Know your customer (KYC) is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their customers and ascertain relevant information to do financial business is with them.
Know your customer policies are becoming increasingly important globally to prevent identity theft, fraud, money laundering and terrorist financing. One aspect of KYC checking is to verify whether the customer is on any list of known fraudsters, terrorists or money launderers, such as the Office of Foreign Assets Control's Specially Designated Nationals list.
KYC is required for all categories of investors. The list covers Individual and all joint account holders, Corporate Investors, Society, Trusty, Partnership Firm a HUF-Hindu Undivided Family, Non Resident of India, Person of Indian Origin, Overseas Citizen of India.
How do I become KYC compliant? Are there any charges that I need to pay?
A:
To get yourself KYC verified, you need to fill in the KYC application form attest the copy of PAN card and address proof and submit it to your nearest DISPL service centre along with the online application form. There are no charges for KYC verification.
Please note: In case you have submitted the KYC form personally, you need to carry the self-attested documents along with the original. Original will be returned to you over the counter after verification.
In case you are sending the documents through courier, all the documents need to be attested by a Notary Public / Gazetted Officer / Manager of a schedule commercial bank.
How much time does it takes for the KYC verification process to be completed?
A:
On submission of the KYC form along with the required documents to DISPL (Deutsche Investor Services Pvt. Ltd.), it will take 30 days for the verification process to be completed.
You can log onto www.cvlindia.com and enter your PAN card number; you will get to see the status of your KYC verification. Once you are KYC verified, the website status will be updated to 'VERIFIED'.
What are the documents required for Resident and Non-Resident Individual investors for KYC verification?
A:
The process requires investors to provide their Pan Card copy and Proof of Address (any valid document listed in section B of the KYC application form) to comply with KYC requirements.
Please note: In case you have submitted the KYC form personally, you need to carry the self-attested documents along with the original. Original will be returned to you over the counter after verification.
In case you are sending the documents through courier, all the documents need to be attested by a Notary Public / Gazetted Officer / Manager of a schedule commercial bank.
For further assistance, call our helpline at +91 22 4219 9494 from 9.30 am to 5.30 pm on Monday to Friday, (excluding Saturday, Sunday and public holidays).
