27 April, 2023
You must be familiar with the Know Your Customer (KYC) process. But do you know what re-KYC is? The Government of India introduced KYC in 2002 to allow banks and financial institutions easy access to clients' personal information and curb illegal activities. From investment instruments to bank accounts, today, completing the KYC process is a mandatory requirement if you want to avail of any financial product or service. Taking this process, a step further, re-KYC enables banks and financial institutes to remain updated with any changes in your personal information easily. Continue reading to learn more about re-KYC and how it functions.
What is Re-KYC?
Re-KYC is a process wherein banks and financial institutions can remain abreast with a customer's latest personal details and contact information. This ensures that the information a client provides at the time of account opening or opting for a service is not outdated
Reserve Bank of India guidelines dictate that re-KYC should be conducted regularly. Banks are advised to conduct re-KYC based on a risk approach. Thus, they have to categorise customers based on various factors like identity, social and financial status, business activity, etc. they are then classified into the following risk-based categories:
High-Risk Customers: These customers must conduct the re-KYC process once every two years by visiting a bank branch closest to them.
Medium-Risk Customers: These customers are only asked to complete this process once every eight years by visiting a bank branch near them.
Low-Risk Customers: These customers have to complete the process once every ten years and can execute re-KYC online via the following methods:
Ways to update Re-KYC
Individual:
Insta Service (Home · Customer Journey (hdfcbank.com)
Xpressway (Xpressway - Offers, Services & More (hdfcbank.com)
ChatBanking (Say ReKYC on HDFC Bank ChatBanking 7070022222)
Net - Banking (Welcome to HDFC Bank NetBanking)
Mobile Banking application
Email - rekychdfcbank@hdfcbank.com, if there is no change in KYC information
Branch -
Customer can sign Self declaration form in case there is no change in KYC information.
Customer will have to submit REKYC form (https://www.hdfcbank.com/personal/resources/forms-centre/forms-center-personal/re-kyc-form-resident-individual-digital-journey) along with self-attested copy of Officially Valid documents (Original document required to verify).
Non-Resident Individual:
Online via Net Banking: (Welcome to HDFC Bank NetBanking)
Email Submission (In case of no Demographic Changes)
Send a self-attested copy of your KYC documents along with the KYC form & Extended KYC declaration.
Send Email to rekychdfcbank@hdfcbank.com from your registered email ID (if your personal details, like address, have not changed).
Mailbox Services at https://www.hdfcbank.com/nri-banking/mailbox-services
Courier / Post to Branch,
Send a self-attested copy of your KYC documents along with a duly filled KYC form & Extended KYC declaration through courier /post at your HDFC Bank branch
Visit Nearest Branch
Non- Individual:
Customer to visit branch along with the set of documents given in this link.
Click here to learn more about the KYC process at HDFC Bank.
Wish To Know What is Video KYC? Click here.
*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.
