KYC is a very common word that people often hear, but when KYC is asked by someone who does not have any idea about KYC, he also has to face a lot of problems, if you don’t even know about KYC.
KYC is a process of verification by the document itself in which the service provider asks for KYC to their customer or user to verify that it is you and want to start, resume the service, etc.
KYC can be demanded anywhere such as online account opening, due to technology many tasks can be done from home, for which KYC is asked from us, and after that, we will be able to use that service whether it is opening a bank account or any other task.
And KYC is also asked for many offline tasks, such as you want to do any task in which you have to verify yourself and once KYC is done, those services are activated for you but banking services Are slightly different from other services.
Because even if you have already done KYC, but if you have not used your bank account for a long time then it may be temporarily blocked which we have to KYC to start again, for offline KYC we have to buy a KYC form, Which is found at nearby computer shops and it is important to attach required document such as PAN, AADHAR, etc.
Full form of KYC – Know Your Custumer
What is KYC
KYC is a process of verification of any person, whereby the employer or service provider obtains complete information of their clients, as it may be risky to provide a service to someone without verifying the identity.
If any KYC is done offline then it called normally KYC but if online KYC is done then it is called eKYC, even now many banks use documents as well as video calls for eKYC, and some banks opens accounts by KYC through video call.
KYC is required because there is no dearth of fraudsters in the world, even if it is in any industry, the identity of the person is verified when KYC is done and if any fraud is committed by that person, it becomes much easier to reach the person on the base of that KYC.
As per need, different types of KYC are taken in all the places, which include mainly, Aadhaar card, pan card as these are the IDs that are held by everyone and are valid everywhere.
In this article you learned What is KYC and KYC full form in english We hope this information will be useful for you.