What is Bank KYC, perhaps this question might have come to your mind too, what is KYC, what is EPFO KYC, what is UAN KYC, this question might have come to your mind too, today we will learn about this like what is it, how it happens, why it happens, how many types are there etc.
What is KYC
KYC verifies the address or identity of an investor or institution who is investing for the first time. The customer has to submit his KYC before starting investing in mutual funds, bank account, fixed deposit, RD etc. This has to be done only once.
Why KYC Important?
RBI introduced KYC in the year 2002 and in the year 2004 it was made mandatory for all the banks to do KYC of the customers by December 2005. KYC is a method which ensures that the banks are not used to carry out money laundering activities.
KYC full form
KYC stands for Know Your Customer and sometimes Know Your Client. KYC or KYC check is a mandatory process to identify and verify the identity of the client while opening an account and from time to time.
How many types KYC
How many types of KYC are there? There are two types of KYC: Aadhaar-based (UAN) KYC, In Person Verification (IPV) KYC
KYC require documents
KYC Documents Individuals
- Individual (Acceptable documents as proof of identity/address)
- Passport
- Voter ID Card
- Driving License
- Aadhaar Letter/Card
- NREGA Card
- PAN Card
NRIs
- Passport and Residence Visa copies, duly attested
- Foreign Office
- Notary Public
- Indian Embassy
Officials of correspondent banks whose signatures are verified through an authorized (A/B category Forex handling branch) branch of the bank
Small Account
(Small account) means a savings account with a banking company where the aggregate of all credits in a financial year does not exceed one lakh rupees; the aggregate of all withdrawals and transfers in a month does not exceed ten thousand rupees; and the balance at any time does not exceed fifty thousand rupees)
UAN kyc
This is called Universal Access Number(UAN). ... New KYC(Know Your Customer) of UAN registration and activation of mobile number is the best example for this. As the KYC is being linked with UAN, there will be no dependency on new employer for KYC during employee movement from one company to another.
IPV kyc
Individual Verification (IPV), made mandatory by SEBI in 2011, is a part of the KYC process used to know the identity of an individual. IPV is the physical verification of the information given in the KYC form done by the staff of the AMC or the broker to ensure its authenticity.
Epfo kyc
KYC information – This is employee data like bank account, Aadhaar, PAN etc. If you have not given this information yet, then update it by going to the official website of EPFO so that you do not face any problem in withdrawing money. It may take two to four days to get updated.
Kyc verification
KYC verification is for everyone, it is proof of your existence and it proves that the person belongs to this address, this prevents money laundering fraud or proves where the money comes from and who this person is.
Aml kyc
AML(anti money laundering) KYC is a business verification process that identifies and verifies a business. This regulatory process is becoming more and more common in ICOs, and for good reason.
Cams kyc
CAMS KRA is a registration agency KRA in India and camskra offers kyc service for all Mutual Funds, SEBI compliant stock brokers, etc.
Cvl KYC
It was the first Central KYC Registration Agency for the securities market to be SEBI compliant and centrally maintains the CVL records of the investor on behalf of the securities market intermediary and also maintains the KYC of the mutual.
Kra KYC
KYC Registration Agency (KRA) is an agency registered with SEBI. Under the Securities and Exchange Board of India, KYC(know your customer) registration agency KRA maintains all investors KYC records which are capital market registration with SEBI.
Ckyc KYC
CKYC stands for Central KYC (know your customer) which is a good initiative by the Government of India. ... The idea behind CKYCR is to have similar KYC documents and reduce the number of people to verify them every time an investor deals with a financial institution for the first time.
Re KYC
The bank or the agency where KYC is done can ask you to do re-KYC at any time and you can also get it done yourself, for example, if you have changed your address then you should go for re-KYC yourself otherwise there may be a problem later.
Icici video KYC
Video KYC means people can get their KYC done from the comfort of their homes through a video call. It verifies documents, verifies the person’s location and livelihood – all done over a video call, unlike the standard methods.
I hope you liked the information given on What is KYC. If you still have any questions or suggestions, please ask in the comment section below. Thank you.
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