Bank account suspended for not updating KYC, what to do now, this is the answer - Newztezz Online


Monday, September 11, 2023

Bank account suspended for not updating KYC, what to do now, this is the answer

RBI has issued new guidelines regarding bank accounts. Under which, if you have not completed your KYC process then your bank account will also be suspended. Now let us know what you should do in such a situation.

Nowadays everyone has one or more bank accounts. In such a situation, it becomes very difficult to maintain all this. RBI also keeps bringing new updates for bank accounts from time to time. Recently RBI has again issued a guideline. According to which, if you have a bank but you have not completed its KYC, then your account may be suspended. Due to KYC update, you may face problems ranging from account suspension to refunds and transactions. In such a situation, let us tell you what you should do if your bank account is suspended.

KYC is different

The KYC process is different for each category of customer. High risk customers are required to get KYC done once in two years, medium risk customers once in 8 years and low risk customers once in 10 years.

What did RBI say

The Reserve Bank of India updated the circular issued on May 29, 2019 on May 4, 2023 and said that if a customer does not provide his PAN or Form 16, his account will be suspended. However, before closing an account, banks will have to inform about it through SMS and email.

Reactivate bank account like this

If the KYC process is not completed then your account may be closed. However, you can make it reactive. According to RBI, the process of reactivating the account is the same in all banks. Let us know how you can get your account activated.

If your account has been closed then you can activate your account in three ways. You will have to complete the KYC process in one of these three ways.

1. According to Bank of Baroda, you can complete the process by visiting your bank account branch with KYC documents and re-KYC form.

2. Apart from this, this work can also be done through video call.

3. Also, you can complete the KYC process by filling the form with the bank along with the address.

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