Banks, brokerage firms, mutual funds, and insurance companies are required to collect certain customer information in order to verify their identity and screen them against sanctions lists or criminal databases.
KYC guidelines have been tightened further after the implementation of the Prevention of Money Laundering Act (PMLA). Here’s the form you need to re-do your KYC if you are not an individual customer of Axis Bank.
What is KYC?
n simple terms, KYC is about having information about your customers and understanding their source of income. The primary objective of carrying out Know Your Customer (KYC) norms and procedures is to help detect money laundering activities and keep banks, financial institutions and regulators abreast of transactions that might be suspicious in nature.
Axis Bank recommends updating your KYC records at least once a year. Here’s how
- Provide your current address
- Provide photocopies of proof of residence: such as water or electricity bill (not older than three months), voter’s ID card, passport or driving license
- Fill in their new customer form and submit along with proof
- Get fresh fingerprint impressions with black ink to produce an updated biometric photograph.
What is Re-KYC?
KYC stands for Know Your Customer, and it is a process that banks need to go through with their customers. Each bank has different requirements about how often you need to complete KYC, but your bank will send you a reminder when it’s time to do so. Axis Bank requires KYC every five years. This can also be referred to as updation or re-verification.
Download KYC Form – Click to Download PDF
How to complete the KYC Form
- Kindly login to your Axis bank account and go to Profile Management.
2. Click on Know Your Customer ( KYC ) form button to download or check form status or submit/update your KYC Form.
3. Fill in all mandatory details and upload scanned images of important documents.
4. Once you have entered all necessary details click on Submit and save a copy for future reference.
5. Download a Printable PDF Version of your filled KYC Form.
6. Please submit a duly signed physical copy at any Axis bank branch with the latest address proof(Ration Card/Voter ID/Driving License) and recent photograph as per RBI guidelines.
7. Kindly ensure that all details entered in the e-form are correct and also check to see if they match with details provided in the original documents submitted by you.
Frequently Asked Questions About Axis Bank’s KYC process
What is KYC (Know Your Customer)?
In simple terms, KYC is about having information about your customers and understanding their source of income. The primary objective of carrying out Know Your Customer (KYC) norms and procedures is to help detect money laundering activities and keep banks, financial institutions and regulators abreast of transactions that might be suspicious in nature.
Do I need to complete Axis Bank’s KYC process?
Yes. You will be required to complete our KYC process if you are opening a new deposit or savings account with Bank. For existing customers, there is no requirement of submitting fresh KYC documents unless bank specifically asks you to do so or if there is a change in customer information/documents.
What are some common documents that can be used for completing Axis Bank’s KYC process?
The following are examples of documents that you may use to complete our KYC process: Identity Proof (Pan Card, Passport, Voter ID, Driving License) and Address Proof (Ration Card/Voter ID/Driving License/Aadhaar card).
In case you don’t have any of these identity or address proofs, please provide Bank with at least two other authentic means of proof. One such example could be an extract from a Municipal water bill that shows your address and account number.
A letter from a government servant issued by his/her employer stating present position/ designation and salary along with past employment details may also be considered as one of the valid proofs in case PAN Card is not available.
How long does it take to complete Axis Bank’s KYC process?
Usually, it takes 1-2 business days to complete Bank KYC process once Bank receives all relevant documents and information about you. However, in some cases where additional details are required from you, processing time may be longer than 2 business days.
If there is any change in your contact details or bank account number during your banking relationship with Bank or due to reasons beyond our control (e.g., change of address), please provide Bank with updated details as soon as possible so that Bank can update them in our records timely and avoid delay in processing your request(s).
How can I get a copy of my KYC document/information?
If you have already completed our KYC process and need a copy of your KYC information or documents, please let us know and bank will provide it to you free of charge.
I’ve misplaced my identity proofs (Pan Card, Voter ID, Driving License etc.). What should I do?
In case you have misplaced your original documents and would like a photocopy of them or a certified copy from us, please let us know. Please note that bank will charge a nominal fee for issuing a photocopy or certified copy of your original document.
Do you need copies of all documents submitted by me during the KYC process?
No. Bank only requires a scanned copy of passport size photograph along with details such as full name and date of birth in respect of PAN Card and other identity proof documents.
The main motive of providing an online re-kyc form is to ensure that KYC information provided by customer remains valid and up to date. Once you have submitted your online application form, Bank will get in touch with you within 10 working days.
We encourage customers to submit their KYC applications as soon as possible. Customers are advised not to respond unless they have a strong objection or disagree with any request made by Bank from time to time.
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