Now, KYC documents are mandatory for Bank transactions and many other organizations. However, individuals are facing many problems with change of address. Details:
I am a software engineer, age 27 years; changed my 3 jobs last 6 years, in the cities of Hyderabad, Chennai and Delhi - which is very common in our generation. I have been staying in rented apartments all these years at various addresses.
Banks send documents only to the address mentioned in my KYC documents, which was changing. My bank letters were going to my old addresses. I have to beg the owners of my previous apartments to deliver them to me. Sometimes those apartments will be rented to others and they may throw away letters that are not belonging to them.
Banks need utility bills on my name to update KYC. But these days, apartments are fully furnished; no more utility bills on individuals who rent. Electricity, Water and even wi-fi is fully paid by owners. I have my data plans on my mobile.
I have seen in Chennai - name of the street where I lived is changed; In Bangalore, house numbers are changed, they are given new numbers. But my IDs have old information. Banks want exact information, they would not accept anything that is different from IDs.
My parents have died and my brother and sisters are living in different locations; I am living on my own. So I do not have a permanent address. I frequently travel to US and UK on company assignments.
I respect KYC, but we need to understand the costs on the society, costs on individuals with changing information. It is really a big problem to update IDs each time we change our lives. How to deal with these issues?
1. Individuals should not change houses. Everyone should have a own and permanent house/ apartment - to satisfy KYC.
2. Street names, house numbers and city names should not be changed - satisfy KYC.
3. Do not change your job and location - to satisfy KYC
Was this information helpful?
