KYC Documents List

KYC Documents List

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The list of KYC documents you must submit while availing of financial facilities?

Key Takeaways

  • KYC stands for Know Your Customer.
  • It is a process financial institutions follow while providing their facilities.
  • You must submit ID, address, and income proof documents while completing the KYC verification process.
  • You can choose your preferred KYC documents to submit from the list provided by the financial institutions.
  • You can complete KYC documents submission online and offline.

When you sign up for a service from a financial institution, you typically have to complete a documentation process. For instance, when you open a savings account, a DEMAT account, or apply for a loan, the bank asks you to provide some specific documents. You also have to complete a mandatory process known as KYC compliance. Short for 'Know Your Customer', KYC is an essential process through which the lender assesses your authenticity as a customer. In this article, we explain what is a KYC document along with the generally accepted KYC documents. Read on.

What is a KYC Document?

A KYC document is typically a government-approved document that gives a financial institution basic information pertaining to their customers' identity, address, and income. Such a document enables financial institutions to validate their customers' identities and safeguard themselves from offering their facilities to anyone involved in illegal or fraudulent practices.

The financial institution generally shares a KYC documents list, from which you can provide one copy of your identity, address, and income proof.

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Documents Required for KYC

The following are the most widely accepted KYC documents.

Identity Proof

Any document with your photograph embossed on it is considered an identity proof document. You must provide any of the following ID proof documents to complete the KYC process.

  • PAN Card
  • Aadhaar Card
  • Driving License
  • Voter ID Card
  • Passport
  • Photo ID cards issued by central or state government entities, public financial institutions, Public Sector Undertakings and Scheduled Commercial Banks.
  • Photo ID cards issued by government or private universities.

Address Proof

Financial institutions also ask for your permanent and current address proof documents (if the two are different). The KYC documents list for accepted address proof documents includes the following.

  • Aadhaar Card
  • Driving License
  • Voter ID Card
  • Passport
  • Ration Card
  • Latest utility bills like Electricity, Telephone, Gas, Water, etc.
  • The first page of your bank passbook featuring your address details
  • Rental Agreement or Lease

KYC Documents for Bank – Why Banks Insist on the KYC Process

The KYC process was introduced in 2004 by the Reserve Bank of India – the Central Bank of the country. The RBI prohibited financial institutions from providing any services without the mandatory KYC compliance process. The idea behind introducing KYC documents for bank was to ensure all financial transactions were conducted in a legal, above-ground manner. KYC compliance enables the concerned authorities to track bank accounts conducting financial frauds and transactions associated with money laundering, terrorism funding, and other grave criminal offences.

Final Note

Today, you can complete the KYC verification process offline and online. Most financial institutions enable you to hand over the KYC documents in person at their branches or submit them electronically. Since you can open bank accounts and apply for loans online, you can opt for the e-KYC or video KYC process. With e-KYC, you can attach scanned copies of your KYC documents and complete the KYC process through a video call with a bank representative. Indeed, completing the KYC verification is as simple as it is effortless.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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