Official Identification Documents:
Government-issued photo ID: Such as a passport, national ID card, or driver's license. Proof of address: Utility bills, bank statements, or other documents that confirm the individual's residential address.Additional Information:
Occupation and employment details Source of income Purpose of the business relationship or transaction Business KYC: In the case of businesses or corporate entities, additional documentation may be required, including company registration documents, tax identification numbers, and information about the company's ownership structure. Any KYC process is essential for financial institutions to fulfill their legal and regulatory obligations and to mitigate the risks associated with money laundering and other financial crimes. Customers are typically required to undergo KYC when opening a new bank account, applying for credit, or engaging in significant financial transactions. Read more here: How to verify your KYC for digital assets?Your Feedback Matters! How was this Answer?
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- Government-Issued Photo ID:
- Passport
- Driver's license
- National ID card
- Proof of Address:
- Utility bill (electricity, water, gas, etc.)
- Bank statement
- Rental agreement
- Proof of Income and Employment:
- Pay stubs
- Income tax return
- Employment contract
- Financial Statements:
- Bank statements
- Investment account statements
- Business Documents (for Corporate Accounts):
- Certificate of incorporation
- Articles of association
- Business License
- Other Supporting Documents:
- Tax identification number (TIN)
- Social Security number (SSN)
- Other relevant legal documents
Your Feedback Matters! How was this Answer?
Hey,
I hear this “KYC” term at least 3 times a week haha. In this answer, I will explain what KYC documents means in detail.
KYC (Know Your Customer) refers to the process of verifying documents for establishing the identity of an individual. As per the RBI guidelines, every bank, financial institution as well as intermediary, is required to undertake KYC verification of customers before providing them access to services. This helps curb malpractices like financial fraud, money laundering, etc., by ensuring that the transactions are authentic.
what is KYC documentTo complete the KYC verification procedure, you would have to offer some documents as proof. Mainly, these are the types of KYC documents that are accepted as proof:
Address Proof: This KYC document type serves as proof of the place of residence of a person.
Identity Proof: This set of documents is needed for KYC verification to establish a person’s identity.
Income Proof: This KYC document acts as proof of a person’s regular income and helps financial institutions determine their credit card limit.
Now, you know what is meant by KYC document.
Some common KYC documents are listed below:
| KYC Address Proof Documents | KYC Identity Proof Documents | KYC Income Proof Documents |
Aadhaar Card |
Aadhaar Card |
Latest Salary Slips (generally of the last three months) |
Driving licence |
Driving licence |
Income Tax Returns (generally of the last two years) |
Passport |
Passport |
Passbook/Bank Statements (generally of the past six months) |
Voter ID card |
Voter ID card |
|
Registered Agreement for Sale or Lease of Residence |
PAN card |
|
Ration Card |
Photo ID Card issued by the State/Central Government |
|
Utility bills not older than three months |
Photo ID Card issued by the Public Sector Undertakings, Scheduled Commercial Banks, or Public Financial Institutions |
Read more:
What are the property documents required for home loan?
What documents are needed to check while buying a resale property?
What are the documents required for Khata Transfer?
Which documents required for EWS certificate?
Now you know what is KYC documents means in detail.
What is KYC document?
Karuna
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3 Year
2022-04-04T18:23:22+00:00 2022-04-11T12:18:28+00:00Comment
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