Ensure the Safety of Your Demat Account With KYC Updation
To maintain the safety and liquidity of your Demat account it is essential to keep your KYC updated. When you move cities as a result of changing jobs, it is important to modify your KYC (know-your-client) records to communicate your address and other personal details changes. Even the smallest of changes like a new email or phone number, calls for a KYC update.
What is KYC?
KYC will validate your identity, signature, and address among other things. It is a prerequisite for opening a bank account or investing in mutual funds. Without valid KYC documents, the asset management company or financial institution in question will refuse your request for investment in mutual funds. Infiny Solutions will ensure that your KYC is updated at all times without any hassle.
When do You have to Update Your KYC?
KYC updates are not frequent yet they are important for your investments. You will be required to update your KYC in the following situations —
- In case of legally changing or altering your name. If your name on the Aadhar card, latest passport, and PAN card are different, you need to update your KYC. Using your latest documents you must get your KYC updated. Infiny Solutions will collect your details and update your KYC.
- If you update your address the same must be reflected on your KYC documents. Whether you change your residence for a job or marriage purpose, you must opt for a KYC change.
How to Update Your KYC?
You can update your KYC online by submitting your address and identity proofs. KYC is a standardized way of verifying the authenticity of investors and customers. Before availing of a financial service, customers are required to verify their address and identity.
KYC serves as a valuable way to protect customers and financial institutions from money laundering activities. Without an updated KYC, investing in mutual funds, banks, and brokerage trading platforms is not allowed. Moreover, while opening a Demat & Trading Account, you need to have the right KYC documents. Infiny Solutions follows these 6 easy steps to update your KYC documents —
- Profile Analysis
- Other Financial & Personal Information Verification
- Linking with bank details
- Uploading documents for KYC Updation
Things to keep in mind about KYC Updation
- Once you upload your latest documents, the document template is identified as valid.
- Most online portals and websites will notify you when your latest personal details and online KYC details don’t match. Infiny Solutions will update your KYC as per your latest personal detail changes to maintain the safety of your Demat Account.
- Your KYC verification process will take around a week. The time required for authentication often gets slowed down in case of ambiguities, errors, or inconsistencies in the application form.