KYC Full Form

By | October 12, 2019

KYC represents Know Your Customer. It is a procedure pursued by a money related foundation or a substance to gather the subtleties to set up the character of a customer. 

KYC procedure was presented by Reserve Bank of India (RBI) to anticipate budgetary fakes like tax evasion, wholesale fraud, and unlawful exchanges. 

KYC Full Form

RBI has exhorted the banks to pursue the KYC procedure while opening the records. 

It shields the clients from fraudsters who can utilize their name, address and fashioned marks to make false exchanges. 

Thus, the clients of monetary organizations like banks ought to give the bona fide subtleties so the banks could distinguish their clients and serve them in a superior manner. 

KYC incorporates the accompanying subtleties: 

  • Client Name 
  • Date of Birth 
  • Father’s Name 
  • Mother’s Name 
  • Conjugal Status 
  • Address Proof 
  • Character Proof 
  • Contact No. 
  • Container Card 
  • Wellspring of the Funds 

KYC Documents required for Individuals 

  • Identification 
  • Voter’s Identity Card 
  • Driving License 
  • Aadhaar Card 
  • NREGA Card 
  • Container Card 

You are required to present any a couple of the above archives as a personality confirmation and address verification. 

KYC Documents required for Companies/Partnership Firms 

  • Substance Proof 
  • Address Proof of organization 
  • Address and Identity confirmation of Directors and Authorized signatories

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