Solving KYC Issues for NRIs: Practical Steps

Know Your Customer (KYC) norms are essential for maintaining transparency and security in financial transactions. However, Non-Resident Indians (NRIs) often face significant challenges when complying with KYC requirements on Indian websites. This blog explores the actual solutions and steps that NRIs can take to simplify the KYC process.

Step-by-Step Guide to Solving KYC Issues for NRIs

1. Utilise Video KYC

Steps to Follow:

1. • Choose a Service Provider: Opt for banks or financial institutions that offer video KYC services. Major banks like SBI, HDFC, and ICICI have adopted this method.
   • Schedule a Video Call: Contact the bank to schedule a video call at a convenient time.
   • Prepare Documents: Have your passport, PAN card, and overseas address proof ready for verification during the call.
   • Complete the Process: During the call, a bank representative will verify your documents and take a screenshot for records.

Benefits:

1. • No need for physical presence in India.
   • Faster and more convenient verification process.

2. Submit Self-Attested Documents Online

Steps to Follow:

1. • Gather Required Documents: Ensure you have a self-attested copy of your passport, PAN card, and proof of overseas address.
   • Log in to the Website: Access the financial institution’s website where you need to complete KYC.
   • Upload Documents: Follow the instructions to upload scanned copies of your self-attested documents.
   • Track Application: Use the tracking facility (if available) to monitor the status of your KYC application.

Benefits:

1. • Remote submission of documents.
   • Reduces the need for physical presence.

3. Use Notarised Documents

Steps to Follow:

1. • Notarize Documents Abroad: Visit a notary public in your country of residence to get your documents notarized.
   • Send Documents to India: Courier the notarized documents to the Indian financial institution.
   • Follow Up: Contact the institution to confirm the receipt and processing of your documents.

Benefits:

1. • Ensures authenticity of documents.
   • Accepted by most Indian financial institutions.

4. Update KYC via NRI Help Desks

Steps to Follow:

1. • Contact NRI Help Desk: Reach out to the NRI help desk of the bank or financial institution. Most major banks have dedicated NRI support.
   • Provide Details: Submit your KYC details through the help desk, including your documents.
   • Receive Confirmation: The help desk will process your application and provide a confirmation of successful KYC completion.

Benefits:

1. • Personalized assistance.
   • Streamlined process specifically for NRIs.

5. Leverage e-KYC Platforms

Steps to Follow:

1. • Choose a Reliable Platform: Select an e-KYC platform that is recognized by the Indian government (e.g., UIDAI’s Aadhaar-based e-KYC).
   • Complete Authentication: Use the platform to complete electronic authentication of your identity.
   • Submit Documents: Follow the platform’s guidelines to submit your KYC documents electronically.

Benefits:

1. • Quick and efficient KYC process.
   • Minimal paperwork and hassle.

Real-World Examples:

• SBI Global NRI Services: State Bank of India offers a dedicated NRI services portal where NRIs can complete KYC using video calls and online document submission.
• HDFC Bank’s Video KYC: HDFC Bank provides video KYC services for NRIs, allowing them to complete the process from the comfort of their home abroad.
• ICICI Bank’s NRI Help Desk: ICICI Bank’s NRI help desk offers personalized assistance for KYC updates and other banking needs.

Conclusion:

By following these practical steps, NRIs can successfully navigate the KYC process on Indian websites. Utilizing video KYC, submitting self-attested or notarized documents, and leveraging dedicated NRI help desks and e-KYC platforms can streamline the process and ensure compliance with regulatory requirements.