Hyderabad: The Reserve Bank of India (RBI) has set guidelines for banks to classify accounts into low, medium, and high risk based on the customer’s job. Low-risk customers need to refresh their KYC every 10 years, while those in the medium-risk category must do so every 8 years. High-risk customers are required to update their KYC every 2 years.
To make the KYC update process easier, Union Bank of India offers several options. Customers can update their KYC using ATMs, the VYOM mobile app, Internet Banking, and the Re-KYC portal. The bank’s corporate website and UVConn WhatsApp Banking (send “Hi” to 9666606060) also provide facilities for updates. Additionally, customers can use business correspondents (BCs) for this purpose. A large campaign is underway at branches across Telangana to help customers update their KYC.
