Online KYC Update: Know Your Customer (KYC) is necessary for banks and other financial institutions. After the KYC is made mandatory by the Reserve Bank of India (RBI), the financial institution and other organization has to verify the address and identity of its customers doing any kind of financial transaction.
Apart from banks, KYC is also necessary for all investment or savings schemes. Whether you want to invest in mutual funds or open a fixed deposit or bank account, KYC has to be done before investing in all. If you use Paytm, then only you have to go through the process of KYC. Apart from Paytm, KYC has to be done for all other mobile wallets as well. However, KYC for these can be done through mobile only.
Initially, it was made mandatory for all banks to do KYC of customers by December 2005. After this, KYC has to be done every two years. For KYC, you have to go to the bank and submit your identity card and address proof. But now it can also be done online sitting at home.
How To Do Online KYC
Now you do not need to go anywhere to do KYC. Online KYC can be done even from home. If you want to do KYC of bank account from your home itself, then your Aadhar card will be required for this. Keep in mind that your Aadhaar number should be linked with your mobile number, only then online KYC can be done. Because while doing KYC, an OTP will come on your mobile number.
You can complete the KYC process by visiting your bank’s website.
If you want to do KYC for PM Kisan Samman Nidhi Yojana (PM-Kisan Nidhi) then you have to go to pmkisan.gov.in. After this click on the option of e-KYC given on the right side. Here you have to enter your Aadhaar Card number. After entering the Aadhaar number, an OTP will be sent to your mobile number. You can apply for KYC by entering OTP.
