When I went to the SBI bank to open a salary account, they told me that I will have to get the KYC done. Out of curiosity, I asked them about its purpose. They told me that the RBI has made it mandatory for every Indian financial institution to verify both the address and identity of every customer carrying out financial transactions with them. Thus, the RBI introduced the KYC process as the only mode of verification. Now, what is KYC in bank? Let’s find out:
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KYC (Know Your Customer) is an effective way for a bank to confirm and thereby verify a customer’s authenticity. For this, the customer needs to submit all KYC documentation before investing in different instruments. Whether the customer opts for offline KYC or KYC online verification, this is a simple and easy one-time process.
Now you know what is KYC number in bank.
Importance of KYCKYC is an essential tool as it looks after the financial bodies and helps prevent illegal activities. Several non-individual customers use financial services such as mutual fund investment and trading. With KYC, the bank has the right to verify the legal status of that entity which also contains cross-checking the operating addresses of the customers and verifying the identities of their authorised signatories and beneficial owners.
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What if I Fail to Provide KYCYour bank has the right to refuse to open an account or discontinue an existing one if you fail to meet the minimum KYC requirements. However, there is flexibility given to certain categories of customers who are not able to offer the required document at the time of account opening.
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This is all you need to know about what is KYC in bank.
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Authors Of The Question
What is KYC in bank?
Maahi
216Views
2 Year
2022-04-13T12:12:42+00:00 2022-04-14T18:29:30+00:00Comment
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