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 or open a new bank account, you share details such as PAN and residential address. This is called the KYC process. Your personal and contact details that you share are known as your KYC details. It’s imperative for financial institutions to know and authenticate the customer’s identity. This helps in preventing 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 RBI, it’s mandatory for all financial service providers (e-wallets, banks, NBFCs, etc.) to carry out KYC for all their customers.
In case any of your KYC details such as PAN, and residential address undergo any change you can update the same. You can visit your profile created in our portal and edit your details.
Why you must update your Bajaj Finserv KYC details
Updating your Bajaj Finserv KYC details is essential to keep your account active, secure, and fully functional. If your KYC is outdated or incomplete, you may face restrictions on services such as loan disbursal, EMI payments, or account access. This can lead to delays in urgent financial needs.
Keeping your KYC updated ensures smooth transactions, faster approvals, and uninterrupted access to all services. It also helps protect your account from fraud and misuse by verifying your identity with the latest information.
In India, KYC compliance is a regulatory requirement. Failure to update your details may result in temporary suspension of services until verification is completed. To avoid inconvenience, always ensure your documents, mobile number, and address details are current and correctly submitted through the official Bajaj Finserv portal or app.
A step by step guide to updating your KYC information online in Bajaj Finserv
Step 1: Visit the Bajaj Finserv website and click on 'Service’ 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 the ‘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 an OTP sent to your registered mobile number and proceed to submit.
You’ll 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 service portal. Your updated profile helps us in creating pre-approved offers exclusively for you. It also provides you with quick assistance if there’s any account-related issue.
Essential documents for online KYC verification
Document type |
Details |
Identity Proof |
PAN card, Aadhaar card, passport, or voter ID to confirm your identity |
Address Proof |
Aadhaar, utility bill, bank statement, or driving licence |
Photograph |
Recent passport-size photo (if required for verification) |
Mobile Number |
Active number linked with Aadhaar for OTP verification |
Bank Details |
Cancelled cheque or bank statement for account verification |
Signature Proof |
Scanned signature if needed for digital KYC submission |
These documents help verify your identity and address quickly, ensuring smooth and secure online KYC completion.
KYC policy: Understanding the risk-based update frequency
KYC (Know Your Customer) policies follow a risk-based approach to decide how often customer details need to be updated. This means the update frequency depends on the customer’s risk profile, which is assessed based on factors like transaction behaviour, account activity, and type of relationship with the financial institution.
Low-risk customers usually need to update their KYC details less frequently, often every few years. Medium-risk customers may require updates at shorter intervals, while high-risk customers are asked to update their details more regularly to ensure compliance and security.
This approach helps financial institutions in India maintain accurate records, prevent fraud, and meet regulatory guidelines set by authorities. For customers, it ensures continued access to services without interruptions. Keeping your KYC details updated as per your risk category helps avoid delays, restrictions, or account-related issues.
Warning: How to spot and avoid KYC update scams
KYC scams are common in India and often target customers through calls, messages, or fake links. Stay alert and follow these safety tips to protect your personal and financial details:
- Never share OTPs, PINs, or banking details with anyone, even if they claim to be from a bank or NBFC
- Avoid clicking on unknown links or downloading apps sent via SMS or WhatsApp
- Always use official websites or apps to update your KYC details
- Check for secure URLs (https) before entering any personal information
- Do not respond to urgent or threatening messages asking for immediate KYC updates
- Verify calls by contacting official customer care directly
- Report suspicious activity to your bank or financial provider immediately
Staying cautious helps prevent fraud and keeps your account safe.
The link between KYC and your EMI Card Limit/Offers
Your KYC details play a key role in determining your EMI card limit and the offers you receive. When your KYC is complete and up to date, lenders can accurately assess your profile, including identity, credit behaviour, and eligibility. This helps in assigning an appropriate credit limit.
Incomplete or outdated KYC may restrict your EMI card usage or reduce access to special offers, instant approvals, and higher limits. In some cases, services may be limited until verification is completed.
With updated KYC, you are more likely to receive better pre-approved offers, flexible repayment options, and seamless transactions. Keeping your details current ensures uninterrupted access to EMI benefits and improves your overall borrowing experience.
Video KYC (vKYC): The faster way to stay compliant
Video KYC (vKYC) is a quick and secure way to complete your KYC verification online without visiting a branch. It involves a short live video call where your identity and documents are verified in real time.
You need a stable internet connection, valid documents, and a camera-enabled device. The process is simple, guided, and usually completed within minutes.
vKYC helps you stay compliant with regulatory requirements while saving time and effort. It also ensures faster service activation, making it a convenient option for customers across India who prefer a fully digital and hassle-free experience.
Keeping your financial journey frictionless
Keeping your KYC details updated ensures smooth access to financial services without delays or restrictions. It supports faster approvals, better offers, and secure transactions, helping you manage your finances with ease and confidence.
