KYC Full Form | Full Form of KYC
KYC Full Form - Know Your Customer
- KYC stands for Know Your Customer.
- It's a process followed by a financial organization or an entity to gather the small print to determine the identity of a client.
- KYC process was introduced by Reserve Bank of India ( RBI ) to stop financial frauds like concealment, fraud and illegal transactions.
Know Your Customer
- RBI has advised the banks to follow the KYC process while opening the accounts.
- It protects the purchasers from fraudsters who can use their name, address and forged signatures to form fraudulent transactions. So, the purchasers of financial institutions like banks should provide the authentic details in order that the banks could identify their customers and serve them during a better way.
KYC includes the following details:
- Customer 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 required for people
Kyc Documents Required For People
- Passport
- Voter's card
- Driving Licence
- Aadhaar Card
- NREGA Card
- PAN Card
You are required to submit anybody or two of the above documents as an identity proof and address proof.
KYC Documents required for Companies/Partnership Firms
- Entity Proof
- Address Proof of company
- Address and Identity proof of Directors and Authorized signatories