Taking action against the account holders who have not yet completed their KYC in the bank, the Reserve Bank of India has ordered to freeze their accounts from January 1. If you have also not got your KYC done in the bank, then after January 1, you will still not be able to do any kind of transaction from your bank. Explain that under KYC, the customer has to submit his identity and his address proof.
Experts say that banks are advised to update KYC once every 10 years in the account which is less risky. Whereas account holders with high risk are advised to get KYC done every two years. Apart from this, KYC is necessary for the account that has become doormat. Let us inform that earlier, in view of the second wave of corona by RBI, the account without KYC was directed not to be frozen till December 31.