KYC is a popular term used in the field of banking and finance. Banks and Financial Institutions use KYC to verify the identity and address of their clients. KYC means Know Your Customer – that’s your customer.
The government has validated 6 types of documents for identifying the person as a certified document for KYC, which is considered as proof of the identity of the person. If you have once deposited the KYC document in the bank, then the same bank can ask for these documents to update the KYC record again after a certain time to ensure your identity. This is a continuous effort to investigate the bank’s account.
Here is the need for KYC
KYC is necessary for opening an account in the bank, buying mutual fund accounts, bank lockers, and online mutual funds and investing in gold.
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Which identification cards are necessary
- Driving License
- Voter Identity Card
- Pan Card
- Aadhar Card
- which is issued by U.I.D.I.I. NRGA card
You are required to give one of these documents to verify your identity. If there are details of your address along with these documents, then it will be considered as an Authentication of the address. If you can not prove the exact address of your residence, then you are required to provide other legal documents in this regard, in which your address is certified.
Re-filing bill, passport, bank account statement sent by mail or courier whose signature has been verified by bankers, ration card, appointment letter issued by the employer, bank manager of commercial banks, such as consumer bill The letter sent by.
why is KYC important?
The KYC is very important for banks and financial institutions because through this method the person’s application and its identity are ensured and it becomes convinced that whatever documents have been given, they are genuine. There have been many such cases, in which money was withdrawn from the Account by cheating and fraud and fraud. If the identity of the applicant is ensured, then the possibility of fraud becomes less and it can be stopped.
Where to submit the verified
documents Many banks and financial institutions can ask the person to present the documents they have verified. The documents submitted in the bank are validated by their original documents and certified by an authorized official. If necessary, these documents can be authenticated by getting certified by an authorized fund.
Whom to do with certified
Documents can be certified by Notary Public, Gazetted Officer, Management Professional / Co-operative Bank, on which they are signed and the designation is stamped. On the basis of individual, HUL, NRI and company, each person’s document set is separated. In this case, you should confirm that the documents you have given are correct.
Benefit Of KYC
Over the years, the services are being provided to the consumer in a variety of ways, which all are required to abide by. So if you wish to open an account in a bank, then you must comply with KVC. Now the KVC is not possible without reopening the previous account or opening an account for a mutual fund.
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