If you have a trust account in Yes Bank, like Jain Sons and Father Trust, and your re-KYC is pending, it’s important to complete it quickly. Re-KYC is required to keep your account active and avoid any problems with transactions.
What is Re-KYC?
Re-KYC is the updated verification process for bank accounts. Banks ask you to confirm your identity and provide updated documents. Trust accounts need re-KYC because they often have multiple trustees or beneficiaries.
Why Re-KYC is Important
Prevent account freeze: Banks may restrict your account if re-KYC is not done.
Follow RBI rules: Re-KYC helps banks stay compliant with regulations.
Smooth transactions: Ensures your payments and transfers are not blocked.
Secure your account: Protects your trust from fraud.
Documents Needed for Trust Re-KYC
To complete re-KYC for a trust account, you usually need:
Registered trust deed
PAN card of the trust
PAN cards of all trustees
Aadhaar cards or other ID proof of trustees
Address proof of trust and trustees (utility bill, property papers, etc.)
Resolution from trustees authorizing account operations
Tip: Carry both original and photocopies of all documents.
Steps to Complete Re-KYC
Visit your branch – Re-KYC for trust accounts is usually done in person.
Get the re-KYC form – Ask the branch staff for the trust re-KYC form.
Submit documents – Fill out the form and attach all required documents.
Verification – The bank will check your documents. This may take a few days.
Take acknowledgment – Always get a receipt after submitting documents.
Common Problems and Tips
Incomplete documents: Make sure you provide all required papers.
Mismatch in trustee details: Check that trustee names match PAN and Aadhaar.
Delay in processing: Follow up with the branch if verification takes too long.
Conclusion
Completing re-KYC for your Yes Bank trust account is easy if you prepare the documents and visit your branch. Doing it on time keeps your account active, avoids transaction delays, and ensures your trust’s funds are safe.
