What is Full Form of KYC: Getting KYC done has become mandatory in every online process nowadays. And without KYC, it is almost impossible to have any financial institution or governmental business. And you have come to this post, then you definitely have to get information about KYC.
do you know? What is KYC and what is the full form of KYC. Why is it important for us to get KYC done? If you do not know. So you can get all this information by reading this post completely.
And KYC nowadays reads the need everywhere. For example, to open an account with a bank, you have been required to get KYC to buy mutual funds, to invest in gold, to buy a locker, to buy a new SIM card, and even today on apps like PAYTM and Free recharge.
What is KYC and What is Full Form of KYC
KYC is a process used by a bank or financial institution to verify the identity of its customers. This process is very important for any government office, bank or any financial institution.
KYC has the full form – “Know Your Customers“. Which means verifying the identity of the customer (eg – Name, Address, DOB).
And this process establishes a relationship between a customer and a businessman. By which any trader or businessman can know about his customer.
What is KYC? And after knowing the full form of KYC, a question must have come in your mind that why is it necessary to get KYC done.
Even if you feel this is an old process. But in today’s time it has become very important. So let’s get to know a little more about it.
Why are KYC required?
Any bank, company or financial institution undertakes KYC to avoid any kind of fraud with it. So that when a customer frauds with them, they can reach it easily.
For example – in PAYTM when KYC was not required. And you could create a Paytm account only with your mobile number. So when someone was cheated, it was very difficult to reach the real culprit.
But nowadays due to the process of KYC, it is not so difficult to reach the culprit. Because when we get KYC done. So that all our information (eg. Name, Father’s Name, Address) goes to that company.
And by being fraudulent by us or any customer, the company reaches the company easily through this medium.
KYC Documents List
Now we will talk about the KYC Documents List. I mean now we will know about the documents that we can use to get our KYC done. Official Valid KYC Documents .
- PAN card
- Driving license
- Aadhar Card
- Voter ID Card
The PAN card is the only such document in the KYC documents list above. In which your address information is not given. But we can use it as KYC documents. Because it is connected to our base and it contains all the information.
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Friends, how was our post today, what is KYC? And what is the full form of KYC? In this post I have tried to give you the basic information related to KYC. And I hope this has helped you as well.
However if you have any configuration related to it. So you must tell us by commenting in the comment box. So that we can help you.
And if you liked this post, then definitely share it with your friends. So that they too can get information about this important process.