KYC for Credit Cards – Requirements and Types

Pune, 28 Dec 2021: Since 2004, the Reserve Bank of India (RBI) has made it mandatory for all Indian financial institutions, banks, and other financial organisations to verify the identity and address of all consumers doing any type of financial transaction with them. The RBI established the KYC process as the only way of verification to accomplish this without causing too many logistical bottlenecks. KYC full form stands for “Know Your Customer” and it’s an  efficient approach to speed up the process of authenticating a customer’s validity.

eKYC- Meaning

What’s the eKYC Meaning? it refers to the digitization of the KYC processes. Electronic Know Your Customer (eKYC) is a remote, paperless method that reduces the expenses and bureaucracy associated with KYC procedures. Identity theft, forgery of signatures, and phishing are all quite widespread. In order to deal with counterfeiting and similar crimes, specialist enterprises committed to technical compliance solutions have established entirely secure eKYC processes with zero margins.

The RBI requires any existing and authorised financial institution, bank, or other organisation that conducts financial transactions to conduct a KYC status for all customers before permitting them to conduct financial transactions. Whether one chooses to complete KYC online or offline, it is a one-time process required to open a Demat account, a trading account, a bank account, and other financial instruments.

How to Check KYC Status Online?

Security, particularly financial security, has been a continual issue in these technologically advanced times. To mitigate such risks and assure verified transactions, the country’s regulatory organisations have made KYC status verification for both old and new customers necessary for banks and other financial institutions, including asset management businesses and intermediaries.

KYC emails verify a customer’s identity and ensure that they are not involved in any fraudulent activities. You can use a variety of online and offline techniques to complete your verification quickly. You can check your KYC status after you’ve chosen your preferred kind of KYC verification, provided access to the appropriate KYC papers, and submitted your application.

1. Visit the official website of CDSL (Central Depository Service Limited).
2. Go to the ‘Inquire on KYC’ page to verify the KYC status.
3. You can use your PAN Card number or a combination of your name, date of birth, and exempt category to get started.
4. Fill in the captcha that appears.
5. When you click ‘Submit,’ the website will show you the status of your KYC verification.