2 ways Canara Bank customers can do re-KYC

Know Your Customer, or KYC is a requirement that banks, insurance corporations, and different monetary organisations require to substantiate the addresses and identities of potential customers earlier than finishing transactions.

According to the Reserve Bank of India’s KYC tips, banks should routinely replace buyer identification paperwork of their databases of account holders (RBI). Depending on the danger profile of the account holder, this can be introduced on by a big change within the buyer’s profile or the form of transactions within the account.

What is KYC?

According to the Federal Bank FAQ on KYC, “KYC means “Know Your Customer”. It is a course of by which banks receive details about the identification and tackle of the customers. This course of helps to make sure that banks” companies will not be misused. The KYC process is to be accomplished by the banks whereas opening accounts and likewise periodically replace the identical.”

What is re-KYC?

According to the Union Bank of India web site, (*2*)

As per the most recent tweet by Canara Bank, customers of the financial institution can observe a couple of easy steps to complete the re-KYC process.

Re-KYC can be accomplished through mail and SMS (relevant to KYC compiled customers the place there isn’t a change in KYC data) .

For instance, if 1234567 is your Customer ID, then right here is the way you can full your re-KYC, as per the Canara Bank tweet.

How to do re-KYC utilizing cell quantity

Send REKYCustomer ID to 56161.

Send SMS as REKYC 1234567 to 56161 out of your registered cell quantity.

How to do re-KYC by mail

Send REKYCustomer ID as SUBJECT to [email protected] out of your registered mail ID.