Know What is KYC? How to download and fill SBI form, why you need to go through the KYC process. Get familiar with this article with all the information related to KYC.
What is KYC: In today’s time, almost all people have bank accounts. People also deposit their deposit in the bank and take advantage of all the banks’ facilities. KYC is essential to join these facilities in the bank or any financial sector and is critical.
If you don’t know what KYC is or what KYC means, then this article for you, “What is KYC”, will be very useful. To know why you should have KYC, stay connected with us till the end of this article.
What is KYC
KYC is a process by which the bank or any financial sector company obtains the customer’s identity and address by filling a form through the necessary KYC Documents. This process ensures that the services of that bank or company are not misused. For this reason, banks also need to update their customers as per KYC status periodically.
Now you must have known what KYC is, now we will tell you KYC information in which you will know when KYC is required? And what are the documents required for KYC?
KYC Full Form
If you do not know what the KYC full form is, then let us tell you,
The full form of KYC is “Know Your Customer”.
Know Your Customer
KYC Information
Do you know why KYC is essential? Let us tell you. Under the KYC process, any bank or company takes its customer’s address and some necessary information about it. This is important so that if a person reveals his or her mistaken identity with the intention of cheating, it is easily known. This is very important for that bank or company as it reduces criminal activities.
Who needs KYC?
Those who want to open a bank account, mutual fund, demat and stock trading account, FD in another bank must comply with the requirements of KYC. You cannot open any accounts without knowing your customer documents. It is now mandatory to follow these KYC rules as per the Securities and Exchange Board of India (SEBI) guidelines before opening a demat and trading account. Banks will not open an account unless you have one.
Documents Required for KYC
Now let us tell you, what are the documents required for KYC?
During the KYC process, the customer must fill in the form and attach a photocopy of the required document for verification. For KYC you need the following documents –
- Driving License
- Voter ID
- Passport
- Aadhaar Card
- PAN Card
SBI KYC Form
SBI Individual KYC Form PDF Download Link
SBI Non-Individual KYC Form PDF Download Link
If you want to download the SBI KYC form and how to fill it, I will tell you, there are two types of forms in all KYC forms, One individual and one Non-Individuals.
SBI Individuals KYC Below Documents Required
Individuals (Documents acceptable as proof of identity/address)
- Passport
- Voter’s Identity Card
- Driving License
- Aadhaar Letter / Card
- NREGA Card
- PAN Card
SBI KYC Form Fill up
SBI KYC Form Fill up video
Conclusion
KYC is essential for bank and company as well as it is equally essential for you. If someone else commits forgery in your name in the future, he can be caught. You must provide your support in the KYC process; it is your duty and responsibility.
In this article, we have provided information about KYC in short words. Hope you now know what KYC means, and what documents are required for KYC.
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