In order to maintain regulatory compliance, it is imperative to regularly update your Bank of Maharashtra KYC details. It should be done every year for high-risk customers and once in 2 years for medium-risk customers. For low-risk customers, a KYC re-verification every 10 years is required. If not updated on time, it can lead to restrictions on transactions or even the temporary suspension of your Bank of Maharashtra bank account.
If you want to learn how you can easily update your Bank of Maharashtra KYC, keep reading ahead. Once you reach the end of this blog, you will be up-to-date with the process, its importance and other general details.
How to Update Bank of Maharashtra KYC Online?
V-CIP is an RBI-approved online facility and an alternative to facial recognition/customer identification by an authorised bank official. The account can be created using your Aadhar-based OTP verification from PAN/UIDAI from NSDL.
Bank of Maharashtra offers the online video re-KYC facility to its customers. You do not have to visit the branch to undergo the video re-KYC process but can do so from the convenience of your home. As part of the V-CIP process, your signature and KYC documents will be verified in real-time by a bank official over a video call.
A major feature of this process is the high level of confidentiality and data integrity maintained through secure latest AI-driven face match technology and real-time verification of documents.
Update your Bank of Maharashtra KYC online through Video re-KYC by following these simple steps:
- Step 1: Go to the official website of the Bank of Maharashtra.
- Step 2: Navigate to the Re-KYC Portal.
- Step 3: Select your preferred language.
- Step 4: Provide your account details and click on the checkbox, ‘I certify that I am submitting Online – RKYC request to Bank of Maharashtra’.
- Step 5: Click on ‘Submit’.
Once you go through the above steps, you will be put on schedule to have a re-KYC process online with a Bank of Maharashtra official.
Alternatively, you can complete your re-KYC process office if that is more convenient.
Documents Required for Bank of Maharashtra KYC
To apply for the Bank of Maharashtra re-KYC process, keep the following documents in handy.
- PAN Card
- Passport
- Voter ID Card
- Driving Licence
- Mobile number linked with Aadhaar number
- Bank account number ready for verification
- Signature on a white paper (.jpg, .jpeg, .png format)
Here are the documents you must present as address proof:
- Telephone bill
- Electricity bill
- Ration card
- Letter verifying the address of a customer, issued by a recognised public authority (subject to satisfaction of the bank)
- Letter from a reputed employer (subject to satisfaction of the bank)
Bank of Maharashtra KYC Rules & Regulations
Here are the rules and regulations associated with the KYC procedure at the Bank of Maharashtra.
- In the case of joint account holders/applicants, each account holder has to present relevant documents to establish his/her identity and address.
- If the necessary documents are not submitted, the Bank of Maharashtra will freeze operations of KYC non-compliant accounts, as per RBI guidelines.
Why Is it Important to Update the Bank of Maharashtra KYC?
According to the guidelines set by the Reserve Bank of India, customers are required to hold only KYC-compliant accounts. Should your account not be updated yet, it is imperative to promptly ensure its KYC compliance. Here are the reasons why updating your Bank of Maharashtra KYC details is important.
- Bank of Maharashtra can verify the identity of its customers and avoid any unlawful activity.
- The bank is notified of your latest information which guarantees that the bank services are not misused.
- You will not run the risk of account suspension or restricted transactions.
So, it will only be safer for you to undergo this quick updation process of Bank of Maharashtra KYC to ensure you have access to the above advantages.
Bank of Maharashtra KYC Form
Given the importance of KYC updates, it is in your best interest to complete this process promptly. To initiate the update, you can obtain the Bank of Maharashtra KYC form either from the official website or the nearest branch of the bank. Taking this step ensures compliance with the RBI regulations and contributes to the security and smooth functioning of your banking activities.
Final Word
Hopefully, now you are well aware of the importance of Bank of Maharashtra KYC and the process of applying for a video re-KYC online. In case you are yet to update your KYC details, do not delay any further. By doing so, you not only ensure compliance but also prevent potential restrictions on transactions or the suspension of your Bank of Maharashtra account.
FAQs
You are good to go if you have a mobile/desktop with a camera and microphone, a stable internet connection, a blank sheet and a pen (for signature). Other than that, you will require necessary documents like Aadhaar card, PAN card, etc. for the video re-KYC procedure of the Bank of Maharashtra.
You have to give access to your location because it will help the Bank of Maharashtra representative verify your address proof. RBI requires that you be within India while the video re-KYC process takes place.
Yes, you can undergo the video re-KYC process through the Google Chrome browser.
Yes, you must present your Aadhaar card during the video re-KYC process. The bank will authenticate the Aadhaar number by sending an OTP on the registered cell number.
Except on Sundays and bank holidays, you can get it done any day between 10 AM to 6 PM.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
