I received message for rekyc
What is this?
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Hello Vishwas.
Re-KYC is the process of regularly updating and verifying your information and identity, as mandated by the RBI. This ensures that customer records remain updated and accurate.
The specific reasons for Re-KYC include:
a. Regulatory Requirement
b. Risk Management
c. Customer Due Diligence
d. Fraud Prevention
Therefore, we kindly request you to follow the steps mentioned and complete your Re-KYC if you have received a notification to avoid any restrictions on your Jupiter account.
Thank you.
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Being from the banking industry, I believe I understand what and how KYC works. I am perplexed by “…sms will be sent to Federal Bank from your registered mobile number to re-verify your account…” and I am not sure what the next steps plus dependency on me, and my SIP’s are going on from Jupiter account; if the account is frozen, what should I do? As a customer, I should be aware of the process going on.
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Finally!
I’ve worked at a bank and it’s amusing. I found these guys just refer to RBI and other terms to cover what is clearly lacking in their systems. The cyber care team froze my account without any intimation and refused to even acknowledge or reply to my mail. When they did, it was a generic template that they use. No suspicious transactions but account frozen.
I bank with the biggest banks for over a decade. Got my depository accounts with different participants. CKYC compliant but there banking partner is following some exceptional KYC norms and has marked my account for closure.
Imagine what they are doing to the general public?
Simple. Shift all your money elsewhere and be peaceful. I have done the same. There are many options out there.
I was one of the greatest admirers of the product they were building when I got to know about Jupiter first but eventually understood the team’s inefficiency and management’s commitment towards the users is not at the required levels.
Many instances where transparency is lacking. Jupiter team has nothing but excuses.
Jupiter users are just like beta testers to them, instead of a proper users of the end product.
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It’s good to know this from someone who has given Jupiter a chance.
I was considering moving some money to Jupiter since I availed the Edge RuPay credit card without any hassles. Putting aside something in Jupiter would’ve been good. But, am I glad to have seen the state of affairs even before I could go ahead with full KYC? Yes!
I find Jupiter complicit with their banking partner - Federal Bank.
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First of all, how can one be dependent and reliable on Jupiter? It’s a neo bank, not a traditional bank.
I think the only use of a neo bank (like Jupiter) is for day-to-day petty transactions on UPI not for investing, SIP, e-mandate, etc. You can’t deal with a huge amount using a neo bank; if something goes wrong, what will you do except sending emails to them?
Federal Bank is treating Jupiter and FI complaints like spam emails—straight to the trash!
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Rekyc process very interesting
No Rekyc form fillup option for changing any details.
Just sms based device verification
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This is the issue. I did this, and got the message that process started but what after that? For me 3 days have passed no communication on the status.
And as per the messages in the community, account have been blocked in past citing reasons. I have SIP’s running, there is a corpus in the account.
@Nikhil_Godbole request you to have someone from the team look into this.
@kingzeusvj Could you please confirm the exact date when you did the Re KYC.
Nikhil, Thanks for the revert.
I did it on February 21st, then again did it on 24th .
There is a way to check if the account is KYC compliant.
Log on to https://accountopen.federalbank.co.in/CustomerPortal/index
Enter the account # and follow the next steps (OTP and Captcha)
Click on KYC status enquiry. As soon as you do this, you will get to know the status.
If you don’t see the banner of Re-Kyc on Jupiter app, that also means that the Re-Kyc is completed. It takes 3 to 4 working days for the updation at the Bank’s end.
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Got this message. Thanks for this.
However, I redeemed my 2 months corpus from MF portfolio and FD (fearing the negative). Let me build it again.
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I have not been able to complete the V KYC but the portal that you linked shows my account as KYC compliant! The account is frozen and I’m being forced to close the account.
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@BombayBoy you may have mentioned before and my apologies if I missed it - if the VKYC was pending for a year and then the account was blocked, I don’t think it can be revived. One of my employees faced this issue. If it’s under one year, then @Nikhil_Godbole ’s team will try and assist you.
You said is true, but question is why it showed account is complied even though it wasn’t 
We are discussing topic of Re KYC on this post. Re KYC is subset of KYC and nothing to do with Video KYC.
The Portal will reflect KYC compliance and not VKYC results.
If the account is frozen due to VKYC issues, it will still show as KYC compliant as your Ckyc while opening the account itself was done.
VKYC is a different state / action and I would request not be discussed in this post which is resulting into confusion.
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No! The account was opened this month or the last week of January.
Understood. Got confused with another message on thread. So as mine of Re-KYC and it is showing as complied then just to reconfirm my Re-KYC is done. Right?