KYC Full Form: What is KYC?: The meaning of KYC is hidden in its name. KYC is used by the bank for the address and identity of its customers. But many people do not know about KYC. In today’s time, almost everyone has a bank account. KYC is very necessary to join these facilities in the bank or any financial sector, as well as it is a very important process. By which we also take advantage of all kinds of facilities provided by the banks.
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What is KYC?
At present, it is very important to get KYC done because through this the person, his/her address, and other information are identified. Keeping its usefulness in mind, we are going to tell you about KYC (What Is KYC?). If you want to get information about KYC Full Form, Documents required to get KYC done, and how to get it done, then stay with us in this article till the end.
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KYC is used by banks and financial institutions to verify the identity and address of their customers. KYC is a process by which a bank or any financial sector company obtains information about the identity and address of the customer by filling a form through the necessary KYC documents from its customer.
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By this process, it is ensured that the services of that bank or company are not being misused. For this reason, banks need to update their KYC as per KYC status to their customers from time to time.
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Now you must have come to know that what is KYC, the meaning of KYC, now we will tell you KYC Information in which you will know when KYC is necessary? And what are the documents required for KYC?
KYC Full Form
The KYC full form is “Know Your Customer“. KYC in India was introduced in the year 2002 by the Reserve Bank of India (RBI). Then in 2004, it has been made mandatory for all banks to get KYC done by account holders.
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Currently, Paytm Bank Feature has also made it mandatory to get KYC done to protect its customers from frauds during online transactions. So if you also do the digital payment (Google Pay, PhonePe, Amazon Pay), etc. then you should know the Full Form of KYC. Because if someone asks you what is KYC Full Form then you can tell them.
Apart from this, when KYC is done electronically then it is called e KYC. The full form of e KYC is ‘Electronic Know Your Customer’. It is to verify the identity electronically or digitally.
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Why is KYC necessary?
If you understand what is the meaning of KYC in simple words, then any bank or company takes some necessary information about the address of its customer and about it, under the KYC process. This is important so that if a person misidentifies himself with the intention of fraud, he is easily caught. It is very necessary for any bank or company as it reduces criminal activities.
Documents required to get KYC done
Let us now tell you, what are the documents required for KYC?
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During the KYC process, the customer has to fill the form and submit along with it a copy of some necessary documents for verification. You need the following documents for KYC –
- Driving License
- Voter ID
- Aadhar Card
- PAN Card
The KYC is important for the bank and the company as well as it is equally important for you (Individual). This is because if in the future someone else commits fraud in your name, then he can be caught. Everyone must provide their support in the KYC process, it is your duty, and also their responsibility.
Note: This post is only for informational purposes. Maybe Some data is changed by time or wrong. In this case, We are not responsible. So For better Knowledge of the KYC. Please Visit the Government Official Websites.
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