What is KYC
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What Is KYC

What is the word KYC or what is the meaning of word KYC is hidden in its name. KYC Full Form  is “Know Your Customer”. KYC is primarily used by the bank for the address and identity of their customers. Nowadays almost everyone has a bank account. KYC is almost very necessary to join these facilities in the all bank or any financial sector and it is one of them very important process. From which we also take many advantage of all kinds of facilities  which provided by the banks. But there are many people they don’t  know about what is kyc .

At present, it is almost very important to get your KYC done because through this the person, his address and many other main information is identified. Keeping in mind the all usefulness of KYC, we  are  going to tell you about  What Is KYC  and what is the fullform of kyc in this article.

What is KYC ?

The KYC is  generally used by  the banks and other financial institutions to verify the complete identity and address of their customers. The full form of the KYC is ‘Know Your Customer’. It is basically a process  from which a bank or any other financial sector companies  obtains all main and correct  information about the identity and address of their customer by filling a normal form through the all necessary KYC documents from their customer. By this process it is completly ensured that all the services of that bank or company are not being misused. For this main reason, banks always need to update their status as per online KYC status by their all customers from time to time.

Now you know about that what is KYC, also meaning of KYC . Now I will give you some  other important  information related to the it like- When is the KYC necessary? And what are the main documents required for the KYC and what is K Y C Full Form  

The full form of the word KYC is “Know Your Customer”. K Y C in India was firstly introduced in the year 2002 by the Reserve Bank of India (RBI). Then in 2004, it has been made completely  mandatory for all banks to get KYC done by their account holders.

At present, Paytm kyc has also completely  made it mandatory to get the K Y C done to protect their  customers from any fraud during online transactions. So if you also use any  digital payment (Google Pay, PhonePe, Amazon Pay) . Then you should know the Full Form of KYC . Because if someone will ask you what is KYC Full Form  then you can easily tell them.

Apart from all this, whenever the KYC is done electronically, it is called E-K Y C. The full form of the word  E-KYC is ‘Electronic Know Your Customer’ . E-K Y C is mainly involves  in verifying the identity of the customer/subscriber either electronically or digitally.KYC Full Form in Marathi or KYC Meaning In Marathi is “Aapla Customer Janoon Ghya”. If you are also searching for the  full form of K Y C in Gujarati then  the KYC Full Form in Guajarati is “તમારા ”.

Why is the K Y C necessary?

If you understand what is the meaning of K Y C in very simple words, then any other bank or company takes some kind of  necessary information about the address of their customer and also  about it, under this KYC process. This is very important so that if any person misidentifies himself with the intention of  any fraud, he is very easily caught. It is very necessary for all  bank or company as it will reduces criminal activities.

Documents required to get K Y C done

Let us now we tell you, what are the main documents required for K Y C?

During the complete K Y C process, the customer firstly  has to fill up the form and submit it  along with the photocopy of the all required documents for  their verification. You need the some  following documents for your K Y C

Driving License

Voter ID (Create Voter ID)

Passport

Aadhar Card

PAN Card

How to fill online KYC form?

If you want to do KYC verification sitting at home, then you can do it very easily. Below we have given you step by step information by giving an example of SBI Bank, how you can do KYC Verification sitting at home.

1. First of all click on this link www.onlinesbi.com.

2. As soon as you click on this link, SBI website will open in front of you. Now you will see the option of ‘Login’ under the ‘Personal Banking’ option, click on it.

3. After this you will see the option of ‘Continue To Login’ on the right side, click on it and login with your Net Banking Id.

4. After login, go to ‘Menu’, there you will see the option of ‘e-services’, click on it.

5. As soon as you click on it, you will see many options, out of which you have to click on ‘PAN Registration’.

6. Now enter your ‘Profile Password’ and click on ‘Submit’.

7. On the next screen, you will see the option of ‘Click here to register’ under PAN Registered, go to it.

8. Then enter your PAN card number and then click on ‘Submit’ option.

9. As soon as you submit, the option of ‘Confirm’ will come in front of you, go to it.

10. Now an OTP will come on the mobile number you have registered, as soon as you enter that OTP, all the details entered by you will be ‘Submit’.

Conclusion:

The Importance of K Y C is very important for the banks and the company and also  it is equally important for you . This is because if in future someone else commits any fraud in your name, then he can be easily caught. You must need to provide your cooperation in the K Y C process, it is also your duty, and also your responsibility.

FAQ’S

1.How do I know my K Y C number?

You can easily  get a 14 digit CKYC number, also known as the K Y C Identification Number (KIN) by submitting an one application to any authorized financial institution along with your all required documents.

2.Is Aadhar card sufficient for K Y C?

For other banking services, Aadhaar is the most preferred document. However, if you do not wish to provide Aadhaar card, you can use any other authorized or valid document as prescribed by the Reserve Bank of India (RBI).

3.Do I need to update K Y C every year?

K Y C is required to be done once every 2 years for high risk customers, once every 8 years for medium risk customers and once every 10 years for low risk customers.

4.What is the fee for K Y C verification?

K Y C verification is completely free and no fee is required to be paid for it.

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