Re-KYC with Unity Small Finance Bank
You may have undergone a KYC process at the time of opening your account with Unity Small Finance Bank, involving verification of key documents as per the guidelines laid down by RBI. Did you know that the bank can reach out to you for KYC again under some special circumstances?
When that happens, it is called Re-KYC. It is a mandatory process of updating your key details with your bank as per RBI guidelines. Re-KYC assists the bank in keeping records up to date and reduces the risk of fraudulent transactions.
If your bank requires a Re-KYC update from you, it's best to reply within the provided timeframe to prevent inconvenience to your account.
When will you be asked for a Re-KYC by your bank?.
Not all customers are asked to complete Re-KYC at the same time. You’ll typically be required to do it if:
- Your identity or address proof submitted earlier has expired or are now invalid under updated guidelines.
- Your account has been dormant or inactive for a long time.
- You’ve recently changed your mobile number, address, or other key details.
- The bank has flagged your KYC as incomplete or marked it for periodic revalidation as per RBI norms.
If you’re unsure, check for SMS or email notifications from Unity Small Finance Bank, or log into your internet banking account to see if you’re due.
Documents Required for Re-KYC
The documents you need will depends on the type of account you hold. Below is a reference list based on current RBI norms.
| Entity Type | Proof of Identity / OVD | PAN Requirement | Entity/Business Proofs | Additional Requirements |
|---|---|---|---|---|
| Individuals | Aadhaar, Passport, Voter ID, Driving Licence, NPR Letter, NREGA Job Card | PAN or Form 60 | Not applicable | None |
| Proprietorship Firms | OVD of Proprietor | PAN of Proprietor | Any 2: GST, URC, Shop License, IT Return, IEC, Professional Licence, Utility Bill | Documents must be in the name of the firm; Proof of firm income if applicable |
| Companies | OVD of Directors/Signatories | PAN of Company and Signatories | Certificate of Incorporation, MOA & AOA, Board Resolution, List of authorised signatories | Photographs of authorised signatories |
| Registered Partnerships | OVD of Partners & Signatories | PAN of Firm and Partners | Registration Certificate, Partnership Deed, Registered Address Proof | Photographs of authorised signatories |
| LLPs | OVD of Partners & Signatories | PAN of LLP and Partners | LLP Agreement, Certificate of Registration, Authorisation Resolution | Photographs of authorised signatories |
| HUFs | OVD of Karta | PAN of HUF and Karta | HUF Deed (if available), Declaration by Karta & Coparceners | Photograph of Karta |
| Trusts & Foundations | OVD of Trustees/Authorised Person | PAN of Trust and Trustees | Trust Deed, Registration Certificate, List of Beneficiaries, Settlors, Protectors (if any) | Photographs of authorised signatories |
| Unregistered Entities (e.g., Societies, Unregistered Trusts/Firms) | OVD of Signatory | PAN or Form 60 | Resolution of managing body, POA document, Address Proof | Legal existence proof, Photograph of signatory |
| Govt Depts / Juridical Persons | OVD of Signatory | PAN or Form 60 | Document authorising signatory, Name of authorised officer | Legal status documents (Govt resolution, incorporation under act, etc.), Photograph of authorised signatory |
What Happens If You Don’t Complete Re-KYC?
If the required documents are not submitted within the stipulated period, the bank may temporarily restrict debit transactions in your account. This is an RBI directive and applies across all banks. These restrictions are lifted once the Re-KYC is completed and verified.
