Can anyone from Jupiter tell me why Federal Bank is sending such threatening mails about KYC update all the while Jupiter has absolutely no option of doing re-KYC ??
And none of the methods mentioned in the mail work for Jupiter account holders since I’ve already tried them in the past in order to update my address which again Jupiter doesn’t allow !!
If you look at the screenshots closely, you’ll see that they’re threatening to debit freeze the account if some kind of kyc update or no-change declaration is not done before 12th October.
Well, if Jupiter doesn’t take corrective steps, I’m going to go “tada” by the end of September - no way I’m going to deal with any debit freeze nonsense!
KYC update mandatory for every account holder in some time periods as per RBI guideline , in this case Jupiter is not a bank, the bank is federal Bank.
Same type mail I received on Niyox account ( Equtas bank) , when I update the KYC details it’s also updated in Niyox account.
But recently when I tried with Jupiter account ( federal Bank) it’s updated in federal Bank database, but not updated in Jupiter account or app.
Why this thing happened ?
Jupiter is a Neo bank, so I need all access and update done via online, like au small finance Bank and some private bank giving All things do via video call ( video banking services) . Even for doing non kyc account blocked temporarily, it’s called " not sync transaction or transaction not matched with profile data .
Please give re kyc or update details option in app inbuilt.
According to RBI guidelines, “periodic updation shall be carried out at least once in every two years for high-risk customers, once in every eight years for medium risk customers and once in every ten years for low-risk customers from the date of opening of the account / last KYC updation.”
Thank you all for your patience and context around why KYC update is needed.
In short, Re-KYC / KYC update is a mandate from the bank as and when requested by the Bank (Federal in our case). Failure to complete the KYC update within the stipulated time can result in blocking of account by the Bank.
Steps to update KYC online - (Active Debit Card is mandatory to proceed with this process online)
You will receive an OTP on your registered mobile number
There is a captcha post the above step
Select KYC upload as the option and follow the next steps of uploading Address and Identify proof.
Please note that the uploaded file size does not cross 2 MB.
If you receive any error or do not have an active Debit Card associated with the Savings Bank Account, the only way to get the Re-KYC / KYC update done is by visiting the nearest Federal Bank.
KYC as a process is under Bank’s jurisdiction and hence, all things related with KYC will be maintained and processed at the Bank’s end only as per the guidelines from the Regulator.
Thanks for outlining the process.
However when I tried, this after selecting KYC upload in Step 5, it says that card details not found for authentication.
Please look into this.
