What is KYC Documents? All you need to know

KYC means “Know Your Customer” and also known as “Know Your Client”. Why KYC required? What is KYC Documents?

KYC means “Know Your Customer” and also known as “Know Your Client”.
Therefore, any financial institution or bank has got KYC form filled (KYC documents) with you
so that they can get complete information about you and save your data here. If
there is any problem in the future, then your data can be presented.

You must have heard the name of KYC, at this time, you want do any work like opening a bank account, buy an insurance policy, opening a wallet, purchasing  a credit card, taking a locker, buying a Mutual Fund etc. filling the KYC form is required. 

What is eKYC?

In India, eKYC (Electronic Know Your Customer or Electronic Know your Client) is a process wherein the customer’s address and identity are verified electronically through Aadhaar authentication. Aadhaar Card is India’s national biometric eID scheme.

Aadhar card is the combination of identity proof and address proof.

Why KYC required

In simple words say that customer is the real and exist with ID and address proof.

KYC (Know Your Customer) is today a huge component in the battle against money laundering and financial crime. Client identification proof is the most basic viewpoint as it is the initial step to more readily act in different phases of the interaction.

You make any wallet as if Paytm, Phonepe, Google Pay has been made, in all these, you have to give KYC till you do not provide your KYC documents, then your wallet is not activated.

What is KYC Documents?

KYC is the set of Identity proof with photograph and Address proof documents. KYC documents establish the identity of a person. In other words can say KYC is the process of Identity Verification, face verification, and address verification and Biometric verification such as Aadhar card.

KYC Document List

  • Photo Identity Proof
  • Address Proof

Below are some of the most common and easily available KYC documents.

Identity Proof KYC Documents

  • Aadhaar Card
  • Passport
  • PAN Card
  • Voter’s Identity Card
  • Driving License
  • Photo identity proof of Central or State government
  • Ration card with photograph
  • Letter from a recognized public authority or public servant
  • Bank Pass Book bearing photograph
  • Employee identity card of a listed company or public sector company
  • Identity card of University or board of education like ISC, CBSE, etc.

Address Proof KYC Documents

  • Passport
  • Voter’s Identity Card
  • Driving License
  • Electricity Bill, Telephone bill including mobile, landline, wireless, etc type of connections, not more than 6 months old
  • Bank Account Statement
  • Consumer Gas connection card or Gas Bill
  • Letter from any recognized public authority or public servant 
  • Credit Card Statement
  • House Purchase deed
  • Lease agreement along with last 3 months rent receipt
  • Employer’s certificate for residence proof

Income Proof Documents

  • Income Tax Returns
  • Salary Slips
  • Bank Statement

KYC Status

In this post, we have given complete information about KYC such as what is KYC, what is the full form of KYC, what are the different types of KYC, KYC documents. We have tried to give complete information that if anything else is missed then please comment us, we will definitely tell you and we will try to add it and if you like this post, then definitely share it. Thank you

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