Kyc required in bank account

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B.com
3025 Points Posted on 04 August 2023
A person maintained sb account kyc not updated bank account kyc compulsory.
question:
kyc not updated sb account stoped banker.
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On 04 August 2023 at 20:28 Report
Replies (7)
Quick Summary
This discussion addresses whether KYC (Know Your Customer) is compulsory for bank accounts, even with regular transactions. It highlights that banks may stop account operations if KYC isn't updated, citing RBI guidelines. The consensus is that submitting KYC documents is essential to avoid account suspension, regardless of transaction frequency.

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Chartered Accountant
24588 Points Posted on 04 August 2023
Submit kyc documents asap
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On 04 August 2023 at 21:49
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Profession
28269 Points Posted on 05 August 2023
If there are regular transactions no need to update kyc.
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On 05 August 2023 at 09:02
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Chartered Accountant
24588 Points Posted on 05 August 2023
As account is stopped kyc should be submitted
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On 05 August 2023 at 10:33
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Profession
28269 Points Posted on 05 August 2023
Wrong if regular transactions are there rbi had not given any circular
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On 05 August 2023 at 16:07
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Chartered Accountant
24588 Points Posted on 05 August 2023
But qureist told that account has been stopped
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On 05 August 2023 at 18:43
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Profession
28269 Points Posted on 06 August 2023
Bank has no right to stop the bank account. Its as per RBI GUIDELINES.
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On 06 August 2023 at 07:58
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85 Points Posted on 08 August 2023
Much audo about nothing.
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On 08 August 2023 at 01:35

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