The Full Form of KYC
What Is The Full Form of KYC? KYC stands for Know Your Customer. It’s a procedure followed by a financial institution or an entity to gather the details to ascertain the identity of a customer.
KYC procedure was released by Reserve Bank of India (RBI) to prevent financial scams such as money laundering, identification theft and illegal transactions.
It protects the clients from fraudsters who can use their name, address and forged signatures to make fraudulent transactions.
Therefore, the clients of financial institutions such as banks must provide the authentic details the banks can identify their clients and serve them in a better way.
KYC includes the following information:
- Client Name
- Date of Birth
- Father’s Name
- Mother’s Name
- Marital Status
- Address Proof
- Identity Proof
- Contact No.
- PAN Card
- Source of the Funds
KYC Documents Necessary for Individuals
- Voter’s Identity Card
- Driving Licence
- Aadhaar Card
- NREGA Card
- PAN Card
You’re expected to submit two or any 1 of the above documents as an identity verification and address evidence.
KYC Documents needed for Companies/Partnership Firms
- Entity Proof
- Address evidence of company
- Address and Identity proof of Directors and Authorized signatories