How to update your KYC for PM Jan Dhan account
What's the story
As the Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts near their 10-year mark, a new Know Your Customer (KYC) update is due.
The mandatory update is aimed at keeping your account secure and ensuring you have uninterrupted access to banking services.
To update KYC details, account holders need to submit valid proof of identity and address to the banks. Accepted documents include Aadhaar card, voter ID, PAN card, passport, and driving license for identity proof.
List
Required documents
Aadhaar card, utility bill (not older than three months), bank statement, voter ID or passport can serve as address proof. You may also need to submit additional documents such as updated contact details like phone number or email.
Importance
Significance of KYC update
The KYC process is an integral part of banking, aimed at verifying a customer's identity and preventing financial crimes like fraud and money laundering.
A decade after their launch, PMJDY accounts need a KYC refresh to confirm the current details of account holders and maintain up-to-date records.
This not just makes accounts more secure but also enables smoother services for account holders.
Procedure
KYC update process for PMJDY accounts
The KYC update process for PMJDY accounts differs from bank to bank.
For SBI and PNB, customers have to visit their nearest branch with required documents, fill a KYC form, and submit it for verification.
ICICI Bank also follows a similar procedure but may allow document uploads via its iMobile app for select accounts.
Canara Bank asks customers to fill KYC form at branch and submit it with updated ID proofs.
Restrictions
Consequences of not updating KYC
Failure to update KYC for PMJDY accounts can lead to restrictions like limited transactions or temporary freezing in some cases.
Regular KYC updates are essential for keeping an active, fully functional account.
It's important for customers to stay proactive and ensure their accounts remain secure, while continuing to offer them the full benefits of the Jan Dhan Yojana scheme.