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EKYC - All You Need To Know

  • Highlights

  • eKYC is the process of digitally verifying your identity

  • eKYC can be used to avail government services

  • eSign allows you to digitally sign documents

  • Apply for the SuperCard credit card with eKYC

In today’s day and age, digitisation is the norm, and makes banking and financial services more accessible and convenient. A prime example is waiting in queues when making an application for a service or having to carry around folders of documentation for the same. Thankfully, online provisions have dealt with the issue and with the introduction of eKYC, you can now furnish documentation easily. In fact, Aadhaar-based E KYC makes authentication simple as it is as valid as a Xerox copy of your Aadhaar Card.

To know more about eKYC and for a detailed understanding of eKYC registration, read on.

What is meant by e-KYC?

‘Know Your Client’ or KYC is a process by which a service provider, either government or private, verifies your identity and other particulars linked to you using documentation such as your Aadhaar Card.

The process is similar in the case of eKYC, meaning that here, authentication is carried out via an electronic mode. In other words, eKYC is simply the process of carrying out verification digitally, without the need of physical documentation.

What is the EKYC process?

The eKYC registration process is fairly straightforward. As a consumer, you are simply required to provide your Aadhaar number and give consent to the service provider to accessing your data. The provider then accesses the online UIDAI database and verifies your identity, address and other demographic details.

What is the eligibility criteria for the EKYC process?

To partake in eKYC verification, you must have a registered Aadhaar card and a mobile number linked to it. Every resident Indian is entitled to an Aadhaar Card. Similarly, NRIs and foreigners who have lived in India for at least 182 days in the 12 months preceding the date of enrolment for Aadhaar can also obtain a card. After having met these basic criteria, you qualify for Aadhaar and so also, the eKYC process.

What is the list of documents required for eKYC?

Considering the fact that eKYC is a digital verification of your data, you don’t require to submit any additional identity proof or address proof documentation. E-KYC allows you to remotely fulfil the required ‘Know Your Customer’ procedure. However, depending on the service you’re signing up for, you may be required to submit recent passport-sized photographs.


Now that you know the eKYC meaning and its provisions on the whole, take a look the answers to a few commonly asked questions for more insight.


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EKYC FAQ

What is the use of E KYC?

As mentioned earlier, there are many service that can be availed using eKYC. Online applications for financial services are prime examples of instances in which this verification protocol can be of use. As per RBI guidelines, banks can accept eKYC, meaning that you can open an account in a matter of minutes. Once the provision is opened to fintech companies, you will be able to access to solutions such as the Bajaj Finserv RBL Bank SuperCard in moments too. This 4-in-1 credit card allows for 50-day interest-free withdrawals from ATMs, a 90-day interest-free emergency loan, easy EMI options and offers you a range of discounts and deals.

What is difference between EKYC and ESign?

Submitting eKYC is the act of having your details verified by a service provider digitally. eSign is an electronic signature that allows you to digitally sign documents, based on your Aadhaar data.

What is Aadhaar E KYC?

Aadhaar eKYC is a digital approach to proving your identity and address to service providers in India. Here, you are required to submit your Aadhaar number and consent to the provider accessing your data. You can also submit Aadhaar Offline XML to private service providers as the Supreme Court has disallowed the use of eKYC by such providers.

What is eKYC OTP?

During Aadhaar-based eKYC verification, an OTP is sent to you by UIDAI for authentication purposes. This is sent on your registered mobile number. To obtain it you must click ‘generate OTP’.

 

As you may have noticed, e KYC is an effective provision that allows you to avail of services conveniently, while negating the need for added documentation. Provisions such as this greatly compliment offerings such as the Bajaj Finserv RBL Bank SuperCard, the 4-in-1 credit card. From discounts to ATM cash withdrawal, this credit card is one to have. To get access to a customised financial solution in an expedited manner simply check your pre-approved offer online.

 

Electronic Know your Client or e KYC is the way of resident authentication used by organization like Banks, Aadhaar allows the residents to submit it as an verifies your identity and other particulars linked to you using documentation such as your Aadhaar Card.

 

EKYC is the process of resident authentication used by banks for their customers. Learn more about E KYC meaning, guidelines and registration process.


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