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CKYC – Check CKYC Numbers & Status Online

CKYC – Check CKYC Numbers & Status Online

CKYC means Central Know Your Customer. It is a central storehouse of KYC records of customers availing various financial services across institutions, like banks, insurance companies, Non-Banking Finance Companies (NBFCs), and so on. This has dispensed with the requirement of completing the KYC procedure each time with each institution separately. For financial institutions this new streamlined process of CKYC has removed the logjams associated with onboarding customers via KYC verification. The CKYC initiative was announced in the union budget for 2012-13, and was subsequently started from February 1, 2017.

Central KYC registry

The Central Registry of Securitization and Asset Reconstruction and Security Interest in India (CERSAI) is entrusted with the responsibility of keeping the KYC records of customers in a central repository. Maintaining standardized KYC records in a central data pool ensures that the data can be used across different financial institutions, thus providing for ease and convenience both to customers and institutions. 

Here are Steps by Step Process of completing CKYC

You can approach any financial institution - regulated by the RBI, SEBI, IRDA or PFDRA - to get your CKYC done. Alternatively, you can complete the CKYC process by visiting the registrar's (CAMS) office. You need to submit the following documents:

  • Filled-in form
  • PAN card
  • Identity proof - Passport, driving license, Aadhaar card etc.
  • Address proof - Aadhaar card, passport etc. 
  • One passport size photograph

The form and documents will be then verified through an in-person verification (IPV) process. Upon successful verification, you will be provided a 14-digit KYC Identification Number (KIN). This CKYC number has to be provided while availing financial services, and reflects that one is CKYC compliant. 

Step by Step Process to checking CKYC status online 

You can check your CKYC number and status online by visiting the web portal of any financial services company, providing CKYC check facility. You are required to complete the following steps :

  • Step 1: Log on to the web portal
  • Step 2: Enter your PAN
  • Step 3: Enter the security code
  • Step 4: Your CKYC number will now be displayed.

Types of CKYC accounts  

There are four types of CKYC accounts: 

  1. Normal account: This CKYC account is created when you submit any six of the official documents as proof of identity: PAN, Aadhar, driving license, Voter Id, passport and NREGA job card.
  2. Simplified/Low-risk account: Those who can’t submit any of the six official documents can submit Other Valid Documents (OVDs) as specified by the RBI.
  3. Small account: Customers who don’t have any officially valid documents can open a small CKYC account by submitting a filled-in form with a photograph. These accounts are subject to restrictions in transactions along with limited validity. 
  4. OTP based eKYC account: This CKYC account is created if you submit an Aadhaar-based PDF file, downloaded from the UIDAI website and enabled by an OTP.  
CKYC FAQs

What is CKYC?

CKYC is a central government’s initiative, which allows for a central KYC registry. The registry is responsible for maintaining KYC records of all customers.

What is the full form of CKYC?

CKYC stands for Central Know Your Customer.

How do I get a CKYC number?

You can get a 14-digit CKYC number, known as KYC Identification Number (KIN) by submitting an application along with the requisite documents to any authorised financial institution.

How do I check my CKYC status online?

You can visit the web portal of CDSL Ventures Ltd (CVL), or Karvy or any other authorised financial services company.

Is CKYC compulsory?

While KYC is a mandatory process, CKYC is not compulsory. If you don’t do CKYC, then you have to complete the KYC process on multiple occasions.

What is OKYC?

UIDAI has provided an offline KYC verification process as a replacement for the electronic KYC (eKYC) process.

What is the full form of OKYC?

OKYC stands for offline KYC.

Difference between OKYC and CKYC?

While OKYC allows customers to share their details for KYC verification through offline Aadhaar XML or QR code by visiting the UIDAI’s website, CKYC is a one-time KYC compliance process to avail multiple financial services across institutions.

Importance of CKYC for investing in Bajaj Finance Fixed Deposits

KYC is mandatory when it comes to registering with Bajaj Finance. If you have gone a step ahead, and are CKYC compliant, it will allow you to invest in a hassle-free manner in Bajaj Finance Fixed Deposits . This fixed deposit provides a high interest rate up to 6.75% along with a requirement of minimum deposit of just Rs 25,000. Bajaj Finance Fixed Deposits have high stability and credibility ratings from CRISIL and ICRA. What’s more, CKYC compliance can also allow you to avail a wide range of the Bajaj Finance’s product offerings in a seamless manner.