Posted by In the 21st century and especially in the last few years, we prefer diversifying our investments across different institutions. But the biggest compromise we used to make was with our time, by filling the same page-long documents at every institution. If you have a bad credit score then you can explore this blog to get a loan with a bad credit score. The institutions and government too realised the frivolity of the process. Hence, the CKYC was introduced.
Central Know Your Customer (CKYC) Registry is a centralized depository of KYC documents of customers utilising different services across the financial sector. It allows all the consumer financing of financial products on a single and uniform KYC platform. With Central KYC Registry, once norms are completed centrally, all financial institutions such as, Banks Mutual Fund Company etc., can access them and use them. Now, customers do not need to complete the KYC formality individually, each time, for each financial institution.
Hence, just like other financial tools such as the Fixed Deposit Interest Rate Calculator, CKYC serves as a very effective tool administratively.
Features
- Central KYC is a 14-digit number linked with the ID proof
- Customer’s data is safely stored in an electronic format with this Central KYC Registry
- The documents submitted are verified by the issuer
- All the concerned institutions are notified when there are changes in KYC details
Documents required with Central KYC Registry form
One needs to submit the following set of documents while submitting a Central KYC Registry form:
- A self-attested copy of Proof of Identity
- A self-attested copy of Proof of Residence
- One photograph
- Correctly filled and signed Central KYC form
How to fill Central KYC Registry form?
Filling a Central KYC Registry form is very simple but there are particular sections which require in depth explanation and a knowledge of the various requirements that must be adhered to.
Things to keep in mind:
- Fields mandatory to fill are marked with *
- You have to fill the form in English Language and in UPPERCASE letters
- Date of birth format is DD/MM/YYYY
- List of State and Union Territory Codes are available in the form itself
1.) You choose if you are applying for a new Central KYC or are updating your KYC account. Following which you enter your CKYC Registry 14-digit number
2.) Next, you’ll have to choose one of 3 accounts. Following are the 4 different types of Central KYC Accounts:
* Small Account: This type of account is taken if all three of the following conditions are satisfied-The aggregate of all credits in a financial year does not exceed Rs 1,00,000; The aggregate of all withdrawals and transfers in a month does not exceed Rs 10,000; The balance at any point of time does not exceed Rs 50,000
* Simplified Measures Account: This type of CKYC account will be opened if you submit other OVDs (officially valid documents) that are allowed as per RBI circular RBI/2015-16/42. OVD’s if the customer is unable to submit any one of the following six documents: Passport, Driver’s License, PAN Card, Voter ID, Aadhar or NREGA job card. The KYC identifier for these accounts will be prefixed by ‘L’
* Normal Account: This type of account is opened neither of the Small or Simplified criteria. The KYC identifier for these accounts would be prefixed with ’S’
* OTP Based e-KYC Account: This type of account is opened if you submit a photograph along with the Aadhaar PDF file downloaded from the UIDAI website, which is enabled by an OTP. The KYC identifier for these accounts would be prefixed with ‘O’
3.) Personal Details: This is where you fill in the mandatory details
4.) FATCA Declaration: This is for customers whose Tax Jurisdiction lies outside of India. The appropriate country codes are available in the form itself
5.) Proof of Identity: Here you select either one of the six mentioned official documents as proof of identity
6.) Proof of Address: This section has three sub-sections. 4.1- is for Current/Permanent/Overseas Address. 4.2- is for Correspondence or Local Address. 4.3- is for those individuals whose Tax jurisdiction lies outside of India. One needs to note that if they submit a utility bill as proof of address, it should not be more than 2 months old
7.) Contact Details: Here you provide your contact details
8.) Details of Related persons- One may add or delete a related person from their account. In order for deletion, the KYC number of the related person is required
9.) Remarks: Here you may add anything extra you may want to mention
10.) Now you need to mention the Date & Place. The next section is left vacant
11.) Annexure A1- This is filled if one has multiple addresses of correspondence
12) Annexure B2- This is filled if one has to mention additional related persons
This completes the form. The Central KYC Registry has been set up to propagate the culture of saving and looking out for transparent investments. It is a one-time process one must undergo in order to avail services of financial institutions. Corporates will help simplify any such processes or information for you due to their already digitalized systems.