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What is the full form of KYC?

KYC: Know Your Customer

The full form of KYC is Know Your Customer. KYC is a popular term used in the banking or financial sector. KYC is a process that financial institutions have to follow, under which these institutions obtain information about the identity and address of customers. Even if you submit KYC documents once in a while, banks can ask again as they need to update KYC records periodically. Banks may refuse to open an account or halt business relationship if the client fails to meet minimum KYC requirements.

It is necessary to open bank account, invest in mutual fund account, bank locker, mutual fund online then update your KYC with the bank. The KYC process was initiated by the Reserve Bank of India (RBI), the KYC guidelines are intended to prevent banks from being intentionally or unknowingly used for money laundering activities. Related processes enable banks to better understand their customers and their financial behavior. Today not only banks but also various online businesses can implement KYC.

KYC includes the following details

  • Customer Name
  • Date of birth
  • Father’s name
  • Mother’s name
  • Marital status
  • Address proof
  • Proof of identification
  • Contact number
  • Pan Card
  • Aadhar Card
  • Source of funds

Required KYC documents for individuals

  • Passport
  • Voter ID Card
  • Driving license
  • Aadhaar Card
  • NREGA card
  • Pan Card
  • Ration card
  • Copy of bank passbook
  • Landline or mobile bill
  • electricity bill

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