What is KYC and How to do KYC Verification?

To begin with, let us understand what is KYC. KYC (Know Your Customer) is a mandatory process in the banking sector to verify the identity of customers. KYC verification ensures that the customer's identity is verified and monitored to maintain transparency and security in the banking system. It helps in preventing financial fraud, money laundering, and terrorist financing. 

What is KYC in the Bank?

KYC in banks refers to the process of verifying the identity of customers to ensure they are who they claim to be. It involves collecting personal information and documents from customers to establish their identity. KYC helps in preventing identity theft, financial fraud, and other illegal activities in the banking sector.

What is KYC Verification?

KYC verification is the process of confirming the identity of customers through the submission of valid documents. It is a crucial step in opening a bank account, applying for a loan, or conducting any financial transaction. KYC verification helps banks understand their customers better and reduces the risk of fraudulent activities.

How to Process for Offline KYC Verification?

Offline KYC verification involves visiting the bank branch in person and submitting physical copies of the required documents. 

1. You need to download the KYC form.
2. Then proceed to fill in the necessary information like your Aadhaar or PAN details.
3. Visit your nearest branch of the bank.
4. Submit the KYC form along with proof of identity, address, and other relevant documents. 
5. Once the documents are verified, the KYC process is completed.

How to Process for Online KYC Verification?

KYC online verification can be done through the bank's website or mobile app. Customers need to upload scanned copies of the required documents and fill out the online KYC form. Follow the steps given below to successfully complete your KYC process:

1. Log in to the official website of the bank.
2. Provide your registered mobile number and enter the OTP received on it.
3. Upload your self-attested e-Aadhaar online.
4. The terms and conditions need to be accepted.
5. Once the documents are submitted, they are verified electronically by the bank. 

If you don't have a registered mobile number, you can try to do your Aadhaar verification through biometric authentication. In this process, an authorised representative will visit your address. You can show your documents to that representative, and the approval will be intimated to you through SMS or mail. Online KYC verification is convenient and saves time for customers.

List of Documents Required for KYC

The documents required for KYC verification may vary from bank to bank, but generally include –

• Proof of identity such as an Aadhaar card, PAN card, passport
• Proof of address such as utility bills, rent agreement, and 
• Recent photograph. 

Customers are advised to check with their respective banks for the complete list of documents required for KYC.

Other KYC Articles:
1. e-KYC Aadhaar - How To Check Aadhaar e-KYC Online And Offline?
2. KYC Update Online - How To Update KYC Details?