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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.
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:
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.
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:
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.
Offline KYC updates are not as common as online KYC updates because websites and other portals notify individuals when their personal details do not match their current ones. You need to update your KYC before proceeding with any financial transaction. An offline update of KYC would involve visiting a mutual fund house, bank, or KYC kiosk in person with originals and copies of your latest documents.
Both online and offline KYC verification procedures take around one week to be authenticated. The online KYC registration may take a much shorter time, but this can vary based on a slew of factors such as whether or not there were any errors, inconsistencies, or ambiguities in the application form. Hence, your updated information, depending on the portal carrying out KYC may take longer than usual to reflect. However, ensuring the form is correctly filled with all the latest information can expedite this entire process.
KYC allows the banks to acknowledge their customers and their financial dealings to assist them better and tackle the risks appropriately. Every individual needs to update KYC details frequently, as it is a must for security purposes. KYC is verifying and identifying a consumer’s identity through a reliable and independent source of documents, information, or data.
To verify the identity of individual customers, banks or financial institutions will obtain a recent photograph, the customer’s identity information, and address proof. Similar data must also be given to both mandate holders and joint holders.
To evaluate the identity of non-individual customers, banks will require the data of identification to check the operating address, the legal status of the entity, and many more.
Additional information is needed on the kind of business/employment that the individuals expect or undertake and the aim of opening an account with the bank.
‘Know your client’ is the procedure of evaluating a customer’s identity. KYC guidelines aim to protect banks or any other financial institutions from being used for money laundering activities or any other criminal activities. Here are some of the benefits of KYC details updation:
‘Know your client’ is basically the procedure of evaluating a customer’s identity. KYC update basically means making a few changes to your KYC documentation, if there are any. For example, if you changed your address, you would need to update it on KYC.
RBI has made it mandatory for folks to update their KYC details frequently in order to maintain much-needed consistency across various industries and safeguard the financial system. To help make the procedure faster, RBI has made it accessible for individuals to update KYC details online.
To verify your KYC details online, visit the official website of a KYC Registration Agency (KRA). Log in using your registered mobile number, enter the OTP received, and upload a self-attested copy of your e-Aadhaar to complete the process.
The documents needed to update KYC typically include a government-issued photo ID (like a passport or driver’s license), proof of address (such as utility bills or bank statements), and possibly income proof (like salary slips or tax returns), depending on the institution’s requirements.
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