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.
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
- Driving License
- Ration Card
- Other ID card (accepted by bank)
For Address proof:
- Utility bills: Electricity/LPG bill
- Bank Statement
- Ration Card
- Employer letter (accepted by bank)
If You are a Merchant:
You would need to submit documents as per the type of company you are along with your individual KYC documents. You can take a look at the list of documents according to company type, here.
Update KYC to Remove Limits on Instamojo
If you are a merchant on Instamojo and want to remove the upper limit of Rs. 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 the 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 center to know more about updating your KYC at Instamojo.
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