How to Update KYC Details Online?
E-KYC or online KYC is an effective way to submit your identity and address proofs 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 platforms. For most portals — be it mutual funds’ investments, brokerage trading platforms, and 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.
When should you update KYC?
Updating KYC details online is very rare as it is not a very common thing to do so. 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 is 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 shifting 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 as 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.
How to update KYC online?
Updating your KYC online is a simple process that can be done without the hassle of visiting a kiosk in person. The process is as follows:
1. Log in to the KYC online portal.
2. Look out for an ‘Update KYC’ button in the settings on that portal.
3. Click on the button and it will open up the set of KYC preferences.
Things to keep in mind about updating KYC
Once the latest documents are uploaded as proof, the template for the documents are identified as valid and examined against various checks to ensure that the document has not been tampered with in any manner. This is the final layer of scrutiny that a person’s application goes through for the digital KYC process.