Important why your bank account may be frozen by December 31
New Delhi, 26 December. The year 2021 is going to end. The last week of this year is going on, after which the New Year will begin. For a good start to the New Year, you should complete your important tasks before the end of the year. An important work related to your bank account must be done before 31st December 2021. Otherwise, in the New Year, you may have trouble with transactions. Actually, RBI has made KYC mandatory for a bank account. At the same time, for the account holders who do not do so, the banks have been asked to deal strictly.
Complete this work by 31st December
If you have not got KYC updated in your bank account till now, then settle it without delay, because on January 1, 2022, the bank can seize those accounts whose KYC has not been updated. RBI has asked to take strict steps regarding KYC, under which if the KYC of your bank account is not updated, then the bank can seize your account, after which you will not be able to do any kind of transaction from your account.
Why is it necessary to update KYC every two years
Under KYC i.e. know your Customer, account holders have to provide proof of their identity and address. As per RBI rules, KYC is mandatory for financial transactions. Bank accounts with high transactions or high-risk account holders have to get KYC updated in their bank account every two years, whereas, for low-risk accounts, KYC is required to be done once in 10 years. On the other hand, the bank accounts which have not been used for a long time are also required to update KYC to make them active again.
What are the documents needed for KYC updates?
If you have not got KYC updated in your bank accounts, get it done immediately. For this you will need some important documents, which may require a Passport, Voter ID Card, Driving License, Aadhaar Card, NREGA Card or PAN Card. You can also get your KYC updated through online mode sitting at home. For this, you have to take the help of net banking.