How to do fresh KYC for PMJDY a/cs completing 10 yrs

The Department of Financial Services (DFS) Secretary, M. Nagaraju, presided over a meeting with all parties involved in implementing the new Know Your Customer (re-KYC) procedure for Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders. This announcement was made by the Press Information Bureau (PIB) in a release dated November 11, 2024.

During the meeting, Nagaraju suggested using all means for doing re-KYC — such as fingerprints, face recognition, taking declarations where no change in KYC documents occurred — through all channels like ATM, mobile banking, internet banking, and other available digital channels. Banks should also look forward to implement best practices adopted by other peer banks, he said.

RBI makes six amendments to know-your-customer (KYC) rules; check details

Which accounts are eligible for re-KYC?

He added, “The PMJDY was launched in 2014 and approximately 10.5 crore PMJDY accounts were opened in mission mode during the period August, 2014 to December 2014. These PMJDY accounts are becoming due for periodic updation or re-KYC now after 10 years.”

What is Re-KYC

According to the HDFC Bank website, “Re-KYC is a process wherein banks and financial institutions can remain abreast with a customer’s latest personal details and contact information. This ensures that the information a client provides at the time of account opening or opting for a service is not outdated.”

What is Pradhan Mantri Jan-Dhan Yojana?

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission on Financial Inclusion. The plan envisages universal access to banking facilities with at least one basic banking account for ‘every adult’, financial literacy, access to credit, insurance and pension facility.

Benefits under PMJDY

• One basic savings bank account is opened for unbanked person.
• There is no requirement to maintain any minimum balance in PMJDY accounts.
• Interest is earned on the deposit in PMJDY accounts.
• Rupay Debit card is provided to PMJDY account holder.

PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.

• SBI KYC update

How to do re-KYC in SBI for regular and Jan Dhan accounts

You can update your KYC through SBI’s internet banking:
Step 1: Log in to SBI net banking
Step 2: Click the My Accounts & Profile tab
Step 3: Select Update KYC
Step 4: Enter your profile password and click Submit
Step 5: Select your account from the drop-down menu and click Submit
Step 6: Fill out the information, upload relevant and fresh documents in case of any change and submit.

Enter the OTP sent to your registered mobile number to update your KYC.

Customers must visit the branch with their original KYC documents and one photo to update the most recent KYC documents associated with their account if there is any difference between the documents they currently have and the ones they previously submitted, or if the bank needs additional information or documentation for any other reason. One needs to fill the Annexure C-Self Declaration form for KYC updation if there is any change in address along with other documents.

• PNB KYC update

Here are some ways to update KYC for a Pradhan Mantri Jan Dhan Yojana (PMJDY) account in PNB:
Use digital channels: Banks can use ATMs, mobile banking, internet banking, and other digital channels to perform re-KYC.
Use OTP-based eKYC: PNB offers an OTP-based eKYC service.
Use the instant video KYC option: PNB offers an instant video KYC option

• Canara Bank KYC update

How to update Canara Bank KYC through internet banking
Step 1
Login using credentials
Step 2
Click on other services and click on Re-KYC
Step 3
Upload the required documents.

• Yes Bank KYC update

How to update Canara bank KYC through internet banking
Step 1
Login YES Service Portal
Step 2
There will be a Re-kYC pop- up or Select RE-KYC Service Request
Step 3
Choose appropriate option
Step 4
Complete through Aadhaar E-KYC authentication
and Submit

What documents are required to open an account under Pradhan Mantri Jan-Dhan Yojana?
i) If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address has changed, then a self-certification of current address is sufficient.
(ii) If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.
(iii) If a person does not have any of the “officially valid documents” mentioned above, but it is categorized as ‘low risk’ by the banks, then he/she can open a bank account by submitting any one of the following documents:
Identity Card with applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
Letter issued by a gazette officer, with a duly attested photograph of the person.