ReKYC is a process that enables banks and financial institutions to stay updated with a customer's most recent personal and contact information. This ensures that the details of account holders available with the Bank are current and accurately updated.
As per Reserve Bank of India guidelines, the ReKYC of customers must be conducted within defined intervals. Banks are also instructed to adopt the risk-based approach. Customers are classified into following risk-based categories:
1. High-Risk Customers:- Required to complete the ReKYC process every two years.
2. Medium-Risk Customers:- Required to complete the ReKYC process every eight years.
3. Low-Risk Customers:- Required to complete the ReKYC process every ten years.
All Savings Accounts
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