Which KYC Documents are required for the Customer Verification process in 2021? - Accurascan

14 Jul 2021

Customer Verification is a crucial step if you own a business and deal with several customers daily. KYC-Know Your Customer is one standardized solution to identify all illegal activities like money laundering.

From financial deals to opening a bank account, one has to go through KYC.

What happens in the KYC Verification Process?

Wherever you go through the Digital KYC/Offline KYC Verification process, the institution which performs the test gets all your information such as identity, address, and financial history. One needs to submit a list of documents for carrying out the KYC Verification Process.

Types of KYC:

There are two types of KYC's - Aadhar Card KYC and In-person KYC.

Aadhar Card KYC is also known as "Digital KYC" where the complete Verification Process is online wherein the customer submits scanned copies for further process. This process is convenient for those who have a good internet connection. The person needs to upload a scanned copy of the Aadhaar Card on the portal and follow the instructions mentioned on their portal.

In-Person KYC is an offline Verification process where a customer needs to submit hard copies of the mentioned documents. For this, customers need to visit a KYC office and can complete their KYC verification process using Aadhaar Biometrics. An individual can also connect with a KYC agency requesting their executive at their home or office to complete the verification process.

In-person KYC comes into the picture when a customer needs to invest more than the limit approved by the authorities. Let’s say a customer wishes to invest in mutual funds and if he chooses Aadhar Card KYC the customer is limited to invest only ₹50,000/year. He needs to opt for In-person KYC to invest more than the limit.

The documents can be submitted as hard copies or scanned depending upon the KYC type.

To ensure a smooth KYC Process, keep the below documents handy:

The customer verification involves two steps: Identity proof and Address Proof.

Documents required for Identity Proof :

  1. UID -Unique Identification Number available in Aadhar Card(Customer can also use driving license, voter id, or passport for verification)

  2. PAN Card with a photograph.

  3. Government Affiliated document holding individual's photo.

  4. Government Affiliated College Identity Card.

  5. An individual's credit or debit card issued by the bank holding name and address is also considered a valid document.

Documents required for Address Proof :

  1. Voter ID, Driving License, or Passport.

  2. Rent Agreement/Residence Maintenance Bill.

  3. Utility Bills such as electricity bills, telephone bills, gas bills, or water consumption bills are considered valid documents for address proof.

  4. In case of a change of address, a self-declaration approved by the High Court or Supreme Court mentioning a new address is a must.

AccuraScan:

AccuraScan has been leading in digital KYC. Our process involves face/biometric authentication which thereby provides fast and accurate results. From digital KYC to document authentication everything is taken care of.

Connect with us today and send your request to connect@accurascan.com

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