- What is KYC
- What is Fastag
- What is Bank of India (BOI) KYC
- What are the document requirements for Bank of India (BOI) KYC
- What is the benefit of updating Bank of India (BOI) KYC
- How to do Bank of India (BOI) KYC
- Important things to keep in mind regarding Bank of India (BOI) KYC
In this article, we will know about Bank of India (BOI) KYC. What is a KYC, Where is it required, and how to update Bank of India (BOI) KYC and lot more. Completing and updating KYC will not harm you in any way, although it will give you some additional benefits by completing KYC and you will become a verified user of HDFC Bank.
What is KYC
The KYC stands for “Know Your Customer”. In other words, KYC means, to keep knowledge about your customers. KYC is a popular term used in the field of Banking and Finance. Bank or Financial Institution uses KYC to verify their customer ID i.e Address Verification.
KYC is required to open Bank Account, for taking Financial Loan, opening Paytm Account, PhonePe Account, Mutual Fund Account, Invest in Gold and most importantly creating Fastag etc. Therefore, it is asked to submit KYC documents at many places.
For KYC Verification, the Government of India considers the Aadhaar card a KYC document.
If you want, you can also get Verification done with Voter ID, PAN Card, Passport, Driving License, NREGA Card Documents instead of Aadhar Card.
KYC was not required earlier, but according to the new rules of the government, if you make more money transactions, then you need to get KYC done. Recently, HDFC Bank Bank had issued a guideline to get KYC to its customers, although for this initially, you have to line up in the bank now there is no need to do this as you can update your HDFC Bank KYC online
What is Fastag
FASTag is an electronic toll collection system operated by the National Highway Authority of India (NHAI).
It is attached to the windscreen of the cars/van/trucks and uses radio frequency identification (RFID) technology to collect toll at the toll plaza.
When a vehicle passes the toll plaza, it allows the driver to pass through them non-stop for the transaction as the amount is automatically deducted from the prepaid or bank account when the vehicle moves.
What is Bank of India (BOI) KYC
Bank of India (BOI) KYC is a process in which you can complete your KYC(Know your customer) by submitting your documents. Aadhaar number was previously required to complete KYC in HDFC Bank but now you can do and update your KYC without Aadhaar.
Now you might think that what is the need for KYC in HDFC Bank? So it is not the HDFC Bank bank where KYC is required but the RBI has made it compulsory that before transferring the money, you must keep the details of your customer.
Whenever you go to get KYC anywhere, you have to give any document like an Aadhar card or Voter card. KYC can now also be done from a driving license.
What are the document requirements for Bank of India (BOI) KYC?
KYC requires 2 main things. Identity proof and address proof
For Identity Proof, you can submit Aadhaar Card, Voter Card, Driving License, PAN Card.
For Address proof, you can submit any one of these things. Aadhar card, voter id, ration card, electricity bill, or bank statement which should not be older than 3 months. You can submit any one of these things.
If you have an Aadhaar card, then it can be used for both identity proof and address proof.
What is the benefit of updating Bank of India (BOI) KYC?
- After KYC linking and updating, you can spend more than Rs 20,000 every month.
- Without updating Bank of India (BOI) KYC, you can add only Rs. 10000 into your Fastag Wallet.
- After upgrading KYC of HDFC Bank, you can add more than Rs. 1,00,000 in your Fastag wallet.
- You can avail of special cashback on payment, online shopping, recharge, etc.
- New HDFC Bank customers will have to wait for 3 days. But If your KYC is complete KYC, you can immediately make transactions in the bank.
- You can talk to HDFC Bank Customer Care for other information.
How to do Bank of India (BOI) KYC
There are basically two options to do Bank of India (BOI) KYC
If you do Limited KYC in your Bank of India (BOI) wallet, then you do not have to go to any KYC center. You can complete your Limited KYC right from your mobile phone.
If you complete your full Bank of India (BOI) KYC, then you will have to go to your nearest HDFC Bank branch with your KYC Documents. But now you can do it online also.
If you want to do Bank of India (BOI) KYC verification at home then follow the steps given below. But before submitting the KYC form, do check that you have filled in all details carefully.
- Visit the official website of HDFC Bank i.e https://www.bankofindia.co.in/
- Now login with net banking ID.
- After login in, you have to click the menu option of the website and click on eServices.
- Here you will see many options but you have to click on PAN registration.
After this, you have to enter the profile password again and then click on Submit.
- Now a request has to be made for PAN registration and for this click on ‘Click here to register
- Now enter your PAN number and then click on submit button.
- Once you check that are details are filled in correctly then click on the confirm button.
- Now you have to verify OTP which you receive on your registered mobile number, then your detail will be submitted successfully.
Important things to keep in mind regarding Bank of India (BOI) KYC
- The names and addresses you give while doing KYC should match the submitted documents.
- If you are not a resident of India, then for KYC you will have to give a photostat copy of your passport.
- If both your permanent address and the present address are different, then you will have to provide proof of both.
- If KYC has to update for minors, then for this he/she can give school leaving certificate, mark sheet, birth certificate.