KYC full form
KYC Full Form– What is KYC ? It is a Bank related term. It is a kind of verification of the documents of Account holder done by the bank.Bank holder has to submit all his required documents to the bank to clear hi bank account opening and further transactions.
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What Is KYC and Why Do Banks Care?
What is KYC?
KYC stands for Know your customer KYC in simple words is like basic sign in to a website. The main objective of KYC is to ensure all of your information is correct and genuine. In simple terms KYC is a simple process for banks to do biometric verification of a client on a regular basis. And it will also verify if the client has any illegal activities, which will be called Anti-Money Laundering (AML). How is KYC performed? The KYC process should be done at multiple stages – Deposit Gates – Number Plates – Biometric Verification – Voice Verification – Soil Analysis And after all these phases any client can be allowed to open the account. How is KYC related to Privacy? Well there are different kinds of privacy related laws in different countries that applies to all this process.
Why do banks care about KYC?
In order to keep the records clean and preserve customer information safe, every bank always tries to identify the customers so that they can report any kind of fraudulent activity. Because of such stringent security standards, bank data security becomes a huge concern for each bank. While the other authorities involved with your account (IRS, Pension Fund Administrations, Auditors etc.) would also keep an eye on your financials, banking officials are a different group. Because they have access to all your transactional and banking details, they would automatically be the first to know about any fraud and alert you about the same. Also, if there are illegal activities going on at your account, the banking official will take action without having to go to other authorities involved.
What are the common documents required for KYC?
– Report of income/employment – Aadhaar Card/ Digit account statement – Two passport size photographs – Address proof – Bank passbook – Deposit slip – Account manual – Bank Statement for last two years – Bank statement for other bank accounts – Bank statement for investments – Utility bills for the last 6 months – Bank statement for other bank accounts Why Do Banks Care about KYC? Every bank has its own KYC rules. So the rules are different for every bank. However, the KYC rules can be simpler for some banks than others. For instance, opening of the bank account in HDFC Bank for a person with no income for the last six months and Aadhaar card/Digit account statement is very easy.
Bank account opening and closing are the most common and popular task in India.
More full form of KYC
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