Finance

The uses of e-KYCs and how to update them

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Due to the Supreme Court’s compliance regarding the mandatory possession of personal eKYC by each and every Indian citizen who possess a bank account there has been a wide necessity to provide details regarding the prerequisites of eKYC. The eKYC is a identification and authentication process for banks to conveniently authenticate and verify their customers which merges every other details from biometric to demographic concerning you and your possessions into a singular identification process. To apply for eKYC you need to apply to the eKYC website of the respective banks and then complete all the necessary steps required by the competent authority for issuing the KYC. After all steps like personal verification and biometric registration are completed you will get your bank account linked to KYC updates and all of these process are online as well. You might as well be proficient regarding KYC in banking and insurance – eKYC and Digital On-boarding solution.

Online procedure of applying for eKYC

Once you apply for your single identification number in the form of your KYC you will be presented with a secured bank account linked with your KYC detail. The online mode of generation of KYC is commonly known as e-KYC and is an applicable process to access your bank account detail for the bank and get your eKYC. But not all appointment centres have the online e-KYC facility. The bank from which you will be applying for your biometric registration must have e-KYC facility for functioning of these facilities. Once the required documents are possessed by you and submitted to the competent authority on the assigned date and time you will be presented with the requested eKYC.

How to update KYC data?

The KYC data update requires renewal of your personal data. Update includes correction of errors in the information printed like date of birth or gender. Also you need to update the Aadhaar ID for biometric changes. For adults above 15 years of age, need to update the biometric changes every 10 years to be fully avoidable from verification and recognition errors. Also changes such as demographic issues like relocating to other places and shifting to new homes must also be recorded in your personal data. Updating demographic issues are necessary for verifying the personal details and recognition by anything that has Aadhaar ID as verification criteria.

eKYC and digital onboarding solution for banks and insurance sector is an option which is specific to e-KYCs and other modes such as digital on-boarding. This is a facility that is provided for users to open new accounts which are linked with your KYC details and e-KYCs will be exactly valid as your original KYC as proclaimed by the Government of India rules. This will be the valid identity proof that you will be requiring when going for any type of transaction using your bank account. Also digital on-boarding serves users with customer satisfaction and fast transaction methods which is one of a kind in the banking sector.

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