Know Your Customer (KYC) is essential for banks and other financial institutions. After making KYC required by RBI, the financial institution and other organization has to verify the address and identity of its customers doing any type of financial transaction.
Apart from banks, KYC also becomes necessary for all investment or savings schemes. Whether you want to invest in mutual funds or open a fixed deposit or bank account, KYC has to be done before investing in all. If you can use Paytm, then only you have to go through the process of KYC. Apart from Paytm, KYC has to be done for all other mobile wallets as well. However, KYC for these can be done through mobile-only.
Initially, it is going to be mandatory for all banks to do KYC of customers by December 2005. After which KYC has to be done every 2 years. For KYC, you have to go to the bank and submit your identity card and address proof. But now it can also be done online sitting at home.
How to do KYC Online: Now you do not need to go anywhere to do KYC. Online KYC can be done even from home. If you want to do KYC of bank account from your home itself, then for which your Aadhar card is going to be required. Keep in mind that your Aadhaar number must be linked with your mobile number, only then online KYC can be done. Because while doing KYC, an OTP will come on your mobile number.
If you want to do KYC for Pradhan Mantri Kisan Samman Nidhi Yojana (PM-Kisan Nidhi), then you have to go to pmkisan.gov.in. After which click on the option of e-KYC given on the right side. Here you will have to enter your Aadhaar Card number. After entering the Aadhaar number, an OTP will be sent to your mobile number. You can apply for KYC by entering OTP.
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