Central Know Your Customer (CKYC) is a centralized repository for KYC papers of persons seeking financial services from many financial institutions. This has reduced the need to go through the KYC process with each institution separately. The CKYC program was presented in the Union Budget 2012-13 and went into force on February 1, 2017.
The adoption of CKYC has simplified and accelerated the process of onboarding consumers via KYC verification. The Central Registry maintains customers’ KYC details for Securitization Asset Reconstruction and Security Interest of India (CERSAI). Storing KYC records in a centralized repository allows financial organizations rapid and easy access to a customer’s data.
You may verify your CKYC number and status online by going to the website of any financial services firm that offers a CKYC number check service.
Completing the CKYC Process
You may complete your CKYC by visiting the registrar’s office (CAMS) or contacting any financial institution licensed by the RBI, IRDA, PFDRA, or SEBI.
The following papers are necessary to complete your CKYC:
- Form duly completed
- Identity verification
- PAN card as proof of residence
- Photograph in passport size
- An in-person verification (IPV) method will be used to verify your form and documentation. After verification, you will be granted a 14-digit KYC Identification Number (KIN). When applying for financial services, you must present your CKYC number to show that you are CKYC compliant.
CKYC Account Types
The following are the different kinds of CKYC accounts:
A standard CKYC account is established upon submitting six identification verification papers, such as an Aadhaar card, PAN card, voter ID, driving license, etc.
Small account: If you do not have proper documentation, you may send a completed form with a picture. Such statements have restricted transactions and validity.
To establish an OTP-based eKYC account, you must submit an Aadhaar-based PDF file enabled by an OTP from the UIDAI website.
Simplified/low-risk account: If you do not have any of the required size official papers, you may open this account by providing Other Valid Documents (OVDs) by RBI standards.
How to Check Your CKYC Status Online
The status and CKYC number may be seen online at any financial institution that provides a CKYC check service.
Here’s how to check your CKYC status online:
Step 1: Log in to the online site.
Step 2: Input the PAN card number.
Step 3: Provide the security code. The screen will display your CKYC number.
What is the Central Know Your Customer (CKYC) process?
If you want to invest in the stock market or mutual funds, you must follow the CKYC procedure. When you contact a fund house to invest, you will be asked to fill out a KYC form and provide supporting evidence. You will be issued a 14-digit CKYC number. If you choose to invest in another mutual fund firm, we will not need you to provide the papers for verification. The mutual fund firm will request CERSAI to supply your paperwork by providing your CKYC number. CKYC makes investing easy and stress-free. Visit the website of any financial services provider that offers CKYC number check services to determine the status of your CKYC number.
Simplified Measure Account CKYC Number Varieties
Suppose you submit any other officially authorized documentation permitted by the RBI circular. The prefix will append ‘L’ to the KYC identification for these accounts.
eKYC Account with OTP
This kind of account is established when you submit a picture with an OTP-enabled Aadhaar PDF file obtained from the UIDAI website. KYC identification for these accounts would begin with the letter ‘O.’
Ordinary Account
PAN, Voter ID, Aadhaar, Passport, Driving License, and NREGA Job Card are the six official papers required to create a regular account as evidence of identification.
Minimal Account
You will be able to open this sort of account by submitting simply your information and a picture. KYC identification for these accounts would begin with the letter ‘S.’
Documents needed to get a CKYC Number Online
- Photograph in Passport Size
- PAN Card Information
- Address and Identity Verification
How can I get a CKYC Number?
- Get the form on the CKYC website.
- Fill out the form with all of your information.
- After that, enter your Pan Card information.
- Please provide your address and identity proof
- Include a passport-sized photograph.
Summary
People nowadays expect everything to be accomplished in a matter of minutes. Getting started with a financial organisation used to be a time-consuming procedure that needed you to submit KYC documents. For opening an FD, CYKC is essential, and use a fixed deposit interest rate calculator to calculate the FD maturity amount. To check the status of your CKYC number, visit the website of any financial services company that provides CKYC number check services. Since the introduction of the CKYC Register, the documentation process has been more accessible, quicker, and, most importantly, safer.
