KYC stands for ‘know your customer’, a process carried out by financial institutions and service providers to authenticate their customers. When you apply for a loan, or a credit card, open a new bank account, you share details such as PAN, residential address or date of birth. This is called KYC process. Your personal and contact details that you share are known as your KYC details. It is imperative for the financial institutions to know and authenticate the customer’s identity to prevent fraud, money laundering, illegal financial activities, and misuse of services.
The KYC process is crucial for any investment or banking activity. Certain institutions do periodic KYC updates, the frequency of which depends on the customer's risk profile. A high-risk person will have to update their KYC information more regularly than a low-risk customer.
As per the Reserve Bank of India it is mandatory for all financial service providers (e-wallets, banks, NBFCs, etc.) to carry out KYC for all its customers.
In case any of your KYC details such as PAN, residential address undergoes any change you can update the same by visiting your profile created in our customer portal – My Account.
Step-by-step guide to updating your KYC details for Bajaj Finserv
Step 1: Visit the Bajaj Finserv website and click on My Account from the top-right corner of the page.
Step 2: Sign-in with your registered mobile number and date of birth and submit the OTP.
Step 3: Click on the ‘Profile’ option at the top of your screen.
Step 4: Select ‘View Profile’ to check your profile details.
Step 5: Click on ‘Edit’ option next to the information you want to change.
Step 6: Enter revised details and upload supporting documents if needed.
Step 7: Verify your details with OTP sent to your registered mobile number and proceed to submit.
You will receive an SMS on your registered mobile number within 48 business hours once your profile details are updated.
Updating your KYC details is easy and hassle-free with our customer portal – My Account. Your updated profile helps us in creating pre-approved offers exclusively for you. It also provides you quick assistance in case of any account-related issues.