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Full form of KYC, What does KYC stand for ?

KYC

KYC Full Form

The Full form of KYC is Know Your Customer. KYC is a process followed by a bank or financial institution or an entity to collect the details to establish the identity of a client. KYC process was introduced by Reserve Bank of India (RBI) to prevent financial frauds like money laundering, identity theft and illegal transactions. To follow the KYC process has advised by the Reserve Bank of India to the banks while opening the accounts as it protects the customers from fraudsters who can use their name, address and forged signatures to make fraudulent transactions. So, the customers of financial institutions like banks should provide the authentic details so that the banks could identify their customers and serve them in a better way. KYC includes the details such as; Customer Name, Date of Birth (DOB), Father’s Name, Mother’s Name, Marital Status, Address Proof, Identity Proof, Contact No., PAN Card and Source of the Funds. The Documents required for KYC for Individuals are Passport, Voter’s Identity Card, Driving Licence, Aadhaar Card, NREGA Card and PAN Card. A person is required to submit any one or two of the said documents as an identity proof and address proof. KYC Documents required for Companies or Partnership Firms are; Entity Proof, Address Proof of company, Address and Identity proof of Directors and Authorized signatories.

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