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.
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.
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:
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.
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 :
There are four types of CKYC accounts:
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.
CKYC stands for Central Know Your Customer.
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.
You can visit the web portal of CDSL Ventures Ltd (CVL), or Karvy or any other authorised financial services company.
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.
UIDAI has provided an offline KYC verification process as a replacement for the electronic KYC (eKYC) process.
OKYC stands for offline KYC.
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.
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.