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Is it compulsory to do KYC in bank?

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Is it compulsory to do KYC in bank?

KYC or ‘know your customer’ is a mandatory verification procedure carried out by any banks, financial institutions, and other Indian organisations with the goal of minimising illegal activities like money laundering.

What proofs are required for KYC?

KYC Documents Individuals

  • Passport.
  • Voter’s Identity Card.
  • Driving Licence.
  • Aadhaar Letter/Card.
  • NREGA Card.
  • PAN Card.

What documents are required to submit KYC?

Passport

  • Voter’s Identity Card
  • Driving License
  • Electricity Bill,Telephone bill including mobile,landline,wireless,etc type of connections,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

    • What do documents come under KYC?

    KYC is a set of documents which are required to establish the identity of a person. Generally an Identity Proof with photograph and an Address Proof are the two basic mandatory KYC documents that are required to establish one’s identity at the time of opening of a bank account, fixed deposit, mutual fund, insurance, etc..

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    What does KYC mean to a bank?

    Understanding Know Your Client (KYC) The Know Your Client (KYC) rule is an ethical requirement for those in the securities industry who are dealing with customers during the opening and

  • Suitability Rule.
  • Requirements for KYC Compliance.
  • Establishing a Customer Profile.
  • KYC and Cryptocurrency.
  • KYC FAQs.
  • The Bottom Line.

    • What documents would be needed for KYC in Axis Bank?

    Two Passport Size Coloured Recent Photographs

  • Copy of PAN Card/Form 60 (with reasons of not having PAN Card).
  • KYC (Know Your Customer) Documents : Proof of Identity&Proof of Address.
  • Proof of Date of Birth (DOB) in case of Minor&Senior Citizen.