Federal Bank KYC Update – Online and Offline Process

The latest RBI norms mandate all bank customers to be KYC compliant. It simply means the bank should obtain all your documents that establish your identity and address details. Also, you need to submit your recent photographs to the bank.

In this blog, we will walk you through a comprehensive guide on how to complete Federal Bank KYC both via offline and online channels.

How to Update Federal Bank KYC Online?

You can follow these steps to accomplish a KYC update for Federal Bank:

• Step 1: Visit the official website of Federal Bank and navigate to ‘Customer Relations’.
• Step 2: Next, select the option ‘Update KYC Details Online’.
• Step 3: In the new window, you will be asked to enter the bank account number and CAPTCHA.
• Step 4: After feeding in the details, click on ‘Submit’.

Now, you get redirected to a new page where you must upload the latest copies of all the relevant documents. For instance, if you have moved to a new residence, ensure to upload the revised address proof. Then you will receive an OTP which needs to be entered in the appropriate field for confirmation.

How to Update Federal Bank KYC Offline?

If you are planning to complete KYC updation with Federal Bank offline, please follow these steps:

• Step 1: Call 04842630994/995.
• Step 2: After dialling you must opt for general banking service by tapping 2 on your dialpad.
• Step 3: Press 0 to select ‘Self-service’.
• Step 4: Now, you must press 1 for a Federal Bank KYC updation.
• Step 5: Mention your date of birth in YYYY format.
• Step 6: Cooperate with the bank representative to make changes to the registered details. Otherwise, press 1 to confirm no change is needed.

After you update your KYC details in Federal Bank, an SMS confirmation is delivered to your account-linked phone number.     

Documents Required for Federal Bank KYC

Here you can refer to the list of documents for the Federal Bank KYC update online:

1. For Individuals

1. ID proof documents (Aadhaar Card/Voter’s ID Card/NREGA Job Card/PAN Card)
2. Address proof documents (Utility Bills/Bank Statement/Passport)
3. Recent photographs

If you are a bank account holder in Assam, Meghalaya, or Jammu & Kashmir, you do not need to submit Aadhaar details. The same thing applies to NRIs.

2. For Companies

1. Certificate of Incorporation
2. Resolution submitted by the Board of Directors and PoA granted to company officers, managers, or employees to authorise transactions on their behalf
3. Financial statements from the previous 3 years
4. Memorandum and Articles of Association
5. Legally valid document giving right to managers or officers holding an attorney to transact on its behalf

3. For Partnership Firms

1. Registration certificate
2. Partnership deed
3. Financial statements from the previous 3 years
4. Legally valid Power of Attorney granted to a person

4. For Sole Proprietorship

1. Licences issued by the Registering authority like Certificate of Practice issued by the Institute of Chartered Accountants of India, Institute of Company Secretaries of India, Institute of Cost Accountants of India, etc.
2. Any two government-issued documents among the VAT certificate, sales and income tax returns, registration certificate, certificate issued by service tax authorities, etc.
3. Complete IT return
4. Utility bills like internet bills, telephone bills, electricity bills, etc. in the name of the proprietorship

5. For Body of Individuals

1. Resolution of the managing body
2. Officially valid document in the name of the person holding Power of Attorney
3. Supporting documents establishing the legal existence of the body of individuals

6. For Trusts and Foundations 

1. Trust deed
2. Registration certificate
3. Legally valid Power of Attorney granted to a person

Documents Required for Minors – Federal Bank KYC

For all minors maintaining a bank account, they must resubmit recent photographs to successfully update their Federal Bank KYC details via the official website upon turning 18 years old. Otherwise, you can visit the nearest Federal Bank branch to submit the same.

Federal Bank KYC Rules & Regulations

As a responsible Federal Bank customer, you should be aware of the key norms associated with bank KYC. These include:

1. You have to cooperate with the bank once you receive the custom KYC update notification. This is for your interest in keeping the account balance safe.
2. All the documents required while opening the account must be resubmitted to establish your identity. 

For different customers, the KYC rules can vary slightly based on their individual profiles. This means if your profile is evaluated as a ‘high-risk customer’ due to persistent changes in phone number, address, etc., the bank may issue a KYC update request every 3 years. For low-risk profiles, a re-KYC done in 10 years is considered to be ideal.

Federal Bank KYC Form  

In compliance with the regulatory guidelines of RBI, all customers are required to accurately fill out and submit the Federal Bank KYC update form. Failure to undergo this verification process may result in the Federal Bank imposing specific restrictions on the customer’s banking activities. 

Final Word

It is evident that Federal Bank KYC is necessary to ensure smooth banking operations for all account holders. However, there can be some hesitation, especially if you are undergoing reKYC for the first time. Thus, you can follow this blog to complete the procedure or get in touch with the nearest branch for related assistance.

FAQs

Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.