Bank Account: Crisis due to not updating KYC, restart bank account!
PC: upkiran.org
The Reserve Bank of India has launched a special campaign to identify fake accounts and crack down on fraud. Customers are often asked to submit their KYC documents. Banks inform customers about this from time to time. This information is given through e-mail and SMS. Banks update KYC online and offline. But banks do not send any link for this. The KYC process can be completed by visiting the official website of the bank or by visiting the nearest branch and submitting the documents to get the KYC updated. But those who did not complete this process. His account was closed. In such a situation, many people wonder whether this account has been permanently closed (Account Blocked). But it is not so. In this way, you can activate this account again.
KYC is important for every customer
KYC is important for every customer. The KYC process is different for each category of customer. KYC is required every two years for high-risk customers, once in 8 years for medium-risk customers, and once in 10 years for low-risk customers. For people with high transactions, it is necessary to update KYC once in two years. Because fans keep an eye on their account.
PC: Lalluram
What does RBI say?
The Reserve Bank of India has updated the old circular dated 29 May 2019 to 4 May 2023. If a customer does not provide his PAN or Form 16, his account will be closed. Of course, banks do not close your account directly. An SMS or e-mail will be sent to you in advance. After that further action will be taken.
How to activate the account
Your account may be closed if you do not complete the KYC process. You can activate this account. According to RBI, closed accounts can be reopened in all banks. It can be reactivated. Its process is the same in all banks. If the documents are submitted, the concerned bank verifies and activates your account within a few hours.
If your bank account is closed then banks ask you for account details and necessary documents for KYC. Once the documents are complete the account gets activated once the process is complete.
According to the Bank of Baroda, customers can submit KYC documents, and re-KYC forms to the concerned bank. Now through modern technology, this process is done through video calls. The account can be activated by visiting the official website of the bank, filling out the application form, and attaching documents.