KYC Full Form The meaning of KYC is hidden in its name. The bank uses KYC for the address and identity of its customers. But many people do not know about KYC. In today’s time, almost everyone has a bank account. By which we also take advantage of all kinds of facilities provided by the banks. KYC is essential to join these facilities in the bank or any financial sector, as well as it is a crucial process.
It is crucial to get KYC done because the person, their address, and other information are identified through this. Keeping its usefulness in mind, we will tell you about KYC (What Is KYC?). If you want to get information about KYC Full Form, Documents required to get KYC done, and how to get it done, stay with us in this article until the end.
Banks and financial institutions use KYC to verify the identity and address of their customers. KYC is a process by which a bank or any financial sector company obtains information about the identity and address of the customer by filling a form through the necessary KYC documents from its customer.
This process ensures that the services of that bank or company are not being misused. For this reason, banks need to update their KYC as per KYC status to their customers from time to time.
Now you must have come to know that what is KYC, the meaning of KYC, now. We will tell you KYC Information in which you will know when KYC is necessary? And what are the documents required for KYC?
KYC Full Form Know Your Customer
The KYC complete form is “Know Your Customer“. KYC in India was introduced in the year 2002 by the Reserve Bank of India (RBI). Then in 2004, it was made mandatory for all banks to get KYC done by account holders.
Paytm Bank Feature has also made it mandatory to get KYC done to protect its customers from fraud during online transactions. So if you also make digital payments (Google Pay, PhonePe, Amazon Pay), etc., you should know the Full Form of KYC. Because if someone asks you what is KYC Full Form is, then you can tell them.
Apart from this, when KYC is done electronically, then it is called e KYC. The complete form of e KYC is ‘Electronic Know Your Customer’. It is to verify the identity electronically or digitally.
Why is KYC necessary
Suppose you understand the meaning of KYC in simple words. In that case, any bank or company takes some necessary information about the address of its customer and it under the KYC process. This is important so that if a person misidentifies himself with the intention of fraud, he is easily caught. It is essential for any bank or company as it reduces criminal activities.
Documents required to get KYC done
Let us now tell you, what are the documents required for KYC?
During the KYC process, the customer has to fill the form and submit a copy of some necessary documents for verification. You need the following documents for KYC –
- Driving License
- Voter ID
- Aadhar Card
- PAN Card
The KYC is necessary for the bank and the company and is equally essential for you to (Individual). This is because if someone else commits fraud in your name in the future, he can be caught. Everyone must provide their support in the KYC process; it is your duty and also your responsibility.
Note: This post is only for informational purposes. Maybe Some data is changed by time or wrong. In this case, We are not responsible. So For better Knowledge of the KYC. Please Visit the Government Official Websites.
Also Read: CV Full Form: All You Need to Know About CV