KYC Documents

KYC stands for ‘Know Your Customer’. KYC in Banking refers to the process of verifying documents to establish the identity of a customer. It is aimed at curbing malpractices such as money laundering, financial fraud, etc., by ensuring that the transactions are authentic. Since 2004, as per the Reserve Bank of India (RBI) guidelines, all banks and financial institutions must undertake KYC verification of customers. If not done, individuals are prohibited from opening a bank account or a Demat account without fulfilling the KYC procedure for KYC. In this regard, the KYC documents list becomes important, which catalogues the officially valid documents for KYC verification.

According to the RBI, the officially valid KYC documents or OVDs for KYC checks include the following:

• Aadhaar card

• Passport

• Driving licence

• Voter ID

• Job card issued by NREGA (National Rural Employment Guarantee Act 2005) with the signature of a State Government official

• Aadhaar letter issued by UIDAI (Unique Identification Authority of India)

• PAN card

1. For Minors

In case of minors, the applicant who would be operating the account would have to submit their ID proof.

2. For NRIs

NRIs must submit resident visa and passport copies that are duly attested by the Indian Embassy, Foreign Office, and the Notary Public.

Despite the PAN card not stating your address, you can still use it as a KYC document for ID and address proof. This is so because your address records are with the Income Tax Department, which can be easily accessed using your PAN number. 

As a part of the Know Your Customer process, you have to submit essential documents to financial institutions. Known as KYC documents, these help banks verify your authenticity. Banks fix these KYC norms according to the RBI directives.

Hence, a PAN card also serves as both ID and address proof. Submit any one of these KYC documents before opening an account in the bank or any financial institution. While separate KYC documents for identity and address proof had to be provided initially, the RBI has simplified the process.

To ensure that the customers availing the services are not involved in unethical financial transactions, banks and other financial institutions require you to submit certain documents. Presenting these documents is mandatory to establish your correct identity before making any transactions. The documents required for KYC in a bank are usually the same as those for other financial institutions. To understand this better, take a look at the full KYC documents list below.