Complete KYC Details: To open a bank account, where do you first go to complete KYC? Without it you cannot open a bank account. In KYC, you have to submit the necessary documents for your identity. Which includes PAN card, Aadhar card. Driving license and other documents are there.
If no one had submitted these documents earlier. So the bank asks them to submit these documents. In such a situation, people go to the bank and submit their documents. If KYC is not completed then the services related to the account stop. Even in government schemes, one cannot get benefits if there is no KYC. Let us know what is KYC and why is it necessary.
What does KYC mean?
The full form of KYC is Know Your Customer. That means the process of knowing the customer. You are given a form to complete the KYC process. In which along with filling the information, you also attach your relevant documents. Which contains photo copies of documents like passport, driving license, voter card, Aadhar card and PAN card.
The account you have in your bank. Whatever scheme is going on in your name. All that can be found out through these documents. The bank and the organization running the scheme have complete information about you through these documents. Whether you are getting the benefit of the scheme in future or not. You have met with an accident. With this one remains aware of these things.
What are the rules of KYC?
Through KYC, banks or related companies know the validity of their customers. The information given in the documents and form is matched for his identity, his address. Services are provided to customers only after all the information is correct. If the given information does not match. So companies and banks do not provide services to such people.
Through KYC, the bank verifies whether the customer is involved in any illegal activity. There are no illegal transactions taking place from his account. Like money laundering or terror funding. The bank has all the information about the financial transactions of the customer.
KYC may have to be done again
In many cases, some documents regarding KYC of people are not completed. In such a situation, the services they are getting are not stopped. But they are informed by the bank to complete KYC again. The documents which they did not provide while opening the account or taking the scheme. They have to submit them again. Failure to do so may stop services.
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