Time To Know Your KYC (Know Your Customer) Documents

KYC

 

KYC aka Know Your Customer was part of Reserve Bank of India’s guidelines to set up a process by which banks could obtain customer’s information on their identity and residential information. This helps banks confirm that the applicant/customer is genuine.

The documents for KYC are submitted by the customer and maintained by the collecting bank or other entity. Banks are also instructed to periodically update their KYC details as and when possible.

Typical KYC documents

Any one of the Officially Valid Documents for Proof of Identity

Passport

Driving Licence

Voter’s Identity card

PAN Card

Aadhaar card (Issued by UIDAI)

NREGA Job Card

 

If any of the above documents contain your address details then that can be accepted as Proof of Address.  In case it does not mention the address then the following can be submitted along with an ID proof

Utility bill (electricity, water bill, phone bill, postpaid mobile recharge bill)

Municipal Tax Receipt

Bank Account statement

Pension Payment Order number

 

e-KYC

It is only possible if the customer has an Aadhaar number. It is simply a mandate via which the customer authorizes UIDAI (Unique Identification Authority of India) to release identity or address information through biometric authentication to the bank.

 

Accountability

In case the customer does not periodically update his/her KYC with the bank, the bank can partially freeze the customer’s account. The bank will however be sending  a reminder notice to the customer which will be valid for 3 months prior to partial freezing. If the customer does not update his/her KYC even after 6 months from the partial freezing stage, the account would be deemed inoperative by the bank.

13 thoughts on “Time To Know Your KYC (Know Your Customer) Documents

  1. Your style is unique in comparison to other folks I have read stuff from.
    Thanks for posting when you have the opportunity, Guess I’ll just bookmark this site.

    real madrid drakt

  2. Great beat ! I wish to apprentice at the same time as you amend your web site, how could i subscribe for a blog site? The account helped me a applicable deal. I had been a little bit familiar of this your broadcast provided brilliant transparent concept

Leave a Reply

Your email address will not be published. Required fields are marked *