How To Complete reKYC for DEMAT_Trading Accounts Signzy

2. Why is reKYC of DEMAT/Trading accounts important? • It is really important to go for reKYC trading accounts for several reasons: • The reKYC process will allow the account holder to continue to trade securities and access their account information smoothly. • It will help to ensure that the account holder’s personal information and security settings are up to date. • It will help to keep the account active and in good standing with the broker or exchange.

3. What is Digital reKYC? Digital reKYC is the process of verifying a customer's identity using online methods such as video, facial recognition or government-issued ID, to make account reactivation faster and more convenient, while reducing costs.

4. A visit to the bank branch is not needed to update KYC: RBI • The Reserve Bank of India (RBI) has stated that customers are not required to visit a bank branch to update their KYC details if they have already provided the appropriate documents. • They can submit a self-declaration through email, mobile number, or digital channels if there has been no change in the information. • Banks should offer various non-contact methods for customers to self-declare changes such as email, mobile, ATMs, digital channels, and letters. If only the address needs updating, customers can notify their bank through these channels.

5. Advantages of Digital reKYC? • The advantages of the Digital reKYC process are many and varied, but some of the most notable advantages include the following: • A more efficient and streamlined process: The Digital reKYC process is much more efficient than the traditional KYC process, meaning that it can be completed in a fraction of the time. • More accurate data: Since the Digital reKYC process relies on digital data sources, the data collected is usually more accurate than that collected through traditional methods. • Increased security: The Digital reKYC process is also much more secure than traditional KYC processes due to the increased use of encryption and other security measures.

6. Key steps in the reKYC documentation process for the DEMAT/Trading account • The first step is filling out the KYC form if you are a new investor and opening your DEMAT account for the first time. The application forms require demographic information. This can be named residential address, office address, joint account holder details, account nomination, etc. • The next step of the investor onboarding process is to present your identity proof. A PAN card is mandatory in this regard. You may also be asked to submit additional government-authorized proof. This can be a passport, driving license, voter ID, Aadhaar, etc. • The third step involves submitting proof of residential address. The document should include the current address in the exact format. You can provide utility bills with link documents. Other documents, like bank statements, company letters, etc., can also be linked. • Finally, you must submit a copy of your canceled Cheque. The account holder’s name must be embossed on the Cheque leaf. This is to verify your IFSC code and account details.

7. About Signzy • Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. • Signzy’s marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets. • Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. • The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

8. Want to Learn More? Connect With US • Visit Signzy's website at https://www.signzy.com/