The long-form of KYC is Know Your Customer. KYC is done for any person’s identity verification.
Why Do We Need KYC: KYC (Know Your Customer) is basically used to prevent any fraud transaction. The government introduced KYC first to know the person identify when they are taking any services related to banking or of any other financial institution.
Now, the government has made it mandatory, So all the banks (private and government) and other big companies where it is important to store user data for inquiry purposes to identify fraudster or person when any unexpected happens or necessary, are following this rule by government.
You have to fill a KYC form either you are opening a bank account, Paytm account or buying a SIM card.
Required document for KYC (Know Your Customer) in India
- Voter id Card
- aadhar Card by UIDAI (in the form of address proof and photo identify proof.)
- PAN (Permanent Account Number) Card
- Contact Details like Mobile Number, E-mail
- His/Her Name
- The DOB (Date Of Birth)
- His/Her Status as Married or Not
- His/Her Father’s Name
- His/Her Mother’s Name
- Person’s Biometrics Verification
These all documents given above are not necessary for KYC. You just need one of them from aadhar, pan, passport, voter id to verify your address and photo identify.
But If you are a company then you need some additional details like company name, the signature of the director of the company & company’s address proof.
Conclusion: You got almost everything about KYC and the Full form of KYC in this post. You have also known the needed documents for KYC. If you have not yet read it then first read. If you like this post then do share on your social media with your friends.
If you have any question then tell us through a comment.