Archive · 15 Jun 2025
RBI Simplifies KYC Process for Dormant Bank Accounts
The Reserve Bank of India (RBI) has made it easier to update information for bank accounts that haven't been used in a while.
Now, customers can update their information at any branch of their bank, not just the one where they opened the account.
You can also do it through a video call.
Banking helpers can assist too.
Plus, if you are considered low-risk, you can still use your account even if your info isn't fully updated until June 30, 2025.
This helps people, particularly seniors or those in remote areas, avoid extra trips.
RBI simplifies KYC for dormant bank accounts.
Customers can update KYC at any bank branch.
KYC can be completed via video call, especially useful for remote customers.
Banking correspondents can assist with KYC updates.
Low-risk customers can transact even with pending KYC until June 30, 2025.
- Who
- RBI, bank customers, especially senior citizens and NRIs.
- What
- RBI simplifies KYC process for inactive bank accounts.
- When
- New rules announced on Thursday, with a deadline for KYC update for low-risk customers until June 30, 2025.
- Where
- Any bank branch
- Why
- To simplify KYC updates and provide convenience for customers.
- Entity
- Reserve Bank of India (RBI)
- Subject
- KYC (Know Your Customer) updates for inactive bank accounts
- Benefit
- Customers can update KYC at any branch
- Method
- KYC can be done via video call
- Assistance
- Banking correspondents can assist
- Transaction Allowed
- Yes, for low-risk customers, even with pending KYC, until June 30, 2025.