List of Documents Required for KYC

source: argoskyc

KYC or Know Your Customer is crucial in the fight against money laundering. Thus, customer identification becomes crucial for financial institutions to perform better.

That said, since 2004, the Reserve Bank of India has mandated the KYC process for financial institutions as a sole mode for verification of every customer who conducts financial transactions with them. Wondering what all is there on the list of KYC documents? Keep reading to know.

According to the Prevention of Money Laundering Act, 2002, KYC compliance is a compulsory exercise. The purpose of KYC is to establish a customer's identification through the following supporting documents.

• Uniform KYC: Documents as recommended by the Central KYC registry
• Additional KYC: Any extra information sought separately by the financial intermediary

Here is what is included in the list of KYC documents.

Proof of Identity

• Documents with the Unique Identification Number (UID), such as:
  
  • Voter ID card
  • Aadhaar card
  • Passport
  • Driving Licence
• PAN card
• Any identity document with your photograph issued by any Regulatory/Authorities/Statutory, State or Central Government and other related Departments
• Identity documents provided by any educational institutions affiliated with Professional Bodies like ICSI, ICWAI, ICAI, and Bar Council to their Members
• Any Scheduled Commercial, Public or Private Financial Institution-certified identity card
• Employee identity card of a public or private sector organisation
• Ration card with photograph

Proof of Address

• Any identity proof, including,
  • Voter ID card
  • Driving licence
  • Passport
• Any utility bill, not more than 6 months old, such as
  • Telephone bill
  • Electricity bill
  • Water consumption bill
  • Gas receipt or connection card
• Bank account statement
• Lease agreement with last 3 months' rent receipt
• Self-declaration issued by the Supreme or High Court justice (for individuals convicted for any reason)
• House purchase deed
• Any proof of address issued by entities, such as
  • Multinational foreign banks
  • Bank managers of Scheduled Commercial banks
  • Gazetted officer
  • Parliament
  • Notary public
  • Any Government or Statutory Authority-certified document
  • Scheduled co-operative bank
  • Elected representatives to the Legislative Assembly

Proof of Income

• Income Tax Returns (of last 2 years)
• Bank Passbook (with transaction updates for the past 6 months)
• Salary Slips (of last 3 months)

However, apart from these, the financial institution may ask for other documents to confirm consumer authentication.

There are two types of KYC verification processes:

• Aadhaar Based KYC (eKYC): This is an online authentication process facilitated for a hassle-free experience. In this process, individuals must upload a scanned copy of their Aadhaar card.
• In-person Verification (IPV) KYC: You can carry out this process offline from your nearest KYC kiosk or mutual fund house. You need to confirm your identity with Aadhaar biometrics. Alternatively, you can apply at a KRA to send an executive to perform the verification process.

As both types are equal in terms of authenticity, select anyone at your convenience.

You can submit your KYC documents to KYC Registration Agency (KRA) in the following ways:

1. Online Procedure:

Step 1: Visit the official website of any KRA, like CAMS, Karyy, NDML, NSE, and CVL or fund house

Step 2: Enter details provided in your Aadhaar card to receive an OTP on your registered mobile number

Step 3: Provide the OTP to submit your application

Once the UIDAI verifies, the KRA will approve the KYC. 

2. Aadhaar-based Biometric Procedure:

Step 1: Visit the official website of any KRA or fund house

Step 2: Provide your Aadhaar card details and receive an OTP on your registered mobile number

Step 3: Request a biometric confirmation online

After this, an executive from the fund house will visit the address provided in the form to confirm the original documents and provide your biometrics. Then, your application will be submitted to complete the process.

3. Offline Procedure:

Step 1: Download and fill up the KYC form

Step 2: Enter your PAN card or Aadhaar card details

Step 3: Attach proof of identity and address with the application form

Step 4: Submit the documents to the KRA office

You will receive an application number with which you can check the status of your KYC on the KRA portal along with your PAN card details. However, you might need to provide your biometrics in some cases.

Apart from these, consumers must also be aware of the relevance of this list of KYC documents. Completing this legal binding allows you to make financial transactions like opening a bank account, investing in fixed and recurring deposits, mutual funds, and others faster.