If you’ve opened a bank account, the chances are that you’ve come across the term ‘KYC’. Have you ever wondered what it was and why banks and other financial institutions insist on fulfilling KYC norms? If you have, then here’s the answer for it.

KYC

KYC’s complete form is ‘Know Your Customer’. The KYC process is mandated by the Reserve Bank of India and is done to verify and authenticate an individual’s identity. Since financial transactions carry an element of risk, banks and other financial institutions can minimize such risks by carrying out a verification exercise of the individual before onboarding him.

And thanks to this KYC process, even if an individual is found to have carried out fraudulent transactions, it would be easier for the bank or financial institution to take appropriate action quickly. Contrary to popular opinion, KYC is not a one-time process. You’re required to update your KYC documents periodically.

And to do that, you would first have to track your KYC status to see if your KYC update is due or not. Continue reading to find out how you can track your KYC status online.

KYC Documents

Before we get to the central part of this article, let’s just quickly take a peek at the various KYC documents that institutions typically accept.

Documents Accepted as Proof of Identity

  • PAN
  • Aadhaar
  • Driving License
  • Passport
  • Voter ID
  • Central or state government-issued photo ID
  • Photo IDs issued by Public Sector Undertakings, Scheduled Commercial Banks, or Public Financial Institutions
  • University-issued photo ID.
  • Photo IDs issued by professional bodies such as ICSI, ICAI, and Bar Council of India, among others
  • Credit or debit cards issued by a bank and carrying the full name of the individual

Documents Accepted as Proof of Address

  • Driving License
  • Passport
  • Aadhaar
  • Voter ID
  • Ration card
  • Registered lease agreement
  • Utility bills or bank statements for the previous three months
  • Photo IDs issued by professional bodies such as ICSI, ICAI, and Bar Council of India, among others carrying the address of the individual
  • Municipal or land tax receipts
  • Pension payment records with the address of the individual issued by ministries or public sector companies
  • Address proof issued by central or state governments, statutory bodies, or regulatory bodies

How to Track KYC Status

Here are the steps that you need to follow to track your KYC status.

Depository KYC Status

  1. Visit the official website of Central Depository Service Limited (CDSL).
  2. Navigate to the ‘Inquire on KYC’ page.
  3. Enter your PAN or your name, date of birth, and category.
  4. Enter the captcha as displayed and submit.
  5. Your KYC verification status will be displayed on the screen.

Bank Account KYC Status

  1. Log into your bank’s net banking portal using your credentials.
  2. Navigate to the ‘Check KYC Status’ webpage.
  3. You may have to enter your account number here.
  4. Enter the captcha, if any, and submit.
  5. Your KYC verification status will be displayed on the screen.

Mutual Fund KYC Status

  1. Visit the official website of the KYC Registration Agency (KRA).
  2. Enter your PAN or your name, date of birth, and category.
  3. Enter the captcha as displayed and submit.
  4. Your KYC verification status will be displayed on the screen.

Conclusion

As you’ve already seen above, the KYC process is critical and successful verification of the same is mandatory to use your account freely without any restrictions. Therefore, check your KYC status right away, and if you find that it is not updated, do it right away by submitting the necessary KYC documents.

Sources

https://www.bajajfinservmarkets.in/kyc.html

https://www.bajajfinservmarkets.in/kyc/kyc-documents.html

https://www.bajajfinservmarkets.in/kyc/kyc-status.html