Millennia Understanding about HDFC's Re-KYC Request

[QamarImam]

I recently received a message from HDFC Bank, asking me to complete my re-KYC process. The message also mentioned a deadline and provided a link for the same. What kind of message is this? Is it really necessary to undergo re-KYC?


I had upgraded my Millenia card to a Paytm card just four months ago. What are the benefits and drawbacks of re-KYC?
Why is the bank asking me to complete re-KYC?
Will my card be blocked if I don't complete re-KYC?

Please share your opinion on these matters.

 

[Anupama_Jha]

I recently received a message from HDFC Bank, asking me to complete my re-KYC process. The message also mentioned a deadline and provided a link for the same. What kind of message is this? Is it really necessary to undergo re-KYC?

Yess

I had upgraded my Millenia card to a Paytm card just four months ago.

Whattt? Did u just said "I upgraded MILLENIA credit card to PAYTM credit card"

What are the benefits and drawbacks of re-KYC?
Why is the bank asking me to complete re-KYC?
Will my card be blocked if I don't complete re-KYC?

Bhai, simple life hai. Why to make so much complications. Do KYC to avoid card blockage.

Re-KYC is mandatory by RBI every 10 yrs.
But hdfc is bit different.

Rest assured message is genuine.

 

[QamarImam]

Whattt? Did u just said "I upgraded MILLENIA credit card to PAYTM credit card"

Yes Yes , Paytm to Millennia.

 

[HumorSimpson]

Yes Yes , Paytm to Millennia.

No. Paytm to Millenia.

That's the right way to answer.

 

[desiviru]

KYC, re-KYC by banks depends on how you are using an account. Time to time bank can ask for re-KYC and it is RBI's process not bank. They are just required to fulfill it or block the account as oer RBI direction.

An accounts need re-KYC every 2 years not 10 years. With some banks you can receive re-KYC notification after 1 year if there are txns that goes above what you declared as annual income. Creation of FD beyond 10L also invite re-KYC requirements. Not fulfilling those invite debit freeze of account.

In case of credit card if your annual income is 5-7.5 and you have done txns of 2.5L in one quarter then it invites for re-KYC because due to this you annual income now stands at 10L or more. So systems are designed as per RBI's direction and they trigger re-KYC automatically. CC if not used for 12 months also invites closure or reKYC.

In one of my PNB accounts, the average balance of last 6 months was 10K and then I created FD of 10L in one go. A month later or 17 months from last KYC I got SMS for reKYC. I did it by visting branch and now it shows next KYC in 2034 but in case my account acivity is changed beyong my declared assets I will have to do reKYC. Some banks estimate last three years total of declared income and anything above that coming in deposits or transfer entry triggers the system.

 

[desiviru]

Do not proceed with Re-KYC, it's probably a scam.

Any official documents shared containing personal information is at risk.

Everything is not a scam.

Online reKYC should be done at bank's website directly or Internet Banking. Not on links of SMS. You can rather visit branch as precation to do reKYC. Generally, banks never send link on SMS and they just inform if KYC due.

ICICI Bank whenever they need reKYC start showing once you login in Netbanking or App.

 

[HumorSimpson]

KYC, re-KYC by banks depends on how you are using an account. Time to time bank can ask for re-KYC and it is RBI's process not bank. They are just required to fulfill it or block the account as oer RBI direction.

An accounts need re-KYC every 2 years not 10 years. With some banks you can receive re-KYC notification after 1 year if there are txns that goes above what you declared as annual income. Creation of FD beyond 10L also invite re-KYC requirements. Not fulfilling those invite debit freeze of account.

In case of credit card if your annual income is 5-7.5 and you have done txns of 2.5L in one quarter then it invites for re-KYC because due to this you annual income now stands at 10L or more. So systems are designed as per RBI's direction and they trigger re-KYC automatically. CC if not used for 12 months also invites closure or reKYC.

In one of my PNB accounts, the average balance of last 6 months was 10K and then I created FD of 10L in one go. A month later or 17 months from last KYC I got SMS for reKYC. I did it by visting branch and now it shows next KYC in 2034 but in case my account acivity is changed beyong my declared assets I will have to do reKYC. Some banks estimate last three years total of declared income and anything above that coming in deposits or transfer entry triggers the system.

Then Bob ( badsha of bank 🏦) @NShah would be spending a lot of time in re kycs.

 

[Chhota Bheem]

Everything is not a scam.

Online reKYC should be done at bank's website directly or Internet Banking. Not on links of SMS. You can rather visit branch as precation to do reKYC. Generally, banks never send link on SMS and they just inform if KYC due.

ICICI Bank whenever they need reKYC start showing once you login in Netbanking or App.

Deleted my previous message, as per the website - HDFC Bank will only send SMS from the ID HDFCBK or HDFCBN, and the official links will start with hdfcbk.io.

On prima facie basis, I thought it was a scam based on the link. I don't have a relationship with HDFC Bank, Sorry for the confusion.

 

[desiviru]

Then Bob ( badsha of bank 🏦) @NShah would be spending a lot of time in re kycs.

As I said reKYC requirements gets triggered by systems only if it finds unusual activity as per designed algo at bank's end else you may never expect it. Even Sr. Citizens aren't spared from KYC compliance and they also have to do reKYC.

 

[Rishu3007]

I am receiving identical text messages for my HDFC Millennia card, even though I do not have a savings account with HDFC. I am confused about the KYC process. I tried eKYC, but it indicated an Aadhaar data mismatch. I am hesitant about physical KYC because I cannot recall the signature I used for my HDFC card. The HDFC branch is also unaware of this issue. If any one gone through physical kyc kindly spare some insights

 

[popkorn]

I recently received a message from HDFC Bank, asking me to complete my re-KYC process. The message also mentioned a deadline and provided a link for the same. What kind of message is this? Is it really necessary to undergo re-KYC?


I had upgraded my Millenia card to a Paytm card just four months ago. What are the benefits and drawbacks of re-KYC?
Why is the bank asking me to complete re-KYC?
Will my card be blocked if I don't complete re-KYC?

Please share your opinion on these matters.

you may complete the process by sending ordinary post. Otherwise visit the nearest branch.

 

[Anshit]

I received the same message too, almost dismissed it thinking it's a scam...Now,as many people are getting the same text at the same time confirms it's it not an individual account trigger, seems like a mass drive but I am skeptical as to why there was link in the SMS for KYC! thar is what made me think it's some kind of scam..

 

[adhyanrules]

KYC, re-KYC by banks depends on how you are using an account. Time to time bank can ask for re-KYC and it is RBI's process not bank. They are just required to fulfill it or block the account as oer RBI direction.

An accounts need re-KYC every 2 years not 10 years. With some banks you can receive re-KYC notification after 1 year if there are txns that goes above what you declared as annual income. Creation of FD beyond 10L also invite re-KYC requirements. Not fulfilling those invite debit freeze of account.

In case of credit card if your annual income is 5-7.5 and you have done txns of 2.5L in one quarter then it invites for re-KYC because due to this you annual income now stands at 10L or more. So systems are designed as per RBI's direction and they trigger re-KYC automatically. CC if not used for 12 months also invites closure or reKYC.

In one of my PNB accounts, the average balance of last 6 months was 10K and then I created FD of 10L in one go. A month later or 17 months from last KYC I got SMS for reKYC. I did it by visting branch and now it shows next KYC in 2034 but in case my account acivity is changed beyong my declared assets I will have to do reKYC. Some banks estimate last three years total of declared income and anything above that coming in deposits or transfer entry triggers the system.

True, I received message from HDFC that my credit card will be closed due to non activity as per RBI guidelines. To prevent the closure, please use your credit card.

 

[QamarImam]

True, I received message from HDFC that my credit card will be closed due to non activity as per RBI guidelines. To prevent the closure, please use your credit card.

How many days of inactivity can lead to a credit card being blocked?
How many months of no transactions can trigger a KYC update request from the bank?

 

[desiviru]

How many days of inactivity can lead to a credit card being blocked?
How many months of no transactions can trigger a KYC update request from the bank?

365 days in continuity or 1 year as it is. You only need to use your card once every 365 days. If you use today i.e 17/12/2024 then till 16/12/2025 you don't need more. Always from date of last txn add 365 days. But your bank will intimate you before closure and sometimes they give grace of 30 days too like SBI gave me in 2023. They mention the BY DATE you need to use your card.

 

[adhyanrules]

How many days of inactivity can lead to a credit card being blocked?
How many months of no transactions can trigger a KYC update request from the bank?

Inactivity: One year. Won't be blocked but closed. They well contact you before closing. I don't know about KYC.

 

[Riva]

So I didn't want to create a new thread so posting here.

So HSBC is asking for occupation details and annual income details for KYC updation. They have not mentioned if it's for bank account or credit card. I do have a HSBC credit card with them but I am not too keen on giving them these details.
Question: Can the bank block my card and or account if I do not provide occupation and income details. These docs are not part of the RBI kyc list, so am wondering if they need to be submitted.
Just because a bank asks for details, it doesn't mean we should provide until it's necessary is what I feel.

Looking to hear inputs on this...

 

[desiviru]

So I didn't want to create a new thread so posting here.

So HSBC is asking for occupation details and annual income details for KYC updation. They have not mentioned if it's for bank account or credit card. I do have a HSBC credit card with them but I am not too keen on giving them these details.
Question: Can the bank block my card and or account if I do not provide occupation and income details. These docs are not part of the RBI kyc list, so am wondering if they need to be submitted.
Just because a bank asks for details, it doesn't mean we should provide until it's necessary is what I feel.

Looking to hear inputs on this...

RBI has already clarified that in name of KYC, reKYC banks can't ask for such things. But banks are using loopholes. This info. is required by banks these days so as to assess risk profile of customers. As Credit Card is an insecured loans they have all the rights to know customer and how risky is his profile to bank.

If you don't provide it, they will keep bugging you and even restrict usage. Mostly banks already have these data as while opening account we declare it and based on that info. they offer products to us.

In RBI Terms it is not part of KYC but banks asking you for risk-assessment profile requirement in name of KYC.

 

[Riva]

RBI has already clarified that in name of KYC, reKYC banks can't ask for such things. But banks are using loopholes. This info. is required by banks these days so as to assess risk profile of customers. As Credit Card is an insecured loans they have all the rights to know customer and how risky is his profile to bank.

If you don't provide it, they will keep bugging you and even restrict usage. Mostly banks already have these data as while opening account we declare it and based on that info. they offer products to us.

In RBI Terms it is not part of KYC but banks asking you for risk-assessment profile requirement in name of KYC.

I was thinking the same too. If I didn't have a credit card with them, then it made no sense in asking that. But they have also not specified for what purpose they need it.
I will most prob not give it so easily. Guess il eventually close the HSBC card since I don't use it much.