I have chosen a relay which has max switching voltage 440V rms(datasheet value). However, the particular relay must withstands 500 V rms minimum. Is this going to cause a problem to my circuit?
welcome. From the conceptual point of view you have to use relays whose maximum switching voltage equal or GREATER THAN the rated values. This is required for the safe operation of the device.
I agree with Dr Zekry. The risk you run into, by using a relay specified for lower voltage, will be arcing. It may shorten the life of the contact points, or even arc internally before reaching the points. The internal arcing risk is probably negligible in your case. The difference between specified voltage and operating voltage is not extreme. Still, best to always operate inside specified values! Voltage and current ratings both matter, for relays.