What is KYC? | How KYC is Done? | Documents for KYC

KYC Stands for Know Your Customer. It is a process of verification of the identity of the individual using the government recognized documents. This is done to ensure that the details that the customer is providing are accurate and is a legitimate detail. KYC is done by the business or services where there is a chance of fraud like mobile subscription, internet subscriptions, banking, financial institution etc. This is essential for a business to keep a track of the customer and ensure that no illegal activities are done by the customer.

List of Document for KYC

In the process of KYC Verification, there are two set documents required by the customer the Address Proof and Identity Proof which are as follows-

Address Proof

Address proof is those documents that have the permanent address mentioned and is verified by the board or institution. The institution verifying the address is Governmental organizations which legitimize the Address proof. The list of documents that can be used as an Address Proof is as follows-

• Passport
• Voter’s Identity Card
• Driving License
• Utility Bills like Electricity bills, Telephone Bills etc. not more than 6 months old
• Bank Account Statement
• Consumer Gas connection card or Gas Bill
• Letter from any recognized public authority or public servant 
• Credit Card Statement
• House Purchase deed
• Lease agreement along with last 3 months rent receipt
• Employer’s certificate for residence proof

Identity Proof

Identity proof is the document that verifies that the person is the person he is claiming to be. The List of Documents used for Identity Proof is as follows-

• Passport
• PAN Card
• Voter’s Identity Card
• Driving License
• Photo identity proof of Central or State government
• Ration card with photograph
• Letter from a recognized public authority or public servant
• Bank Pass Book bearing photograph
• Employee identity card of a listed company or public sector company
• Identity card of University or board of education like ISC, CBSE, etc.

Process of KYC

KYC Process is a very simple process which involves your details to be submitted to the authorities who will verify the legitimacy of the document. The following are the process of KYC done by any service providing company-

• The Xerox of the documents for Address Proof and Identity Proof has to be attached with the form.
• The Xerox must be attested with your name and signature
• The representative might take the Bio-matrix like Fingerprint for matching the details
• The original must be presented with the Xerox copy for verification

After verification of the Customer the services can be used by the customer.