advanced-ads
domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init
action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/citybuzzclick/public_html/wp-includes/functions.php on line 6114KYC stands for Know Your Customer, it is a unique process through which banks can keep information about the identity, financial details and personal address of every single customer.
It came into existence in 2002 for the first time, later on the Reserve Bank of India made it compulsory for all the banks in 2005. In some cases, customers are required to file KYC at the time of opening a bank account. Through this specific method the customers inform the bank about their financial history and this helps the bank to ensure that money invested by the customer is not for any sort of illegal activity.
Types of KYC
There are two types, one is Aadhaar based KYC, which allows a customer to perform KYC by providing Aadhaar details online. Here the customer can invest up to Rs 50,000 every financial year per fund and not more than that. If a customer wants to invest more then he or she should opt for In-Person Verification through Aadhaar Biometric Authentication process.
The documents you will need:
To perform KYC, a customer needs to submit some essential documents, they are
· Any proof of identity (Example: Voter ID /Aadhaar /passport etc.)
· Any document which can prove your address (Example: Voter ID, Ration Card, Telephone or Electricity bill, Passport etc.)
How to do KYC?
One can do it both online and offline by following some basic guidelines:
The online method –
There are two online methods available for it:
Aadhaar OTP (one time password)
To do your KYC online through Aadhaar OTP, one should follow the below instructions:
To do your KYC through Aadhaar based Biometric, one should look at the below instructions:
The offline method:
If any customer is not comfortable with the online mode of verification, then he or she can also opt for the offline method but one needs to remember that the offline process will take a lot of time compared to the online method.
To do KYC offline, one needs to follow some basic instructions –
Conclusion:
KYC is an important means of verifying the identity of a customer through a reliable source of documents and at present it is mandatory for every single customer to meet the minimum KYC requirements. Although there is a flexibility provided to those who are unable to provide the documents for genuine reasons at the time of account opening, however, banks have the right to discontinue an existing relationship or refuse to open an account of a customer.
Govinda Poddar of Rest of Odisha-B scored 135 off 105 balls. (Photo credit: OCA) Cuttack:…
BBSR-A's Subhrakanta Parida returned figures of five for eight. (Photo credit: OCA) Cuttack: Subhrakanta Parida…
Tobacco awareness sessions organised by AMNS India in villages of Odisha. Bhubaneswar: In a significant…
Filmmaker Biswanath Rath at this year's Cannes Film Festival. Cannes/Bhubaneswar: Filmmaker Biswanath Rath has made…
Representational Image. (Image by Christop from Pixabay A recent study conducted by the Indian Institute…
Representational Image. (Image by Rosy / Bad Homburg / Germany from Pixabay) Chandigarh experienced its…