Unless you want your bank to shut down or close your account, you NEED to submit your Know Your Customer -KYC documents. Here is a brief introduction to what KYC is and why you need to update these documents with your bank.
What is KYC:
Know Your Customer (KYC) is a mandatory RBI process that was incorporated by the banks to prevent any kind of financial fraud. This helps banks get to know their customers better and help manage risks and protect them from financial crimes like money laundering, identity theft and terrorist financing. It also helps the bank understand their customers better and manage their risks more efficiently.
What are KYC Documents:
KYC documents are used to verify an individual or company’s financial authenticity. If you are an individual, you would need to submit:
- An ID proof
- An Address proof
Your respective bank has a list of documents for each of the above. You can submit any one of the following documents for ID proof:
- PAN Card
- Voter’s ID
- Aadhaar Card or Aadhaar Letter (Read all about updating your Aadhar here)
- Driving License
- Ration Card
- Other ID cards that are accepted by your bank
For Address proof:
- Utility bills like electricity/LPG bill
- Bank Statement
- Ration Card
- Employer letter (if accepted by the bank)
If you are a Merchant:
You would need to submit documents as per the type of company you are a part of. You would also need to submit your individual KYC documents. You can also take a look at the list of KYC documents according to the nature of your company.
Update KYC to remove limits on Instamojo
If you are a merchant on Instamojo and want to remove the upper limit of ₹10,000 on your monthly transactions, all you need to do is submit your KYC documents on your dashboard.
To remove limits on Instamojo, all you have to do is submit:
- A photo of your PAN card
- A Bank document that can be any of the following: A recent Bank Statement or the front page of your chequebook/passbook. Please note that your address and the account number should be clearly visible
You can do it in just a few clicks. Watch this tutorial to see how you can update your KYC on Instamojo:
Want more info? Visit our Support centre to know more about updating your KYC at Instamojo.
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