Quick Answer: When Should KYC Be Done?

Is KYC mandatory?

KYC and Customer Due Diligence measures The KYC policy is a mandatory framework for banks and financial institutions used for the customer identification process..

What is normal KYC?

Normal KYC account For normal KYC account, you can submit any of the six official documents as proof of identity. Those documents are PAN card, Aadhaar card, Driving licence, Voter Id, Passport, and NREGA Job Card.

Can KYC be done from any branch?

In most cases, you can submit KYC documents in any branch of your bank in India. 2. Submission of documents: If your bank asks you to re-submit your KYC documents, then you will need to provide residential and identity proof. Aadhar cards are also accepted.

What documents are required for KYC?

KYC Documents IndividualsPassport.Voter’s Identity Card.Driving Licence.Aadhaar Letter/Card.NREGA Card.PAN Card.

Can we do KYC at home?

2. Aadhaar based KYC at your Doorstep: This is in pilot phase and has been rolled out to limited users in select locations. In case you are part of the pilot exercise, you will find this option by tapping on http://m.p-y.tm/kyc Else, you may visit the KYC point nearest to your location.

Is KYC necessary for bank account?

You can not open any of the accounts without the Know Your Customer Documents. In fact, it is now mandatory as per guidelines from the Securities and Exchange Board of India to comply with these KYC norms before you open a demat and trading account. Banks too will not open an account unless you have the same.

Is PAN card necessary for KYC?

The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts. The RBI said the updated know-your-customer (KYC) requirement was subject to the Supreme Court’s final judgment on Aadhaar, for which the hearing is under way.

Is KYC verification safe?

Currently, the most common Paytm fraud is the KYC scam. Hackers are stealing account related details in the name of KYC verification. Many times, they ask users to download Team Viewer through which hackers can see the screen of the phone. Then the hackers tell users to log out of the Paytm app and log in again.

When should I update KYC?

KYC needs to be updated in every two years for high-risk customers, while for medium risk customers, they can update in every 8 years. Low-risk customers can update their KYC in every 10 years.

How do I get KYC verified?

You have to follow the steps mentioned below for doing KYC offline:Download and fill the KYC form.Mention your Aadhaar/PAN details.Visit a KRA office and submit the application.Attach the proof of identity and proof of address with the application.You may have to submit your biometrics as well in some cases.More items…•

Is KYC a one time process?

Your KYC is just a one-time process. If you don’t want to go to a branch, then you can complete this process online. This is completely paperless. However, you need to have your Aadhaar number.

How long does it take for KYC verification?

Once your in-person verification has been completed by our authorized representative, it will take another 2-3 working days to complete your full KYC verification.

What are the three 3 components of KYC?

There are three components of KYC compliance.The first pillar of a KYC compliance policy is the customer identification program (CIP). … The second pillar of KYC compliance policy is customer due diligence (CDD). … The third pillar of KYC policy is continuous monitoring.More items…•

What will happen if KYC is not submitted?

Failure to comply with the order may allow the banks to freeze those accounts for which KYC details have not been updated. If this happens, the bank account holder will not be able to operate his account, withdraw or transfer money.

Why should KYC be done?

The objective of KYC guidelines is to prevent banks from being used, by criminal elements for money laundering activities. It also enables banks to understand its customers and their financial dealings to serve them better and manage its risks prudently.