What are KYC documents for Bank?

KYC Documents Individuals

• Passport.
• Voter’s Identity Card.
• Driving Licence.
• Aadhaar Letter/Card.
• NREGA Card.
• PAN Card.

Can I do Bank KYC online?

If you do not have the time to go through the KYC procedure offline and wondering if KYC can be done online, the answer is ‘YES’. e-KYC eliminates physical paperwork and in-person verification that is needed in case of regular KYC registration.

What is required for KYC?

What are KYC requirements? The two basic mandatory KYC documents are proof of identity with a photograph and a proof of address. These are required to establish one’s identity at the time of opening an account, such as a savings account, fixed deposit, mutual fund, and insurance.

What is meant by KYC?

Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing. KYC involves several steps to: establish customer identity; understand the nature of customers’ activities and qualify that the source of funds is legitimate; and.

How do I find my KYC ID number?

How do I get a CKYC number? You can get a 14-digit CKYC number, known as KYC Identification Number (KIN) by submitting an application along with the requisite documents to any authorised financial institution.

How is KYC done in banks?

KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud.

Why do banks need KYC?

The KYC procedure is used when bank customers open accounts. Banks are also required to periodically update their customers’ KYC details. The purpose of KYC is to reduce the risk of identify theft, money laundering, financial fraud, and the financing of criminal organizations.

Why is KYC important in banks?

The objective of KYC guidelines is to prevent banks from being used, by criminal elements for money laundering activities. It also enables banks to understand its customers and their financial dealings to serve them better and manage its risks prudently.

Why do banks do KYC?

How is KYC done?

Download and fill the KYC form. Mention your Aadhaar/PAN details. Visit a KRA office and submit the application. Attach the proof of identity and proof of address with the application.