KYC Full Form- Why is it Important For You as Well as Bank?

KYC Full Form: You must have heard about KYC at some point or the other. Even Bank officials often keep asking you to get KYC done. But do you know the meaning of KYC (KYC Meaning in Hindi)? What is KYC? After all, why do banks ask us to update KYC from time to time? If you do not have much information about it and you want to know what, then definitely read this article of ours till the end.

In today’s time, we need KYC everywhere; without doing KYC, we cannot even open an account in a bank, and we cannot even take a loan from any bank. KYC is crucial for availing or joining the facilities available in the bank or any financial sector, as well as this is a vital process to enter any bank. So now we see the full form of KYC.

KYC Full Form in Hindi

KYC ka full form इंग्लिश में “Know Your Customer” होता है, इसे हिंदी में “अपने ग्राहक को जानिए ” बोलते है।

अब आपने KYC का फुल फॉर्म जान लिया, लेकिन इसके अलावा जब केवाईसी को डिजिटल या इलेक्ट्रॉनिक तरिये के किया जाता है तो उसे e KYC कहते है। e KYC  का फुल फॉर्म  Electronic Know Your Customer होता है और इसे हिंदी में “ग्राहक को इलक्ट्रोनिक या डिजिटल तरिके से जानना” होता है।  ये दोनों केवाईसी का मतलब एक होता है।

What is KYC?

KYC Full Form is “Know Your Customer.” KYC is a process in which the bank or financial company gathers the necessary information from its customer. The bank will always ask you to fill out the form for KYC and add some documents together, such as an Aadhar card, driving license, PAN card etc. The bank requested to fill out the KYC form to take all the information of all its customers so that they can ensure that the information given by the customer is correct or not. Moreover, the bank stores the customer’s data with them through KYC.

Through this process, it is ensured that the bank’s facilities are not being misused. For this reason, the bank asks its customer to update the KYC as per the KYC status from time to time.

Why KYC is Important?

According to the Reserve Bank of India (RBI) instructions, all the banks have to do KYC for their customer. Through KYC, the bank takes the address and information about its customer and lets them avail the bank’s facilities. KYC form has to be filled out by all the customers. KYC is necessary so that if a customer misuses the services of banking or reveals his false identity with the intention of fraud, then the bank can come to know about it. This is very important for that bank or financial company, and it also reduces criminal activities.

Important Documents for KYC

Now I will tell you, what documents are required to do KYC? For the process of KYC, the bank makes its customers fill the form; in the form, you have to fill in information like your name, address, mobile number, father’s name, what work you do, and photocopy of some documents for verification. The documents required for KYC are given below –

(a) Passport

(b) PAN card

(c) Aadhar Card

(d) Voter ID Card

(e) Driving license

For KYC verification, the Government of India has considered the Aadhar card an essential document. Still, you can also get the verification done through the electricity bill, ration card and the above-mentioned documents.

Concluding Words on KYC Full Form

The importance of KYC is essential for the bank and the financial company, but it is significant for you as well. This is necessary because if any person commits fraud or forgery in your name, the bankers will come to know immediately so that they will be caught. If you have not got your KYC done yet, then go and get your KYC done. It is your duty and responsibility.

In this article, I have provided you the information related to KYC in simple words. I hope KYC ka full form, KYC Ka Matlab Kya Hai, you must have understood why it is crucial. If you have any questions related to this post in your mind, then you can ask. Thank you

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