Jan Dhan account KYC: If you have a Jan Dhan account with any bank, it is mandatory to complete the KYC (Know Your Customer) process. The government has set a deadline of September 30th for this. Failure to do so may result in the bank closing your account.
Jan Dhan account KYC: If you have a Jan Dhan account with any bank, it is mandatory to complete the KYC (Know Your Customer) process. The government has set a deadline of September 30th for this. Failure to do so may result in the bank closing your account. An inactive account will prevent you from making transactions and may also cause problems in receiving government subsidies.
According to the Reserve Bank of India regulations, updating your KYC information is mandatory 10 years after opening a bank account. This is a simple process where you update your existing information with the bank, such as your name, address, and photo. It also helps prevent fraud and ensures the smooth continuation of banking services.
Who needs to update their KYC?
Account holders of accounts opened between 2014 and 2015 need to update their KYC. This process is necessary to keep the account active. If the account becomes inactive, transactions will be suspended, and there may be problems receiving government subsidies. All major banks are organizing KYC update camps at the village panchayat level across the country.
What are the benefits of a Jan Dhan account?
– Under this scheme, an account can be opened with zero balance.
– A free RuPay card is provided with the account.
– The RuPay card provides accident insurance coverage of up to ₹2 lakh.
– Account holders can avail an overdraft (loan) of up to ₹10,000.
– Government subsidies, such as gas subsidies or funds from other schemes, are directly credited to the account.
