What is the KYC full form?
This word is mostly uses in financial institution such as bank’s, loan provider’s, Insurance firms, etc but it is also found’s in all companies specially for those who provides service for customer.
It is a process where customer services provider verifying the customer identity as well as check all mandatory details for security.
Any financial institute can verify the customer’s identity by – Passport, Voter’s Identity Card, Driving Licence, Aadhaar Letter/Card, NREGA Card, PAN Card etc in India.
If customer age is less than 10 or on 10 so ID proof of the person will be submitted by who will operate the account.
If customer is NRI so some document must be require to submit – Foreign offices, Notary Public, Indian Embassy etc
In India, RBI has been launched this rule for all over banks in India that all bank or other financial institute or companies must have to follow the KYC policies.