What are valid KYC documents?

What are the KYC documents?

What are the officially valid documents?

“Officially Valid Document” (OVD) means the passport, the driving licence, ⁹proof of possession of Aadhaar number, the Voter's Identity Card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government and letter issued by the National Population Register ...

Which document is safe for KYC?

Voter's card/Passport/Driving License/ Registered Sale Agreement is required or Lease on residence/Maintenance bill of the flat is valid too. Your electricity or gas bill, telephone bill, and bill for water consumption are valid too. These bills must not be more than three months old.

Is Aadhaar card a KYC document?

KYC or Know Your Customer is a compulsory process that most mobile companies and financial institutions require their customers to complete. Although an Aadhaar card can be used as a KYC document, the entire KYC process still takes a relatively long period of time to complete due to documentation.

KYC, KNOW YOUR CUSTOMER ,OVD ,OFFICIALLY VALID DOCUMENTS

Is PAN card necessary for KYC?

The PAN is proof of your identity as well as income. It also proves that you are a tax-paying citizen of the country. A PAN Card is, therefore, a mandatory document at the time of getting your KYC process done.

How many OVD are there in KYC?

Note: A customer is required to submit only one OVD for both proof of identity and for proof of address as part of KYC procedure. If the OVD for proof of identity does not have the proof of address (for e.g. PAN Card), then the customer is required to Page 3 submit another OVD for proof of address.

What if KYC is not done in bank account?

As per RBI rules, the bank has full right, even to close the account if required KYC documents were not submitted by the customer for periodical updating.

How do I verify KYC documents?

You would have to visit the eKYC portal of the KRA and login with your credentials. You then click on the link ''Update KYC'. You then fill up the new details and upload the scanned copies of the relevant documents. You will have to complete the verification using the OTP on your registered mobile number.

Can we do KYC online?

If you do not have the time to go through the KYC procedure offline and wondering if KYC can be done online, the answer is 'YES'. e-KYC eliminates physical paperwork and in-person verification that is needed in case of regular KYC registration.

How do I know my KYC details?

What are the 3 components of KYC?

How do banks verify documents?

Most banks require address proof, identity proof, income proof documents, a duly filled loan application form along with passport-size photographs to process a personal loan. Documents Verification Process: The bank takes 1 or 2 days to analyse the documents provided and forwards it to the verification department.

How many types of KYC are there?

There are two types of KYC:

Aadhaar-based KYC. In-Person-Verification (IPV) KYC.

Can I use bank account without KYC?

The most important benefit is that without KYC compliance you will not be able to use your digital wallet. However, your money remains safe in the wallet and becomes available to you after completing the KYC process.

How long is KYC valid for?

KYC is required to be done once in every two years for high risk customers, once in every eight years for medium risk customers and once in every ten years for low risk customers. This exercise would involve all formalities normally taken at the time of opening the account.

Is KYC required every year?

However, now with an update in MCA's registry, it becomes mandatory for all directors having DIN to submit their KYC details in e-Form DIR 3 KYC every year.

Is PAN card a Ovd?

Officially valid documents (OVDs) for KYC purpose include: Passport, driving licence, voters' ID card, PAN card, Aadhaar letter issued by UIDAI and Job Card issued by NREGA signed by a State Government official.

Which account can be opened without Ovd?

Small Account – Bank Account in India

Those who do not posses a valid identity or address proof, can still open a bank account known as 'Small Account' by submitting recent photograph and signature or thumb impression in the presence of the bank official.

How many OVD are there in bank?

Rules mandate that customers have to submit any of the six officially valid documents (OVD) as proof of their present address. The six OVDs are voter ID, passport, driving licence, letter issued by the National Population Register, NREGA job cards and Aadhaar.

Is Aadhaar mandatory for bank KYC?

For other banking services, Aadhaar is a preferred KYC document. However, if you do not wish to submit Aadhaar, then you may use any other officially valid documents as prescribed by Reserve Bank of India. Remember, linking your bank account with Aadhaar in this case is optional.

How is KYC done in banks?

KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud.

How do I prove my identity to the bank?

What are the four pillars of KYC?

The Company has framed its KYC policy incorporating the following four key elements: (i) Customer Acceptance Policy; (ii) Customer Identification Procedures; (iii) Monitoring of Transactions/ On-going Due Diligence; and (iv) Risk Management.

What are the 4 customer due diligence requirements?