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Everything you need to know about Aadhaar KYC

In this article, you will be getting to know all about KYC and e-KYC. Read on to find out.

What is KYC?

RBI has made it compulsory for all the financial institutions, including banks, to collect and save all information regarding their customer’s identity and residential address. Know Your Customer, i.e. KYC is the name given to this collection and verification of information.

Sections of a KYC form

The following details are included in a KYC form:

  • All your basic personal information including your name, parents / spouse name, date of birth, etc.
  • Contact details including residential address, email address, and phone number.
  • Any one of following valid identification:
  • AADHAR card
  • Voter ID
  • Rent agreement
  • Driving license, etc.

What all documents do you require for completion of KYC?

For completion of KYC process, you need the following documents:

  • Any one of the following ID proofs:
  • AADHAAR card
  • Passport
  • PAN Card
  • Driving license
  • Voter’s ID
  • ID card including your photograph issued by State or Central govt.
  • A letter including an attested photograph issued by gazetted officer.
  • Any of the following as a proof of address:
  • Municipal tax receipt
  • Pass book of bank account / post office account
  • Electricity, telephone, gas bill

ekyc

Process of KYC

The following steps are required to complete the KYC process:

  • Go to the site of your bank and click on the KYC option.
  • It will ask you to enter the number of your AADHAAR card. After you have linked it with your account, an OTP will be received on SMS.
  • Fill out all the information asked for, including OTP.
  • Complete all the other formalities asked for.

eKYC and its benefits

eKYC is more convenient than going to the bank / office and filling out a number of forms and documents. You can complete the process of KYC with ease, just with the use of your computer / phone.

No other manual interventions are needed, making the process quick and simple.

The benefits of eKYC include:

  • Completely a paperless process, taking only a few minutes to finish.
  • The possibility of fraudulent activities is reduced because UIDAI ensures to send a tamper proof digital copy only.
  • First, UIDAI receives an actual consent straight from the AADHAAR holder, after that only any personal information is forwarded to the service providers.

FAQs

  • Who can use AADHAAR based eKYC document?

Ans.

First time mutual fund holders and investors can make use of this service. These people should have a valid AADHAAR card number.

  • What steps are included in order to become a KYC complied AADHAAR card holder?

Ans.

  1. Enter all the information asked for, including name, DOB, etc.
  2. You will get an OTP or One Time Password on your registered mobile number. Enter that and proceed.
  3. Double check all the entered details and click on submit.