How to Check KYC Status Online

How to Check KYC Status Online

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Conduct KYC status check online to find out if you are KYC compliant

Key Takeaways

  • Financial institutions are required to conduct potential customers' KYC process mandatorily.
  • KYC helps banks and NBFCs prevent financial crimes.
  • You cannot access financial services if you have not been registered for KYC.
  • You can check the status of your KYC compliance online.
  • KYC Registration Agencies (KRA) websites let you check your KYC status.

KYC or Know Your Customer is an identity and address authentication process that financial institutions must follow to verify you are who you say you are. The Reserve Bank of India (RBI) made KYC mandatory for all banks and Non-Banking Financial Companies (NBFCs) to prevent fraudulent activities. If you are not KYC compliant, you cannot access essential financial services like opening bank and trading accounts, obtaining loans, etc. If you are wondering 'how to check my KYC status', keep reading.

KYC Status – Meaning

Your KYC status tells you whether or not you are KYC compliant, i.e., if financial institutions have authenticated your identity and address proof before offering their services. Being KYC compliant indicates that you comply with the Prevention of Money Laundering Act, 2002. Your KYC status can either be registered, under process or rejected.

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How To Check KYC Status Online?

You can check your KYC status online through KYC Registration Agencies (KRA). These agencies are registered with the Securities and Exchange Board of India (SEBI). Other financial entities can access customer information from KRAs. The KRAs in India are as follows:

  • CDSL Ventures Ltd (CVL)
  • NSDL Database Management Limited (NDML)
  • DotEx International Limited (DotEx)
  • CAMS Investor Services Private Limited
  • Karvy Data Management Services Limited (KDMS)

You can conduct your KYC status check online by visiting any of the KRA websites. Just follow these steps:

  1. Visit the official website of any KRA.
  2. Enter your PAN Card number. Some KRAs allow KYC status checks using your name, date of birth and exempt category.
  3. Click on Submit.
  4. On the next page, you can check your KYC status for all KRAs. The different KYC status types are:
    • KYC Registered: Your KYC has been verified and registered with the respective KRA, and you are KYC compliant.
    • KYC Rejected: Your KYC application has been rejected by the KRA due to an error in document submission.
    • Not Available: The KRA does not have your KYC details for the PAN entered in step 2.
    • CVL MF Verified: CVL Mutual Funds has verified and registered your KYC details.
    • Under Process: The KRA is yet to complete the verification process of your KYC.

Importance Of Being KYC Compliant

You should be KYC compliant before you make financial transactions because:

It helps prevent financial crimes: Banks and NBFCs authenticate your identity with KYC. They can mitigate risks and prevent financial crimes, including money laundering, identity theft, embezzlement, terrorism financing, etc.

It assists with seamless financial transactions: If you are transferring funds, investing in mutual funds, applying for credit cards, buying insurance policies, or trading in the stock market, you must complete your KYC verification first. Without it, you may not open accounts in such institutions.

Final Note

The Know Your Customer process is both legal and mandatory in India. Financial institutions can be penalised for not following the required protocols. Moreover, as a customer, you cannot access financial services without being KYC compliant. KYC status check can be done online using your PAN number.

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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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