What is KYC? What are the types of KYC? What are KYC
rules? Which documents are required to perform KYC? Friends, in this article I
am going to give you information about KYC. So, friends, you must read this
article completely.
On the Standards and Financing of Terrorism Act (CFT). The constraint of the Cash Wash Act requires banks, monetary establishments, and middlemen to ensure that they adhere to the minimum standard of KYC. KYC periodically refreshed KYC as a difference to be provided as a new account which is refreshed.
I know that today everyone makes online payments and
likes online services but these online digital pants services also have some
rules. One of them is the rule named KYC, whose name you have heard many times.
And there are many people who do not yet know much about KYC. So friends, today
my article is going to give you information about KYC. So friends, let's start
today's article.
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| What Is KYC? |
What Is KYC?
KYC means to know your customer. Whatever digital
platform exists today such as PhonePe, Paytm, Free-Recharge, Google Pay all use
KYC. And all these digital platforms work as per RBI's rules. That is why it is
very important to KYC all digital platforms online. You can do KYC both online
and offline. KYC is an important part of banking processes. This can reduce the
risk of fraud and transactions.
Importance Of KYC:-
KYC is one which means to separate and confirm the identity of the customer through independent supply and dependency supply of documents, knowledge or information. For the purpose of authenticating the identity of individual customers, the bank may obtain the customer's identity information, address, and date photographed. Similar information will need to be provided for joint holders and mandates holders.
Non-individual customers can obtain identity knowledge to verify the status of the bank. The unit, in operation address, approved signatory and useful house owners.
Non-individual customers can obtain identity knowledge to verify the status of the bank. The unit, in operation address, approved signatory and useful house owners.
Additional information is required on the character of employment or occupation, which the client expects or expects. Also the purpose of the account gap with the undertaking and the bank.
Purpose KYC tips have been placed in situ by the Federal Reserve Bank of India, which are recommendations made by the Mining Action Task Force (FATF) on anti-congestion (AML).
On the Standards and Financing of Terrorism Act (CFT). The constraint of the Cash Wash Act requires banks, monetary establishments, and middlemen to ensure that they adhere to the minimum standard of KYC. KYC periodically refreshed KYC as a difference to be provided as a new account which is refreshed.
Types Of KYC: -
KYC has two types. If you want, you can do both
types of KYC according to your requirements.
1) Minimum KYC: -
You need to do a minimum KYC to activate the wallet
of each digital payments platform. To complete the minimum KYC, you have to
provide your passport, voter ID, driving license, and unique identification
number. After this, you can make digital payments online and take payments
anywhere. But friends, minimum KYC also has rules and some limitations.
As per RBI guidelines, minimum KYC is valid for 18
months only. To get the full benefit of the wallet and continue using it for
more than 18 months, you have to complete the full KYC process.
2) Full KYC: -
In full KYC you get all the benefits of the wallet.
To do full KYC, you have to do your own verification. You have to go to the
nearest KYC point or upload the documents online and physically verify at home.
Friends, in this, you have to provide Aadhar card,
address proof along with PAN card, proof of identity (voter ID).
Important Tips About KYC: -
1) KYC is a completely free process. You do not
incur any charges in this.
2) You must be 14 years old to complete the KYC
process.
3) As per RBI rules, Aadhaar OTP based KYC is valid
for 1 year only. You must complete your in-person verification to continue
using your wallet after 1 year.
4) You can complete KYC with only one number.
5) Do not share your account-related information with
anyone.
Friends, all digital payments platforms can have
different rules for KYC online. That is why I would tell you that once before
doing KYC, read all the rules. I have given their link below.
KYC Rule of Digital Payments Platform: -
Friends are also competing in digital payment
platforms. Today, WhatsApp and Facebook have also been launched. We get very confused
about which platform should we use? So I will tell you that if you have two
payments applications in mobile, you can use another app if needed. You can
choose the best digital payments platform according to the rating and
popularity.
That's all my friends in today's article. I hope
you have liked my KYC related article and you have got a piece of good information about
KYC related.
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