KYC, or Know Your Customer, is a mandatory process that helps banks and financial institutions verify the identity of their customers. It is regulated by the Reserve Bank of India (RBI) and aims to prevent financial fraud, identity theft, and money laundering. Completing your KYC is essential to access various services such as opening bank accounts, investing in mutual funds, or applying for credit. The good news is that checking your KYC status is quick and easy. You can verify it online using your PAN card without the need to repeat the process every time you deal with a new financial institution.
What is KYC (Know Your Customer)?
KYC is a process through which companies such as financial institutions verify your identity and personal details. These institutions access your details with your consent. These include your digital signature, fingerprint, and Aadhaar details. Through customer identification and verification, KYC acts as a safeguard against illegal activity.
What is KYC status?
Your KYC status tells you whether you are KYC compliant or not. Upon filing KYC forms and providing the necessary documents, your application will be scrutinised based on which it will be either denied or approved. You can check your KYC status online through portals such as:
For instance, if your KYC is verified, cvlkra.com indicates your status as “MF-Verified by CVLMF”.
How to Check KYC Status Using Your PAN Card
Issued by the IT department of India, a PAN card serves as proof of identity and income in India. You can use your PAN card to support your KYC application and later carry out a KYC status check online effortlessly. The alternative is to check your KYC status by furnishing details like your name, date of birth and category. The latter is more cumbersome, and the PAN-based KYC status check gives results speedily.
Steps to check KYC status
You can check your KYC status online either by entering details such as your date of birth and name or simply with your PAN number. It can be done via the portals listed above. Given below are the steps you must follow to check your status via the CDSL Ventures portal.
- Visit the Central Depository Service Limited website.
- Enter your PAN details.
- Alternatively, enter your name, DOB, and pick an option from the exempt category drop-down menu.
- Click on the ‘Submit’ button.
- If your KYC is pending, then it will display “Pending”. If it is verified, then you will see displayed “MF-Verified by CVLMF”.
How to update my KYC status?
To update your KYC status, visit a KRA, R&T or AMC office and fill out the necessary forms. Then, provide copies of the required documents. The forms and documents produced will then be verified. You may also update your KYC via the eKYC route.
How to complete KYC?
You can complete your KYC either via the Aadhar-based biometric mode, online mode or offline mode. For the offline mode, fill out the information in the forms and provide the necessary documents. If you choose online, visit the KRA website, create an account, provide mobile and Aadhaar details and upload attested e-Aadhaar copies. In the Aadhaar-based biometric mode, an authorised person will visit you to collect details and map fingerprints.
