Customers for KYC Purposes

Explained: Documents You Should Ask from Customers for KYC Purposes

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It might be challenging at times to prepare the perfect KYC documents list. With so many documents available nowadays, you should be aware of which of these documents serve the purpose of the KYC process.

KYC or Know Your Customer is a new user on boarding process. For example, the first step in choosing a new mobile network service provider is to complete a full KYC form fill-up. In fact, before you sign up for any service, you must submit your basic information. KYC has historically been carried out manually, or manually using papers. However, the introduction of digitization gave customers the ability to conduct video KYC, also known as e-KYC. The Reserve Bank of India (RBI) developed a video KYC guideline for banking operations in 2019. Other industries quickly adopted the real-time, easy-to-use video KYC method after seeing its benefits. The full documentation might be finished by customers in 5–10 minutes.

Thus, it is evident that asking for authentic documents and above all relevant documents is important. When you prepare a KYC documents list, you should include the following items.

Overview of Online KYC

Organizations and service providers have been able to reduce the incidence of fraud and cyberattacks with the help of the institutionalization of KYC processes. The manual method has, however, always been costly, capital-intensive, and time-consuming.

With the advent of online KYC, it is now possible and common to execute the KYC procedure digitally. Technology developments have made the entire KYC process quicker, easier, and more affordable.

Official KYC Document List

Whether manual or digital, the entire KYC procedure is predicated on checking documents that have been issued by the government or its representative bodies and are legally acceptable. Aadhaar verification, for instance, serves as the foundation for KYC documentation in India.

Customers who want to use basic and premium banking and financial services must give the necessary set of OVDs to complete their KYC and make sure the service providers can proceed with the application process without difficulty.

Proof of Identity

Generally speaking, an “Officially Valid Document” (OVD) for proving a person’s identification is an original or legally certified copy of one of these six documents.

  • Driver’s License
  • Passport
  • Photo-identity proof issued by the government such as Aadhar card, PAN card, ration card
  • Voter’s identity card

The documents should have all the following details:

  • Any document submitted must have the fields listed below:
  • Any document submitted must have the fields listed below: an accurate photo of the document’s holder (such as a passport photo)
  • Document number
  • Complete name
  • Nationality
  • Address of the home (for address verification)
  • Date of birth
  • Date of issuance and expiration of the document

Proof of Address

A genuine Aadhar card authentication is usually adequate. However, if any of the legitimate identity documents submitted do not contain the applicant’s valid and permanent residence, the applicant may give one of the extra documents listed below:

  • Bank statement with the bank manager’s certification
  • A letter from the worker’s current employer attesting to their place of residence
  • Utility bills with a validity period of fewer than two months, such as those for telephone, electricity, gas, or water
  • It is crucial to remember that an address proof document registered in your spouse’s name counts as a legitimate KYC document. However, the applicant’s principal identity documents must bear the name of the spouse

Conclusion

It will be quite easy for applicants and consumers to sign up for services as long as they have the required and legitimate government documents to complete their KYC verification. Hope this article helps you understand the official KYC documents list.

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