What is the full Form of KYC - Types of KYC - KYC Documents

What is the Full Form of KYC

Full form of KYC is to know your customer and know your client . KYC means to know your customer. KYC is used to identify your customer.

KYC is very important to open an account in a bank or to open your account in Paytm and other online money transfer applications. Your account will not be opened without KYC.

What is KYC

KYC enables an institution to authenticate the identity and address of an investor. If any customer wants to open any kind of bank account or invest in mutual funds, fixed deposits etc., then he has to deposit his KYC first.

No investor or customer can open their account nor make any type of investment without depositing KYC.KYC is a method that confirms that banks are not being used to make black money legitimate money.

Types of KYC

There are two types of KYC:

Aadhaar-based KYC

In-Person-Verification (IPV) KYC

Aadhaar-based KYC

If you want to make any kind of investment, it is necessary to get KYC done for this. If you want to invest up to 50,000 then you have to get Aadhaar based KYC. You can get Aadhaar based KYC online.

In-Person-Verification (IPV) KYC

If you want to invest more than 50000, then you have to get In-Person-Verification (IPV) KYC. To verify the In-Person-Verification (IPV) KYC, customers can visit the Fund House office or KYC registration agency from where they can get their In-Person-Verification (IPV) KYC done.

Some mutual fund houses allow their customers to do their in-person verification through video calls, where they have to show proof of their full identity and address. When your personal verification is complete, after that you can invest more than 50,000.

What are the KYC Documents

Documents required for KYC : Some documents have to be submitted to authenticate the identity / address of the customer / customer. The list of required KYC documents is given below:

Identity proof:

Aadhaar Card / Passport / Voter ID / Driving License.

PAN card with photo.

Any type of Identity Card issued by any of the following: Central / State Government and its department, institute / regulatory authority.

Identity Cards issued by Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions.

Identity cards issued from colleges affiliated to universities, business institutions like ICAI, ICWAI, ICSI, Bar Council etc. and credit card / debit card issued by any bank.

Proof of address

Aadhaar Card / Passport / Voter ID / Driving License.

PAN card with photo.

Any type of Identity Card issued by any of the following: Central / State Government and its department, institute / regulatory authority.

Identity Cards issued by Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions.

Identity cards issued from colleges affiliated to universities, business institutions like ICAI, ICWAI, ICSI, Bar Council etc. and credit card / debit card issued by any bank.

How to do KYC ?

There are 3 ways to do KYC, with the help of which you can get your KYC done.

Online KYC

Offline KYC

Aadhaar-based biometric authentication

How to do Online KYC ?

There are also 2 ways of doing KYC online, in which the first way is Aadhaar OTP and the second way is Aadhaar based biometric KYC. With Aadhaar OTP, you can get your KYC done within minutes.

To get Aadhaar-based biometric KYC done, you have to apply online and after that you go to KRA home / office for biometric verification.

Follow the below given methods to do KYC online.

Go to the KYC registration agency website.

KYC registration agency website NDML, CLMS, Karvy, CVL and NSE.

Enter your information into the website

How to do Offline KYC

To do KYC offline, you have to follow the below given method:

Download and fill the KYC form.

Fill your plain information in the form.

Go to the KRA office and submit your form.

You will be given an application number with the help of which you can check the status / status of KYC.

In some cases you may also have to submit biometrics

How to do KYC online through Aadhaar-based biometric?

The biggest advantage of doing KYC through Aadhaar-based biometric is that you are not given any limit to invest in it. You can invest as much as you want. 

You do not get this facility in doing the other online KYC. You can invest up to 50,000 only on online kirken.

How to do KYC through Aadhaar-based biometric?

Go to any KRA or fund house portal

Perform online KYC as mentioned in the above procedure

Apply online for biometric authentication.

An executive of the fund house goes to the address mentioned in the form.

Show him your documents and provide your biometrics.

After all processing, your application will be submitted and your KYC will be done.

Your application will be submitted and KYC will be done.


Some Question and Answer

Why is KYC Important ?

The main objective of KYC is to avoid activities like money laundering by the bank. After KYC, no customer can carry out activities like money laundering.

What is the KYC long Form ?

K = Know

Y = Your

C = Customer/Client

What is the KYC Policy RBI ?

There are four key elements:

  1. Customer Acceptance Policy;
  2. Customer Identification Procedures;
  3. Monitoring of Transactions; and
  4. Risk Management.

What is kyc document

Two types of documents are used to get KYC done.

  1. Proof of identity
  2. address proof

KYC Requirements

  1. proof of identity
  2. Selfie
  3. address proof

Some KYC Full Form Related Question

Bank KYC Full Form,KYC Full Form SBI,KYC Full Form in Banking,Paytm Kyc Full Form,Kyc Documents Full Form,Full Form of KYC in Paytm.

Answer is only one. Know your Customer or Know your Client.

KYC Full Form in Hindi or KYC ka Full Form

KYC Full Form in Hindi is अपने ग्राहक को जानें .

KYC Processes

Verifies the identity.

  1. Identity verification, 
  2. face verification,
  3. document verification (proof of address),
  4. biometric verification.
Read More