Update Union Bank KYC Online 2024 – Download KYC Form

If you have a savings account at Union Bank, you may receive an intimation letter or email from this Indian Bank to update your KYC. All Indian banks and financial institutions need to update the KYC of their customers from time to time according to the RBI guidelines. Earlier, customers could only update their Union Bank KYC details offline by visiting the branch. You can now do this online from the official platform of Union Bank. Keep reading to know more. 

How to Update Union Bank KYC Online?

Here are the simple steps you need to follow to ensure Union Bank KYC update. 

• Step 1: Go to the homepage of Union Bank’s official website. 
• Step 2: Navigate to the ‘Apply Now’ tab to get the drop-down menu and click on ‘Online Re-KYC’. 
• After this step, you will land on the KYC page. You can complete your online KYC using three options, Customer ID, PAN Number, and Account Number.
• Step 3: Select your preferred option for proceeding with the KYC.
• Step 4: Fill in the verification box and submit.
• Upon submission, you will get to see whether the KYC is pending. If it is pending, you will have to follow the next steps.
• Step 5: Fill in the online KYC form with all the required details and attach the necessary documents.
• Step 6: Submit the duly filled-in application form.

How to Update Union Bank KYC Offline?

If the online Union Bank KYC seems inconvenient, you can go for the offline KYC updating. Here are the steps you will have to follow for that:

• Step 1: Visit your home branch of Union Bank.
• Step 2: Obtain the KYC form from a bank counter. 
• Step 3: Fill in the Union Bank KYC form with all the required personal, income, professional and residential details. 
• Step 4: Attach the necessary KYC documents with the duly filled-in form.
• Step 5: Submit the form.

Documents Required for Union Bank KYC

Here is a list of documents required for the Union Bank of India KYC online process. 

1. Aadhaar card
2. PAN card (in the absence of your PAN card, you will have to provide filled-in Form 60)
3. Identity Proof: Voter ID card / Driving Licence / Passport / NREGA Job card
4. Address Proof: Utility bill (telephone, electricity, postpaid mobile, water, or piped gas bill) / Ration Card / Municipal Tax Receipt or Property Tax Receipt / Pension record if it contains residential address / Accommodation allotment letter (if you are an employee at Government department, PSU, SCB or any financial institution)
5. Passport size photograph

Documents Required for Minors – Union Bank KYC

For a Minor savings account at Union Bank, you will have to provide the following KYC documents of the guardian to complete the KYC:

1. Aadhaar card
2. PAN card
3. Voter ID card / Driving Licence / Passport / NREGA Job card
4. Passport sized photograph
5. Utility bill or other residential certificate including, municipal tax receipt, pension certificate, accommodation allotment letter, etc.

Union Bank KYC Rules & Regulations

Here are the rules and regulations that you need to keep in mind while updating your KYC for the Union Bank account:

1. You will have to attach only the Officially Valid Documents (OVDs) as your proof of income, residence, profession, etc. 
2. The OVDs submitted for the KYC should ideally contain the updated address. Otherwise, you will have to provide additional documents, such as utility bills, tax receipts, etc., as proof of your current address.
3. You should submit only the updated OVD if there is any recent change in the document.
4. If you open a Small Savings Account at Union Bank, you do not have to provide the OVDs or your PAN card for KYC.

Why Is it Important to Update Union Bank KYC? 

According to the RBI guidelines, Union Bank needs to mandatorily update the KYC information periodically. The due diligence includes re-verification of address, identity, income and professional details along with a collection of recent photographs. The financial institution needs to complete this procedure every 10 years for low-risk customers, every 8 years for medium-risk customers and every 2 years for high-risk customers.

There are some reasons why you should complete your KYC on time:

1. Failing to submit the KYC or self-declaration on time, even after intimation from the bank can lead to temporary suspension of your Union Bank savings account. 
2. Due to the temporary suspension of your account, you will not be able to use the financial services till you complete the re-KYC process.

Union Bank of India KYC Form

If you want to avoid the queue for the Union Bank KYC form, you can download it beforehand and fill in the required details. After this, you will just have to reach the home branch of Union Bank of India to submit the filled-in form with your necessary documents. 

As an alternative, you can complete your Union Bank re-KYC online from the official platform of this Indian bank. It will help you avoid the hassles of reaching your Union Bank branch.

Final Word

KYC is the due diligence that all banks, including Union Bank, have to mandatorily complete before engaging in any banking relationship with customers. It helps the bank to stay aware of the customers. If you have received any intimation, you can update your Union Bank KYC details easily both online and offline by following the step-by-step guide discussed above.

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Disclaimer

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