KYC rejections can be frustrating, but they’re usually preventable. Understanding common rejection reasons is the first step to getting your KYC approved.
Common KYC Rejection Reasons
Incomplete Documents: Missing required documents or submitting only partial information is a primary reason for rejection. Banks need all mandated documents as per RBI guidelines.
Poor Image Quality: Blurry photographs, poor lighting, or illegible documents lead to rejection. Ensure clear, readable images of both sides of your ID.
Address Mismatch: If your address differs between documents or doesn’t match bank records, your KYC will be rejected. Ensure all documents show the same address.
Expired Identification: Using expired ID documents is not acceptable. Your ID must be valid on the date of submission.
Inconsistent Information: Name spelling variations, incomplete names, or contradictory information across documents causes rejection.
How to Fix KYC Rejection
- Contact Your Bank: Reach out to understand the specific rejection reason.
- Correct Documents: Resubmit with accurate, complete, and clear documents.
- Update Information: Ensure all details match perfectly across all documents.
- Follow RBI Guidelines: Refer to RBI’s Master Direction on Know Your Customer for official requirements.
- Resubmit Promptly: Don’t delay resubmission to avoid account restrictions.
For detailed RBI compliance information, consult the official RBI Master Direction on Know Your Customer norms.