Canara Bank and other banks use KYC (Know Your Customer) forms to verify the identity of customers who open accounts with them. While the idea behind KYC is to prevent money laundering and other kinds of financial fraud, there are certain benefits you can receive from it as well, like debit cards and credit cards.
This Canara Bank KYC form pdf guide will walk you through everything you need to know about completing your KYC form so that you can get started using your new bank account right away!
What Is KYC?
Know Your Customer (KYC) is a process that helps financial institutions & banks verify the identity of their clients and determine the nature of the business relationship.
KYC is a critical component of risk management. It allows banks to be aware of their customers’ activities and thus helps in mitigating both legal and reputational risks.
Who can do KYC in Canara Bank
KYC is mandatory for all customers of the Canara bank. It requires you to provide certain information and documents, which are used by the bank to verify your identity. You can submit this form at any branch of Canara Bank.
You can use this form to notify Canara bank of changes to your identification or address.
KYC should be done within 90 days of opening an account with Canara bank. The first time you’re asked to do KYC, you’ll also need to fill out a separate form called “Know Your Customer Acknowledgement” – which is essentially a confirmation that they received your KYC details
Why Need to Update KYC
In this digital era, KYC is a process of verifying your identity. It helps the bank to know you better and helps them to know about your financial status and transactions. They will keep all these data in their records so that they can provide services like loans, deposits etc.
After knowing what is KYC form, let’s see how can you update it or fill up the form.
Things need to fill up KYC Form
- You have to be in the know about your account and have the necessary information at hand.
- You need to know your bank account number, date of birth, address and mobile number.
- You also need an email address if you want to receive updates from Canara Bank regarding their KYC form.
List of documents required for completion of KYC
- PAN Card
- Address Proof
- Identity Proof- Passport, Driving License, Voter ID card etc.
- Photograph- Passport size photograph or recent passport size photograph of the applicant and their spouse (if married). If the applicant is a minor then both parents should submit their identity proof along with the minor’s photographs and signatures.
- Signature- Applicant should sign in all the documents submitted for KYC.
Customer Information Update Form Download
The customer information update form is available for download at the Below Link.
Follow the steps below to complete and submit the form:
- Download the Customer Information Update Form from our website given below.
- Fill in your details on the form, including your account number, address, father’s name, mother’s name and so on as per the instructions given on it.
- Submit a copy of proof of identity and date of birth for every existing customer who has submitted an application.
Fill Up the form Carefully
what you enter in the Canara bank KYC form can be checked by officials in their system and if they find your documents are not matching with your details, they will raise an objection or they may even reject your account opening request. So, it is highly recommended that you enter details correctly in the Canara bank KYC form.
If there is any mistake while filling up Canara bank KYC form then immediately contact branch manager and ask him/her to rectify it as soon as possible. If you don’t know how to fill up Canara bank KYC form then read below points carefully
What happens if you provide false information?
Usually, Canara bank will initiate criminal proceedings against you. In rare cases, they might even blacklist your bank account. So make sure all information is correct before you submit it.
But, if for some reason something goes wrong and you’ve submitted fake information by mistake or any other reason, there are chances that Canara bank might rectify that and allow you to continue using your account without any penalties.
But it depends on a case to case basis so don’t take our word for granted. Just keep yourself updated with their official communication channel and wait patiently until they reach out to you in some way or another.
How much time will it take?
It will take at least 3-7 days to complete the process. The time depends on the background verification & workload of the bank and their KYC process.
Before we wrap up, let us share a few important things you should keep in mind while filling out the KYC form. Do thoroughly check the details of your bank account before submitting the filled form to ensure that there are no errors in it.
Also, make sure that you submit all the required documents with your form because incomplete forms will not be accepted by Canara Bank’s representatives.
Once you’ve submitted your form, be sure to ask for a receipt from them so that you have proof of submission and can ensure that your KYC update request is processed successfully.