Before the advent of E-KYC, document verification was expensive and time-consuming but now the help of online KYC has made this process faster and more economical.
KYC (Know your customer) is the process of verifying the personal details of the customer to check the authenticity of the documents. According to the RBI (Reserve Bank of India), all financial institutions like banks and other financial institutions have to ask for a KYC documents list to the applicant for completing the KYC process before providing any services. It prevents the chances of fraudulent documents, corruption, money laundering, and bribery.
The Government of India has mandated OVD (Officially valid documents) for completing the process of KYC. You will be required to provide a KYC documents list while opening a bank account, Demat account, trading account, or bank locker.
Types of KYC verification
The KYC verification can be done by Aadhar-based KYC or In-person based KYC.
- Aadhar-based KYC is done online with the help of internet connectivity. All you need to do is upload the scanned documents.
- In-person KYC is done offline. The individual has to visit the institution to complete the KYC process.
KYC documents list required for The KYC verification process
The KYC documents list needs to be provided for the verification process and these documents are identity proof and address proof.
#1. Documents for Identity proof:
- Aadhar card, driving license, voter ID, or passport
- Ration card
- PAN card
- Identity cards issued by any public financial institution, scheduled commercial banks, or public sector undertakings.
- Students can provide their identity cards given by their college or universities. However, the college should be affiliated with professional bodies such as the Bar council, ICWAI, ICSI, and ICAI.
- Credit card or Debit card that has the name and address of the individual.
- Any of the above documents must have a photo of the individual. However, the document should be issued by the central or state government.
- The identity proof must contain the applicant’s full name, date of birth, nationality of the individual, residence address, issued date of the document, and expiry date.
#2. Documents for address proof:
- A driving license, Voter ID, maintenance bill of the house, passport, telephone bill, gas bill, water bill, and the electric bill can be valid for the address proof. However, if you are providing a telephone bill, water bill, or gas bill as address proof, then make sure that it is not older than 3 months.
- If you are married and the address is named after your spouse, then you can provide the address proof.
- Students can provide their identity cards that contain their addresses given by the college or university. However, the college should be affiliated with professional bodies such as the Bar council, ICWAI, ICSI, and ICAI.
- Identity cards issued by any public financial institution, scheduled commercial banks, scheduled cooperative banks, or public sector undertakings.
Attestation of OVDs
The applicants are asked to provide self-attested copies along with the original documents to complete the KYC process. In case, the original documents are not available, the applicant is asked to provide the documents duly attested by a legal professional, official government member, or representative of parliament.
Resubmission of OVDs
The customers are asked by their service providers to resubmit the documents for updating KYC verification. For example, in the case of digital wallets, KYC is valid for 24 months and in some cases, the applicant has to go directly to the service provider to submit the documents.
It involves uploading documents, then the documents are scanned and checked. KYC verification helps to know the authenticity of the provided documents by the applicant. Hence, the applicant must provide a KYC documents list to complete the verification.