KYC Full Form in 2022 – Full Form of KYC (KYC) – What is KYC
Full Form Of KYC: The full form of KYC is Know Your Customer. It is mostly used in banking. You must have heard the name of KYC somewhere, but do you know the meaning of KYC, if not then you have come to the right article.
The full form of KYC is know your customer i.e. know your customer. It is mostly used in bank work. It contains all the information of the customer.
To get KYC done, you have to fill a form. Through which the bank understands all your information. This scheme was launched by RBI. KYC tells you the identity of the customer.
Every bank account holder is required to do KYC. With its help, it becomes very easy to identify the customer. This scheme was introduced so that the customer could not be stolen or cheated.
Whenever you open a new bank account, only then you have to fill the KYC form. With the help of this, you create a personal account, these days KYC has become mandatory for opening a bank account.
Nowadays all the banks and financial institutions are making KYC mandatory for all their customers.
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Why is KYC necessary?
You have already learned its use, KYC protects you from frauds of online transactions. If you want to make digital payment then you need to get KYC done.
You can use Google Pay, Paytm, Phone Pay and other payment applications for digital payment. By getting KYC done, the address of the customer and all his information is known.
KYC has now become mandatory in all banks and other payment apps so that the customer can do online transactions safely.
What are the documents required for KYC?
There are many options for you to do KYC, you have to do it by going to your bank. For which you need some documents.
Documents required for doing KYC:
- Customer Name
- phone number
- Date of Birth
- email address
- Mother’s Name
- Father’s Name
- Marital Status
- Identity Proof
- Address Proof
- Source of income
With this, you have to give a photo of yourself and Aadhar card. After taking all the documents, you have to submit it to the bank.
How to do KYC online?
- Like we told you earlier that KYC verification is very important. You can easily do KYC sitting at home, you can open your bank account online and apply loan with it.
- To do online KYC, you need International ID Proof. If seen in today’s time, Aadhar card is used in many places, it can also be used as an address proof to you.
- Aadhar card is issued by the Government of India. If you want to do online KYC, then you can get KYC done by giving only and only Aadhar card.
- You can get KYC done through Aadhar card in two ways: OTP and Biometrics. When you want to get OTP Verification done then you have to enter Aadhar card
- After this you get OTP on your mobile number or email. The second option is Biometrics, in which you need fingerprint.
Some questions related to KYC: FAQs related to KYC
What are the documents required to do KYC of Paytm?
For this you need aadhar card, pan card and mobile number.
How many days does it take to verify KYC?
Sometimes it takes very less time to do KYC verification. Sometimes you have to wait 7 to 8 days for it to be complete.
KYC Full Form & Meaning: What is KYC
we will know what is KYC, what is its full form? Documents required to get KYC done and how to get it done. Friends, KYC is such a process in which one’s identity, address and many other information related to it are verified. The Reserve Bank of India has made it necessary for all the banks, financial institutions and shopping sites like Paytm, Flipkart, Mobiwik, Amazon to do KYC for all the customers where financial transactions take place.
Whether to open a bank account, apply for a loan, buy Mutual Funds or even use a site for online transaction, now KYC has been made mandatory everywhere. For KYC, you have to fill a form and submit some documents related to your identity along with it. For platforms like Paytm, Flipkart and Mobivik, you can submit your KYC online.
KYC is a similar process in which a bank or an institution correctly identifies its customer. For which he is asked for his personal documents, on the basis of which his identity is ensured.
KYC in India was introduced by the Reserve Bank of India in 2002. In 2004, it was made mandatory for all banks to do KYC of their account holders.
The main purpose of conducting KYC is to prevent any kind of illegal activities and frauds like money laundering. For which complete information of every customer is verified through KYC.
KYC is done once in the beginning by any bank or any other institution. After that the process of KYC does not have to be repeated. However, the bank can ask you for the documents later if they want.
Documents required to get KYC done
When you are asked to get your KYC done online or offline, then the question comes in your mind that what are the documents needed to get KYC done. To get Bank or Flipkart, Amazon, Paytm KYC submitted, you are asked for documents related to your identity proof and your address. With the KYC Form, you can submit any of the following documents related to your identity
- Aadhaar Card
- Voter Identity Card
- Pan Card
- Narega Card
- Driving License
- You can submit any one of the above mentioned documents as your identity. If your address is also on the submitted document, then it will be considered valid as your address proof. If there is no address on the document, then you will also have to submit Address Proof for Address Verification, which can be any of these.
- Electricity bill, phone or gas bill in which your address is written.
- Ration card
- bank account statement
- Letter containing your address with the signature of the bank manager.
- Why is it necessary to get KYC done?
- Why KYC is required for any bank or other financial institution and what are its benefits? This question also remains for many people. Friends, by getting the bank KYC done, the bank makes sure that whatever information you have told about yourself to the bank is correct or not.
Many times there have been cases of fraud from the bank, in which KYC plays an important role in preventing it. Therefore, every bank has made it necessary for its account holders to do KYC. If your KYC is not done, then neither you can open an account in the bank nor will you be able to invest in Mutual Funds. However, once the KYC process is completed, you will not need to do KYC every time you invest in mutual funds.
When you get your KYC done, you inform your bank about your financial history along with your identity and address. By which the bank and the financial institution is sure that the money you are investing there does not come from money laundering or any illegal activities.
Common questions related to KYC: KYC FAQs
What are the documents required to get Paytm KYC done?
You need Aadhar Card, Pan Card and Mobile Number to complete Paytm KYC process
How long does it take to get KYC verification done?
Generally it takes less than a day for KYC verification. However, the maximum time taken for KYC verification can be up to 7.
I have not got my KYC done. But I want to invest in mutual funds. Can I do this without KYC?
No, you have to complete your KYC verification process before investing in Mutual Funds. Only then you will be able to invest in mutual funds or share market.
When I first invested, I got my KYC done. Now if I want to reinvest, do I have to do my KYC again?
If you have got your KYC done this time from any institute approved by SEBI, then you will not need to do it again. It is necessary to do KYC only once in the beginning when you invest for the first time.
- Today we have seen what is the meaning of KYC, what is its full form. Where is it used?
- If anyone tries to steal in future, he will be caught. Because KYC contains the information of each customer.
- Hope you have liked our article, in this we have told very simple words, what is KYC and its use is called.
- What documents do you need and need for this. If you liked this article, then do share it with your friends and family.