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), etc. 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 keeping the KYC records of customers in a central repository. Maintaining standardised KYC records in a central data pool ensures that the data can be used across different financial institutions, thus providing ease and convenience 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 verified through an in-person verification (IPV) process. Upon successful verification, you will be provided with a 14-digit KYC Identification Number (KIN). This CKYC number has to be supplied 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 a CKYC check facility.
Step by step process to checking CKYC status online
CKYC is a one time process that saves one time and energy. It permits investors to complete their KYC just a single time. CKYC consistency will enable an investor to execute/manage all elements administered/directed by the Government of India/various controllers (RBI, SEBI, IRDA and PFRDA) without finishing different KYC conventions.
There are four types of CKYC accounts:
CKYC is a central government's initiative that allows for a central KYC registry. The registry is responsible for maintaining KYC records of all customers.
You can get a 14-digit CKYC number, known as KYC Identification Number (KIN), by applying along with the requisite documents to any authorised financial institution.
CKYC stands for Central Know Your Customer.
You can visit the web portal of CDSL Ventures Ltd (CVL), Karvy or any other authorised financial services company.
While KYC is a mandatory process, CKYC is not compulsory. If you don't do CKYC, you have to complete the KYC process on multiple occasions.
UIDAI has provided an offline KYC verification process to replace 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 of up to 7.75% p.a. and a requirement of a minimum deposit of just Rs 15,000. 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 yourself of a wide range of Bajaj Finance's product offerings in a seamless manner.
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