All bank accounts Without KYC will be closed from January 1 -Check Details Here
In May this year, in view of the second wave of the Corona epidemic, RBI had told all banks that they will not freeze any such bank account till December 31, 2021, whose KYC has not been updated or is pending.
If you have not done KYC in your bank yet, then your account will be frozen from January 1, 2022. After which you will not be able to do any transaction related to your bank account.
Yes, along with all the banks of the country, other financial institutions are also going to shock the customers who do not do KYC. Let us tell you that under KYC, customers have to provide proof of their identity and address.
The Reserve Bank of India is going to take strict action against all such customers or account holders who have not got their KYC done by December 31, 2021.
KYC is required for high-risk bank accounts every two years
Let us tell you that KYC is needed not only in banking but in all services related to money transactions and essential services.
According to experts, banks are advised to update KYC once in 10 years for the accounts which are less risky, while the high-risk account holders are asked to get KYC done every two years.
Let us tell you that a KYC update is also required to get the dormant bank accounts reactivated and inactive bank accounts for a long time.
RBI had forbidden banks from seizing accounts
Let us tell you that in May this year, in view of the second wave of the Corona epidemic, RBI had told all the banks that they will not freeze any such bank account till December 31, 2021, whose KYC has not been updated or is pending.
Even after the second wave of the Corona epidemic was over, many account holders did not update the KYC of their bank account, after which the RBI has to take such a strict step.
Apart from this, at present, there is no need to go to the bank to update KYC. Now KYC can be done only through online methods, despite this many people have not got KYC updated yet.
Fraud is happening fiercely in the name of KYC
Let us tell you that in view of the increasing number of online frauds, fraudsters are cleaning people’s bank accounts by collecting necessary information on phone calls by citing KYC.
Keeping all these things in mind, it is important for all of us to get our KYC updated as soon as possible. And of course, do not share your bank account’s confidential information on any KYC-related phone calls.
Documents required for KYC
- Passport
- Voter ID Card
- Driving License
- Aadhar Card
- NREGA Card
- Pan Card
