Re-KYC
Ensure compliance with RBI guidelines by completing your Re-KYC process. Update your KYC details securely to avoid service disruptions.
Re-KYC (Re-Know Your Customer) is a mandatory periodic process where financial institutions must update and verify their customers' information to maintain regulatory compliance.
This procedure ensures your account details remain current and helps protect the financial system from fraud and security threats. Unlike the initial KYC completed during account setup, Re-KYC is an ongoing process to ensure that your profile remains accurate and up-to-date.
The Reserve Bank of India (RBI) mandates this process to maintain the integrity of the banking system and ensure customer information reflects any life changes such as address updates, employment changes, or contact information modifications.
The frequency of your Re-KYC updates depends on your risk classification:
- High Risk Businesses: Re-KYC required every 2 years.
- Medium Risk Businesses: Re-KYC required every 8 years.
- Low Risk Businesses: Re-KYC required every 10 years.
- High-Risk Businesses include businesses with complex financial activities, frequent large transactions, or those from certain geographic regions. These businesses require more stringent monitoring and regular updates to mitigate potential risks.
- Medium-Risk Businesses have moderate financial activity levels, such as salaried employees with stable incomes. They require periodic updates less frequently than high-risk businesses but more often than low-risk profiles.
- Low-Risk Businesses maintain simpler financial profiles with stable income sources. This category often includes pensioners and individuals with long-standing, stable accounts who require the least frequent updates.
As per
, we must periodically collect and update KYC data to ensure compliance.When it is your turn to submit KYC again, a banner on your dashboard appears. Ensure to complete the process before the given date. To complete re-KYC:
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Click Update KYC.
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A new tab with your Basic details opens up. Review the details to unsure they are up to date. If required you can click the pencil icon to edit the details. After verifying the details, click Continue.
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You can verify your business type, PAN and other relevant documents. In case the details are incorrect or not up-to date, click the pencil icon to make changes and upload your latest documents. Click Continue. You can upload
..pdf,.jpeg,.pngor.jpg. Ensure that the file size does not exceed 25 MB. Know more about -
Upon completing all the steps, select the check box and click Submit Application.
Watch Out!
If your re-KYC documents are non-compliant or require clarification, we will move your account to the Needs Clarification state. You must then re-upload or resubmit the necessary documents.
Here is a breakdown of the notifications you will receive when re-KYC is required, categorised by your account ownership and current re-KYC status.
Description: As per RBI guidelines, you must verify your KYC periodically to validate the information shared during onboarding and update it if required. Please ensure all the necessary tasks are completed on time to avoid future disruptions. It will take 5-10 minutes to complete the process.
Description: You are almost there! You have made progress on your KYC, but it is not complete yet. Please review your details and upload any remaining documents to finish the process.
Description: We are currently working on your case. We will notify you within [X hours, starting value = 72 hours] with a status update, or if we need any other details.
Description: Some of the submitted documents/details are incorrect or incomplete. Please resolve them at the earliest to complete your KYC process.
Description: Based on your KYC, your business does not meet our terms of service. Please reach out to
for further assistance.Description: You can continue doing your business with Razorpay.
Description: As per RBI guidelines, the account owner must verify the KYC periodically to validate the information shared during onboarding and update it if required. Please ensure all the necessary tasks are completed on time to avoid future disruptions. It will take 5-10 minutes for them to complete the process.
Description: The account owner is currently updating the KYC details. Please ensure that they update all the details by [date].
Description: We are currently working on your case. We will notify you within [X hours, starting value = 72 hours] with a status update, or if we need any other details. (If ETA is breached, this changes to: "It is taking more time to work on your case than we expected. Please bear with us. Please reach out to
for assistance.")Description: Some of the documents/details submitted by the account owner are incorrect/incomplete. Please ensure that they are able to resolve them to complete the KYC process.
Description: Based on the KYC, your business does not meet our terms of service. Please reach out to
for further assistance.Description: You can continue doing your business with Razorpay.
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