC Status?

So you’ve done the work, but how do you know it went through?
Follow this:

1. Head over to cvlkra.com or camsonline.com
2. Enter your PAN number under “Check KYC Status.”
3. See one of these messages:

Advantages of updating your KYC

• Regulatory Compliance: Frequent updates of KYC are a guarantee of adherence to local laws and regulations, saving financial institutions from legal problems and fines.
• Improved Safety: Up-to-date information about KYC saves the identity from getting stolen and acts as a shield against fraudulent acts. This helps institutions identify a client more effectively.
• Improved Service: Financial institutions, with the new updated KYC data, can offer customized services and products to the customer. This leads to better customer experiences.
• Easier Transactions: Also, smoother transaction processing due to correct and timely information ensures that customers can undergo financial transactions without any hiccups in the process.
• Risk Management: The next advantage is risk management in terms of money laundering and terrorist financing.
• Access to Financial Services: Updated KYC may be required for access to certain financial services or products so that every new opportunity can be availed of.
• Trust and Transparency: Maintaining updated KYC information helps in building trust between the clients and the financial institutions, adding transparency to the business relationship.

Things to keep in mind about updating KYC

• Frequency: Update your KYC information on a regular basis in case variation in personal information or financial innformation takes place.
• Documentation: Carry valid identification, proof of address, and other relevant documents that the institution may require.
• Deadlines: In order not to incur penalties or disrupt your services, be informed about deadlines that may have been instituted by the financial institution regarding KYC updates. This may be online or offline; check with the institution for convenience.
• Information Accuracy: All information provided should be accurate and current to avoid all issues associated with your accounts.

Conclusion

Both online and offline KYC verification procedures take around one week to be authenticated. The online KYC registration may take a much shorter time, but this can vary based on a slew of factors, such as whether or not there were any errors, inconsistencies, or ambiguities in the application form. Hence, your updated information, depending on the portal carrying out KYC, may take longer than usual to reflect. However, ensuring the form is correctly filled with all the latest information can expedite this entire process.