Documents required for KYC : Complete Guide for Verification

KYC, or Know Your Customer, is a process used by regulated financial entities to verify a customer's identity and other required details. It helps establish that the information provided by a customer is accurate and supports customer identification and applicable anti-money laundering and customer due diligence requirements. KYC documents are used to verify details such as the customer's name, identity and address. The documents required may vary depending on the financial service, customer relationship and information that needs to be verified. Providing accurate and updated KYC information helps maintain correct financial records. If details such as your address or other personal information change, the institution may require you to complete a KYC update or re-verification. For borrowers, keeping KYC information current can help reduce delays when accessing eligible loan servicing or account-related services.

What documents are required for KYC verification?

KYC verification may require an Officially Valid Document, PAN or Form 60, along with other information or documents required for the specific customer relationship. The exact combination depends on the applicable KYC requirements and the financial service involved.

Commonly relevant documents and information include:

• Passport: May serve as an Officially Valid Document for identity and address verification.
• Driving licence: May be accepted as an Officially Valid Document where applicable.
• Proof of possession of Aadhaar number: May be used as an Officially Valid Document in accordance with applicable KYC requirements.
• Voter's Identity Card: May be accepted as an Officially Valid Document.
• NREGA job card: A job card duly signed by an authorised State Government officer is included among Officially Valid Documents.
• National Population Register letter: A letter containing the name and address may qualify as an Officially Valid Document under the applicable provisions.
• PAN: PAN or an equivalent e-document may be required as part of the customer identification process.
• Form 60: Where applicable, Form 60 may be submitted instead of PAN in accordance with the relevant requirements.

An Officially Valid Document may provide both identity and address information. If the address on the document is not current, additional documents or declarations may be required to establish the current address, depending on the circumstances.

You can use an officially valid document to establish identity and address if it contains the required information and meets the applicable KYC requirements. This means you may not always need separate documents for identity and address.

The RBI's KYC framework defines the documents that qualify as OVDs and also provides provisions for situations where the address shown on an OVD is not updated. The institution may also request other documents or information where required for customer identification, the nature of the relationship or applicable compliance requirements. Therefore, the list shown above should not be treated as a universal document checklist for every financial product.

Steps to complete KYC verification through Bajaj Finance platforms

Online KYC verification uses digital methods to establish customer identity and may involve document submission, authentication or video-based verification. RBI directions permit regulated entities to use digital KYC and consent-based Video-based Customer Identification Process (V-CIP), subject to applicable requirements.

The exact steps vary by financial institution and the service being used. If a KYC update option is available through a Bajaj Finance digital platform, follow the instructions shown after you sign in.

Through the Bajaj Finance App or My Account portal:

1. Open the Bajaj Finance App or My Account portal.
2. Sign in using your registered mobile number and OTP.
3. Go to the relevant loan or service section.
4. Look for the KYC, profile update or service request option available for your account.
5. Enter or confirm the requested details.
6. Upload the required documents if prompted.
7. Complete any applicable authentication or verification step.
8. Submit the request and retain the acknowledgement or reference details, where provided.

Do not upload KYC documents through links received from unknown sources. Use the official platform or service channel specified for your account.

What happens if the required KYC documents are not provided?

If you do not provide the required KYC information or documents, the financial institution may be unable to complete or update your KYC verification. Depending on applicable requirements and the nature of the financial relationship, this may affect access to certain services or require additional verification. If a KYC request remains pending, check the specific reason the institution provided. You may need to replace a document if it is unclear, incomplete, expired (where validity is relevant), or missing required information. For a loan account, borrowers should respond to a genuine KYC request through official channels and provide the requested information promptly. Before sharing personal documents, verify that the communication is from an authorised source. If you can't complete the process digitally, use the account's official customer support or branch channel to understand the next steps and complete the required verification.

Submitting your KYC documents is a straightforward process that can be completed either online (e-KYC) or offline (in-person). Both methods ensure that your identity and address are verified by the KYC Registration Agency (KRA) in compliance with regulatory requirements. Here's how you can submit your documents:

Online or e-KYC

• Register on the customer portal:Begin by registering or logging into the financial institution’s customer portal or KYC platform that facilitates e-KYC.
• Link aadhaar and mobile number:For e-KYC, your Aadhaar must be linked to your mobile number. This is essential for OTP-based verification, which helps in authenticating your details.
• Select e-KYC option:Choose the e-KYC option from the KYC section in the customer portal and enter your Aadhaar details to initiate the process.
• Enter OTP for verification:An OTP will be sent to your registered mobile number. Enter this OTP to verify your identity digitally.
• Upload documents:In some cases, you may be required to upload scanned copies of your PAN card, address proof, and other necessary documents.
• Complete video KYC (if applicable):Some agencies may require a video KYC where you’ll verify your identity via a live video call. During the call, you’ll need to show your original documents for verification.
• Receive confirmation:Once the e-KYC process is complete, you will receive a confirmation message indicating successful KYC completion. The institution will process and store your details for future reference.
• Update details anytime:If you need to modify your KYC details, you can always do so using KYC update online features available in the customer portal.

Offline or In-Person KYC

1. Visit KYC registration agency:For offline KYC, visit a branch of the KYC Registration Agency, bank, or any authorised financial institution where you want to complete your KYC.
2. Fill out KYC form:Request a KYC form and provide all required personal information, such as name, address, and contact details. Ensure that all details match your identity and address proof documents.
3. Submit copies of documents:Provide self-attested copies of your proof of identity (PAN card, passport, etc.) and proof of address (utility bill, Aadhaar, etc.). Also, carry the original documents for verification.
4. Provide passport-sized photographs:Some agencies require recent passport-sized photographs, especially for the physical KYC process. These will be attached to your KYC form.
5. Submit the documents:Once your documents are ready, submit them to the representative at the KYC Registration Agency for processing. You may also need to provide your bank details for financial KYC.
6. Biometric verification (if required):Some institutions may ask for biometric authentication, such as fingerprints or retina scans, particularly when Aadhaar-based KYC is involved.
7. Collect acknowledgement slip:After submitting your documents, you will receive an acknowledgement slip as proof that your KYC application is under review. This slip can be used for future reference or queries.
8. Follow up with customer care:If you have any issues or queries regarding your KYC submission, you can contact Bajaj KYC Customer Care Number for assistance.
9. Receive KYC confirmation:After processing, you’ll be notified by the agency regarding your KYC status. If all documents are verified, your KYC will be successfully completed.

Using these methods, you can easily submit your KYC documents online or offline, ensuring a smooth process for identity verification.

Conclusion

In conclusion, completing your KYC (Know Your Customer) process is a crucial step to ensure compliance and smooth functioning in various financial transactions. Whether done online through e-KYC or offline in person, submitting the required documents is simple and necessary for identity verification. e-KYC offers a faster, digital route, while offline KYC is available for those who prefer traditional methods. Ensuring your KYC is up to date allows you to access financial services with ease and security. For further assistance, you can explore the customer portal or contact customer care for guidance.