Central KYC (CKYC) is a revolutionary initiative by the Indian government. It is designed to simplify the KYC process. This centralised database stores your KYC information across various financial institutions. By completing the CKYC process once, you eliminate the need to repeatedly submit documents for future investments or financial services. It fosters a smoother onboarding experience and enhances efficiency within the financial sector.
The Central KYC Registry (CKYCR) is the backbone of India's centralised KYC system.
The database stores your standardised KYC information
It eliminates the need to submit documents repeatedly when seeking financial services across different institutions
Once registered, a unique CKYC number allows financial entities to access and verify your KYC details seamlessly
This streamlines the onboarding process and saves you both time and effort
The CKYCR promotes efficiency in the financial sector while ensuring robust customer identification and verification
Efficient KYC Processes
Streamlines and standardises KYC across financial institutions, reducing redundancy.
Preventing Duplication
Customers undergo KYC only once, preventing redundant efforts with multiple institutions.
Swift Customer Onboarding
Enables quick retrieval of customer details, expediting the onboarding process.
Enhanced Security
Includes biometric data, adding an extra layer of security and reducing identity fraud risks.
Regulatory Compliance
Helps institutions comply with regulatory standards for customer identification.
Financial Inclusion
Facilitates broader access to financial services, especially in remote areas.
Centralised Monitoring
Allows for better monitoring and management of customer data.
The documents required for CKYC typically include:
Document Type |
Accepted Documents |
Proof of Identity (Any One) |
|
Proof of Address (Any one) |
|
Proof of Income (If applicable) |
|
Other documents |
|
Note: The list above is not exhaustive, and additional documents may be requested based on the institution's policies and regulatory compliance.
Individuals need to follow the steps outlined below to complete the process -
Visit the CKYC website
Fill out the CKYC online form
Upload a self-attested copy of the documents
Submit the form and documents
If applicable, provide biometric data online
Receive an online confirmation or acknowledgement
Check your email for updates
Note: Procedures may vary; follow the specific instructions provided by the financial institution.
It is important to remember that if your KYC has already been verified, the site will prompt you to modify your existing details.
You can follow the steps below to check the status of your application online:
Visit the CKYC website and use your credentials to log in
Enter your PAN card number
Proceed by entering the displayed security code
The status of your application will be displayed on the screen
To update your details, follow the steps mentioned below.
Visit the CKYC website
Sign in with you CKYC login credentials
Click on the ‘Update KYC’ tab
Enter the verification OTP sent to your registered mobile number
Update details such as your email address, mobile number and residential address
The Central KYC form categorises accounts into four types: Normal, Simplified, Small, and OTP-based eKYC.
Accepts six officially valid documents (PAN, AADHAAR, Voter ID, Passport, Driving licence, NREGA Job Card) for customer identification.
Allows additional OVDs as per RBI guidelines, and the CKYC identifier for this account has the prefix 'L'.
Requires only personal details and a customer-certified photograph for submission. The CKYC identifier for Small Account has the prefix 'S.'
Involves generating a PDF file with Aadhaar data obtained during EKYC/OTP-based KYC. Upload this file, along with a photograph, into CKYC. The identifier for these accounts has the prefix 'O'.
Understanding these distinctions helps tailor the KYC process based on the chosen account type, ensuring flexibility and adherence to regulatory guidelines.
The difference between a normal KYC, eKYC, and CKYC is as given below:
|
Normal KYC |
eKYC |
CKYC |
Transactions |
Financial Institutions |
Financial Institutions |
All companies registered with SEBI, RBI, IRDA, and PFRDA |
Documents |
KYC Form and Supporting Documents |
Aadhaar Card |
CKYC form, Address proof, ID proof, and a photograph |
Verification Needed |
In-person verification, once the application is submitted |
Biometric or OTP based |
Documents and application forms verified by CERSAI |
Once you register on the CKYC portal, you will receive a 14-digit KIN or KYC Identification Number. You can use this 14-digit KIN whenever you wish to apply for financial services to indicate your CKYC is complete.
The process of acquiring your CKYC Identifier is as follows:
Submit your KYC documents during your account-opening process
The institution will submit the KYC records to the CKYC Registry
Once the documents are approved, you will receive your CKYC Identifier
Here are the differences between a CKYC and eKYC:
CKYC:
It is a centralised repository for KYC information
Documents like ID and address proof are to be submitted
This information is stored in the CKYC Registry
eKYC:
This electronically verifies your identity
It is processed during an onboarding with a specific financial institution
An Aadhaar card with OTP verification or biometric authentication is used
Central KYC registration has a lifetime validity. The KYC records, hence, remain in this CKYCR’s repository, saving you the hassle of renewing its validity from time to time.
CKYC, meaning the central KYC number is your single, verified identity stored centrally for easy access by financial institutions in India.