Understand Important Facts About KYC Verification

Know your Customer or KYC is a common term nowadays that we get to hear wherever we go. One of the common places where this term is used the most is a bank. KYC is considered as one of the most important activities that bankers give importance before making any individual their bank customer. This verification process is mandated by the Reserve Bank of India. On verification of KYC detail, an organization can get authentic information about a customer.

KYC checking is mandatory when a customer gets engaged in any financial service. When a person invests in fixed deposits, mutual funds, or even opts for opening a bank account, he needs to submit the KYC details. This verification process is excellent for banks and other financial institutions to check that whether a person is involved in any money laundering activity or not.

How does KYC verification work?

Many are aware of the term KYC verification, but they hardly know how this process works. Let’s check the process of checking KYC.

  • The first step of this verification is to gather important information about an individual who can be a prospective customer for the bank. Customers need to fill an online KYC registration form to ensure that the data they are providing are genuine and properly authenticated. Filling up this registration form is mandatory for every customer opting for any financial transaction.
  • The next step of the verification process is to upload the KYC documents. The details in these documents should match with the information you provide in the registration form. Here you need to upload scanned copies of the original documents.
  • Once customers upload the scanned documents, the online templates start working. These templates check the authenticity of the documents. After checking when the documents are validated, the data gets extracted from the documents.

Apart from the online verification process, you must know about the offline verification process of KYC documents. A customer needs to follow the below-mentioned steps.

  • Here you have to download the KYC form from the mutual fund office or KYC Kiosk.
  • Now fill the form properly and enter all details.
  • While filling the form, you should keep in mind that you should mention updated data. No boxes in the form should be left missed by the customer.
  • Along with the application form, you have to submit a hardcopy in Xerox of your address and identity proof.
  • You may face biometric scan in some mutual fund houses. This scanning process involves handprints, photographs, fingerprints, etc.
  • In the end, you will get an official application number once you submit the documents and your biometrics get completed.

Here a person should understand that the online verification process takes a much shorter time than the offline process. Do you know that there are special organizations that play the role of KYC checkers? Yes, it is true and one of the trusted companies of the industry on which you can surely bank on is iCrederity. This company is having years of experience in the industry and delivered highly satisfying services to many banks and other financial institutions.

iCrederity also offers employee background verification, pre employment screening solutions, educational verification, employment background check, pan card details verification, criminal background check that helps in verifying and recruiting the right person for a job in delhi mumbai bangalore chennai hyderabad.

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