ReKyc is very important for non-resident Indians to stay updated on banking and investment regulations in India. It is essential for security regulatory compliance and tailored banking services in India.
In this blog, we will explore the importance of NRI ReKYC, the detailed process involved, and its specific requirements to ensure compliance and smooth financial operations.
KYC, or Know Your Customer, emerged as a global standard to combat financial fraud. Over time, as personal circumstances and regulations changed, the need to periodically update this information led to the ReKYC process.
ReKYC is a periodic process that banks and financial institutions undertake to update their customers' records. For NRIs, this ensures that their banking and investment accounts remain active and compliant with the latest regulations.
The bank or financial institution notifies the NRI about the upcoming ReKYC requirement. The below process is usually followed for NRI ReKYC:
In NRI banking, choosing the right partner can make all the difference. Let's compare Vance's NRI services with traditional banks side-by-side to understand the distinct advantages Vance offers.
Today’s NRIs have unique banking needs and require a partner to understand these nuances. With its specialised services, digital-first approach, and partnership with Yes Bank, Vance stands out as the ideal choice.
Whether it's the ReKYC process, remittance services, or interest rates, Vance offers a superior banking experience tailored to the global Indian market.
The financial world is ever-evolving, and staying updated is paramount. With Vance NRI accounts powered by Yes Bank, NRIs are assured of a future-ready banking experience. From swift ReKYC processes to unmatched benefits, Vance is the trusted partner for every global Indian.
NRI KYC is necessary for non-residential Indians to maintain their banking and investment services in India. With KYC, NRI can ensure that banks have the most accurate and up-to-date information.
Moreover, the RBI guidelines for NRI KYC help keep the KYC details in place to prevent potential disruptions like account freezes and ensure smooth transactions. It is essential to ensure regular re-KYC updates due to frequent changes in residence and employment
Arnav is a dedicated product leader with a passion for finance and fintech. He graduated from IIT Bombay and IIM Calcutta and heads the Product team at Vance. He has extensive experience in the financial sector, with a deep understanding of the cross-border space. In his free time, he enjoys playing the guitar, rock climbing, and training for triathlons.
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Nesse Technologies Inc (registration number 1000398647) is a company incorporated in Ontario, Canada. Nesse Technologies Inc. is registered and regulated by Financial Transactions and Report Analysis Centre (FINTRAC), Canada as a Money Service Business. MSB registration number: M23142925.
Nesse Technologies Inc. provides technology platform access to an international payment network. Payment services are provided through such platform by an FCA regulated entity. Client(s) funds remain within the regulated environment throughout the payment lifecycle and Nesse Technologies Inc.does not hold client(s) funds in any manner whatsoever at any given time. Client(s) deal directly with Transferto Mobile Financial Services Ltd. via platform. is a company incorporated in Ontario, Canada.
Vance Techlabs Private Limited (CIN U66301KA2021PTC172240) is accompany incorporated in India. Vance Techlabs Private Limited provides technology platform access to an international payment network. Payment services are provided through such platform by an CBUAE regulated entity (Lulu International Exchange LLC). Client(s) funds remain within the regulated environment throughout the payment lifecycle and Vance Techlabs Private Limited does not hold client(s) funds in any manner whatsoever at any given time. Client(s) deal directly with Lulu InternationalExchange LLC via platform.
Real Transfer Limited (company number NI065249) is incorporated in theUnited Kingdom, having its registered office at Office 8, Merrion Business Centre, 58, Howard Street, Belfast, Northern Ireland, BT1 6PJ Belfast. Real Transfer Limited is an authorised payment institution regulated by the Financial Conduct Authority (FCA) with FRN no. 535949 as a money remittance provider.
