Doing KYC? Here Is The Essential Guide To The KYC Documents List You Need!

India is a developing country that has several missions under its purview, and one of those missions is the Digital India Mission. This mission aims to shift the working of almost all the sectors of India from a traditional paper-based approach to a digitised software-based approach. And one of the digital processes that everyone is required to comply with, especially for the opening of various accounts like bank accounts, is called the Know Your Customer (KYC) verification process.

The Know Your Customer (KYC) verification process is a government-mandated procedure that must be completed by individuals in India who wish to open multiple accounts, such as bank accounts. This is not only compulsory by the Reserve Bank of India for bank account opening, but also by other sectors too, for proper and legal identity verification of an individual.

However, to complete the KYC verification process, every individual is required to submit some documents that prove their identity and permanent address. With time, more and more sectors are accepting and mandating the KYC registration; therefore, the citizens must know the KYC documents list.

Read the article to learn more about the documents needed for KYC verification, including information on KYC documents for bank or KYC documents for society account.

Read More: Government's New Action On LPG eKYC: A Crackdown On Fake Connections

What Is KYC?

Know Your Customer (KYC) is a verification process that various sectors are implementing to authenticate an individual’s identity. This verification process was introduced by the Reserve Bank of India under an act named the Prevention of Money Laundering Act of 2002, so that no one can take undue advantage of the government and other citizens’ identities and information.

There are two main ways of completing the KYC verification process that one can choose from, as per their preference and convenience:

• Physical/Offline KYC, wherein people have to physically visit the government offices with the needed documents.

• Electronic KYC or e-KYC, wherein the verification process can be completed from the comfort of one’s home.

Also Read: Electricity KYC Scam

1. Proof of Identity

Proof of identity is one of the documents required for KYC Bank of India. This document helps in verifying the identities of individuals using their personal details like name, Date of Birth (DOB), and photograph. There is a wide range of documents that are accepted as proof of one’s identity, some of which are laid down below in detail for one’s reference:

1. Aadhaar Card

   Aadhaar card is one of the most popular methods of proving one’s identity. The card is issued by the Unique Authority of India (UIDAI) and contains a 12-digit unique identity number, which links the cardholder’s essential information, like demographic data and biometrics.

   This one document has made the verification process much easier and simplified compared to the old methods. Using one’s Aadhaar card, an individual can apply for instant verification instead of physically visiting the government offices and waiting in long queues. This also helps the authorities, as this verification eliminates the need to physically visit everyone’s houses to confirm their identity.

2. Passport

   Another one of the documents required for KYC in SBI is a passport, which is a document issued by the Ministry of External Affairs to prove an individual’s citizenship. Every citizen of India must apply for one if they are planning to leave the borders of India and enter another country’s territory. This document not only allows people to travel internationally but is also acceptable across the globe as a measure of identity.

   It contains an individual’s important personal information, like name, date of birth, photograph, and current address. It especially aids the Non-Resident Indians (NRIs) as they can easily use it as a document required for KYC in SBI and complete the KYC verification process.

3. Voter ID Card

   A Voter ID Card, formerly known as the Electoral Photo Identity Card (EPIC), issued by the Election Commission of India, enables people to vote locally and nationally. It comprises significant information like an individual’s name, photograph, date of birth, and a unique identification number.

   Apart from in elections, one can use their respective Voter ID cards to prove their identity while completing the KYC verification procedure and then open accounts wherever necessary. This especially helps people residing in rural or remote areas, as they find it difficult to apply for various other forms of documents.

4. PAN Card

   The PAN Card contains 10 alphanumeric characters. The PAN Card is issued by the Income Tax Department to individuals and entities. It can be issued to an individual of any age or any person, regardless of their income. The alphanumeric identifier helps people conduct a wide range of financial transactions within the boundaries of the law.

   When it comes to opening a bank account, the PAN acts as one of the most crucial documents required for KYC Bank of India, as it helps the authorities in not only verifying one’s identity but also in tracking their financial activities to date, such as tax payments, trading information, property purchases, etc.

5. Driving License

   Another one of the KYC documents required for current account, which can be used as proof of identity, is the Driving License. A driving license is an essential document needed, especially by those who want to drive on the roads of India. It is issued by the Regional Transport Office (RTO) under the Motor Vehicles Act of India.

   People can also use their respective driving licenses to validate their identities for KYC verification purposes to open an account in banks, insurance companies, etc.

3. Photographs

It is mandatory to attach photographs. Please ensure that photographs are passport-sized and not more than 6 months ago. The face of the individual should be clear without any obstructions like sunglasses or hats.

Conclusion

The Know Your Customer verification process is a legally compulsory procedure that is to be complied with by all citizens of India. However, it is more than just a formality. It is a step towards building a strong and transparent system; it is an effort to create and form a trusting relationship between the citizen and the governing boards.

To begin and complete the verification process, individuals need to know all the components of the procedure, and one of the most important components is information on the KYC documents required for opening of accounts SBI. Through this, we also request that you not treat government-related verification work as hectic and unnecessary, but as something that has been created for your benefit; as a doorway to a modernised, secure world where no one would be able to take undue advantage of your information for personal gain.

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