A very Simple jQuery Popup

What is KYC?

What is KYC?
  • Share

“Know Your Customer” (KYC) refers to detailed and authenticated information required by financial institutions before they can proceed to conduct business with a customer. KYC policies are becoming increasingly important globally in order to prevent identity theft, fraud, money laundering, as well as terrorist funding. KYC is a prerequisite for investing in mutual funds and various market linked products. The Indian capital market regulator Securities and Exchange Board of India (SEBI) introduced a one-time KYC rule in 2011. Under this, once you have completed KYC registration with a fund house and uploaded your profile with a KYC Registration Agency (KRA), you need not register again when you invest with another fund house.

You can also choose to get your KYC registered biometrically. To do so, you will be required  to  visit  any branch  of  the  mutual  fund  house  you  wish  to  invest  in. The procedure for completing your KYC registration is is simple – the machine first scans your thumb impression. Upon verification, a bio-key is then displayed on the screen, following  which  you  simply  key  in  your  Aadhaar  card  number  and  the  bio-key  to complete KYC.

KYC procedures have to be adhered to by customers during a number of   situations such as – while opening an account or locker room facility, applying for a credit card or loan, during instances when there are changes in signatories or beneficial owners, while investing in a mutual fund, etc as well as various other instances as when deemed necessary by banks, financial and regulatory authorities.

eKYC simplifies the KYC procedure even further. eKYC uses advanced technology to reduce the time taken to register customers, which ensures that you can finish all the required formalities from the comfort of your home, in just a few minutes. If you are a resident Indian, you can get your eKYC done via any SEBI-registered intermediary – the only requirement is an Aadhaar card. However, the drawback of an eKYC is that an eKYC registered investor can only invest an amount up to only Rs. 50,000 per fund house.

Disclaimer: Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Plan Now
Sort by:   newest | oldest | most voted
cool health articles
Guest

I am really loving the theme/design of your blog. Do you ever run into any web browser compatibility problems? A small number of my blog visitors have complained about my website not operating correctly in Explorer but looks great in Firefox. Do you have any ideas to help fix this issue?
http://healthhints.eu

medical articles today
Guest

It’s an amazing post in favor of all the online people; they will take benefit from it I am sure.
http://goodtip.eu

masters in education
Guest

I used to be able to find good advice from your articles.
http://educationguide.eu

best financial advisors
Guest

After looking over a few of the articles on your site, I honestly appreciate your technique of writing a blog. I added it to my bookmark webpage list and will be checking back in the near future. Please visit my website as well and let me know what you think.
http://helpfultip.eu

financial planning help
Guest

I’ll right away take hold of your rss as I can not find your email subscription link or newsletter service. Do you’ve any? Please let me understand in order that I may subscribe. Thanks.
http://helpfultip.eu

wpDiscuz