My KYC is pending. How long does the KYC & Account approval take? (2024)

FAQs

How many days is KYC pending for approval? ›

How long does it take for KYC documents to be approved? It generally takes 3 to 5 working days for the documents to be reviewed and approved. To view the status of the documents, am I required to visit the UAN Portal daily? No, you are not required to visit the UAN portal every day.

Items that may cause a delay in processing are: Complicated ownership structures (e.g. company is owned by a trust) Submitting documents that do not correspond to the investing entity being verified. Submitting documents as proof of entity registration that do not satisfy the requirements.

While this process is quite simple, it does require up to 7 days to get verified. Alternatively, the Aadhaar-based biometric authentication KYC process can be quicker as it has a few in-person interactions combined with online provisions. Additional Read: How to link your Aadhaar card with your PAN & mobile number?

Incorrect Information: Our compliance team conducts thorough checks to ensure the accuracy of the provided information. If any discrepancies are found, the processing time may be extended. 2. Incomplete Documents: Each KYC tier requires specific information to be provided.

KYC On-Hold: Your KYC status is on hold due to any of the following reasons: Email/Mobile Not Validated: Validate your email or mobile number by following the steps in this article. PAN Not Linked with Aadhaar: Link your PAN and Aadhaar via the Income Tax Department website.

The duration of a KYC check is dependent upon the method used to carry out the process. A traditional manual KYC check can take anywhere from a few hours to several days to be processed, whereas an AI solution, such as PXL Ident from PXL Vision, takes only 30 seconds to verify your customer's identity.

In such a case, you simply have to remediate the reason for KYC on-hold/ rejection by following the steps given on the mutual fund website. Once your KYC status changes to registered/ validated, you will be all set to start transacting, as per the KYC status.

You may consider visiting the website of your bank. You may find the link 'Check KYC status'. You then enter the bank account number and the CAPTCHA to check the KYC status of your bank account. You may also log in to your internet banking account and check the bank account KYC status.

How do banks verify KYC documents? ›

The UIDAI then transfers your data comprising name, age, gender, and photograph of the individual, electronically to the bank/BC. Information thus provided through e-KYC process is permitted to be treated as an 'Officially Valid Document' under PML Rules and is a valid process for KYC verification.

Branch will activate the account based on the KYC documents submitted by the customer. Customer will be informed through SMS / e-mails on activation of account. All request received by the branches for activation of account will be processed within three working days from the receipt of the complete application.

Unclear and Blurry Documents: Upload clear and legible photos of your documents. All details on the documents must be readable and must match the information you submitted. Blurry Selfie Photos and Videos: Make sure your face is clearly visible when taking a selfie or video for verification.

Visit your nearest branch of the bank. Submit the KYC form along with proof of identity, address, and other relevant documents. Once the documents are verified, the KYC process is completed.

What are the main reasons for rejection? Blurred photos: The quality of uploaded documents may be blurred. Please ensure that your full name, date of birth, and validity date are legible, and all corners of the document are visible.

The KYC verification process usually takes less than 10 minutes although in some cases it can take up to the following business day. The time frame to complete KYC verification may vary depending on the validity and completeness of your documentation and the number of requests being submitted.

The duration of a KYC check is dependent upon the method used to carry out the process. A traditional manual KYC check can take anywhere from a few hours to several days to be processed, whereas an AI solution, such as PXL Ident from PXL Vision, takes only 30 seconds to verify your customer's identity.

Different periodicities have been prescribed for updation of KYC records depending on the risk perception of the bank. KYC is required to be done at least every two years for high risk customers, at least every eight years for medium risk customers and ten years for low risk customers.

The KYC review period is typically within 1–3 days. Once completed, you will receive an email notification from our platform confirming the updated KYC verification status.