What is KYC? How to do Kyc | Full Form Of Kyc

 

What is KYC : You must have needed to get KYC done at some point or the other, ya must have heard the word kyc somewhere. So know what is KYC. What is KYC or what is the meaning of KYC, friends, it is hidden in its name. KYC Full Form “Know Your Customer” happens. KYC is used by the bank for the address and identity of its customers. But many people do not even know about KYC Kya Hai. In today’s time almost everyone has a bank account. KYC is very necessary to join these facilities to do transaction in bank or any financial field like Paytm App, Bhim pe, and other apps or to buy bitcoin in cryptocurrency app, many apps have mandatory here Also, it is a very important process. With which we also take advantage of all kinds of facilities provided by banks, and payment apps.

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Full Form

KYC Ka full formknow your customer” Is.

Know what is KYC in Hindi.

What is KYC? How to do Kyc | What is KYC in Hindi | Full Form of kyc | eKYC in Hindi
what is KYC in Hindi.

What is KYC?

know your customer know your client also know as. It simply means knowing your customer.

This rule of regulation is there all over the world. And in India, RBI (Reserve Bank of India) has given the guidelines of KYC.

In this, the bank asks you for your identity and address information from you.

This process ensures that the services of the bank are not misused.

When you open your account in the bank, then KYC is processed. And this process is compulsory.

Even after giving the document once, the bank may ask for the document from you to update the records. Know further what is the need of KYC.

Why KYC is necessary?

Illegal activities like money laundering affect the economy of any country.

KYC is done to stop many such illegal things.

Helps to control black money.

This becomes necessary to prevent many frauds. Know your customer has been brought into practice for many years. It is important for everyone to follow it.

You cannot open a bank account or mutual fund account without doing KYC.

Its main purpose is that only a real person should open an account and not someone in a fictitious name.

Where is KYC required?

  • To open an account in the bank.
  • To open an account in a mutual fund.
  • for bank locker
  • To open a stock market demat or trading account
  • For merchant transactions in the payment app
  • Crypto trading from the app requires Kyc
  • To get FD done in another bank.

mutual fund You also have to do this process to invest in it.

And in mutual fund investment, this process is controlled by SEBI (Securities and Exchange Board of India).

A person who wants to invest in a mutual fund has to get KYC done with KRA (KYC registration agency).

Before 2012, you had to provide PAN details to invest in mutual funds, but now it is not necessary.

for kyc From which document is required?

ID proof

You can give Aadhar Card, Pan Card, Passport, Voter ID, Driving License.

Address proof

Electricity bill, landline bill, passport copy, ration card, Voter ID, driving license can be given.

Even you must have come to know in What is KYC in Hindi. Know more what is eKYC.

What is eKYC in Hindi.

Its full form is Electronic Know your Customer. this one paperless Know your customer authentication process.

Where your identity and your address are verified electronically through Aadhaar.

eKYC is administered by UIDAI (Unique Identification Authority of India).

One big advantage is that you do not need to give any documents to buy a SIM card. You can do mobile sim verification through eKYC.

How to do eKYC?

First of all you should have Aadhar card.

If you want to open an account in the bank, then the eKYC is done by the bank itself. If you have to do KYC for paytm, then you will have to get eKYC done to the agent mentioned by paytm.

Your finger print is taken by the Biometric scanner. And is also available from mobile based authentication.

What is eKYC in Hindi. ekyc kya hai , ekyc kyu jaruri hai
What is eKYC in Hindi

As soon as you get the fingerprint scan done, UIDAI matches your fingerprint with the fingerprint kept in its database.

If it is successfully matched, then it sends your documents like photo, address, date of birth in soft copy to the bank or agent’s server.

Advantages of Kya hai eKYC.

  1. Not everyone can use eKYC, only a verified agent or institute can use it. Meaning your documents will not fall into any wrong hands.
  2. The biometric scanner used by the agent is verified by UIDAI, which adds another layer of security.
  3. This process is very fast, which saves a lot of time, and opening a bank account and mobile sim verification is done quickly.
  4. It happens for free.

I hope you got to know a lot about KYC kya hai and what is eKYC in Hindi.

Conclusion (What We Learned)

How important is KYC (Importance Of KYC) not only for the bank and the payment company but it is equally important for you as well. This is because if in future someone else commits fraud in your name, then he can be caught. You must provide your cooperation in the KYC process, it is your duty, and also the responsibility.

In this article, we have provided you information about KYC like- Meaning of KYC in Hindi and KYC Ka Full Form in Hindi in very simple easy words. Hope you now know KYC kya hai, KYC ka Full Form Hindi, KYC Ka Matlab Kya Hota Hai , What is eKYC in Hindi, where KYC is required, Advantages of eKYC and what documents are required for KYC it occurs.

If you like this article of ours what is KYC. How to do Kyc | What is KYC in Hindi | Full Form of kyc | eKYC in Hindi, If you liked it then you must share it with your friends and on your social media. So that those people can also take advantage of this information and know it.

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