What is KYC – List of Accepted KYC Documents

Data sourced from Reserve Bank of India suggests that over 3,766 incidents of financial fraud have been reported in the financial year of 2019, involving an enormous amount of Rs.71,500 crore. Hence, the government introduced the system of KYC within the financial infrastructure to monitor and reduce identity theft, money laundering, and other fraudulent activities.

What is KYC?

KYC or Know Your Customer is a mandatory requirement in the identification process of an individual via official documents. Since 2005, RBI has made it mandatory for all financial institutions to retrieve proper KYC documents of every customer. The elements incorporated in the KYC policy of financial institutions include –

  • Customer identification.
  • Strict guidelines involving customer acceptance.
  • Risk management.
  • Transaction monitoring.

The KYC regime enables financial institutions to maintain more accurate details on their customers which help in monitoring suspicious behaviour by third-parties. There are numerous types of credit card frauds you can avoid by submitting your KYC details to the card issuer.

How to complete your KYC?

Several financial institutions offer the facility of completing KYC easily through their website. Also, whenever you apply for a credit card or any other financial product, you are required to submit KYC documents.

List of accepted KYC documents

Following is the list of documents required to complete your KYC. There are two types of verification processes involved –

  • Identity verification
  1. Any one of UID or Aadhaar certificate, passport, voter ID, and driving licence.
  2. PAN card.
  3. Passport-size photographs.
  4. ID card with photo issued by central or state government and its authoritative bodies.
  5. ID card with photo issued by universities or any professional bodies such as ICSI, ICAI, ICWAI, Bar Council of India, etc.
  6. ID card certified by government undertakings, public financial institutions, etc.
  • Address verification
  1. Any one of passport, Aadhaar card, Voter ID, ration card, driving license, registered lease or sale agreement of property, copy of insurance documents.
  2. Telephone bills, electricity bills, and other utility bills are not more than 3 months old.
  3. Most recent account statement or passbook of a financial institution.
  4. Self-declared documents certified by judges of the High Court or Supreme Court.
  5. Documents providing address proof certified by managers of scheduled commercial financial institutions, multinational foreign financial institutions, gazetted officer, notary public or any representative to the legislative assembly or parliament.
  6. ID cards withholding address proof issued by Central or State Government and its authoritative bodies, public sector undertakings, public financial institutions, education centres affiliated to universities or professional bodies such as ICAI, ICSI, ICWAI, bar council of India, etc.
  7. Proof of address in the name of your spouse.
  8. For an FII/sub account, the registered address certified by the Power of Attorney.

KYC documents hold an important place among the requirements needed to meet the eligibility criteria set by financial institutions to avail credit cards and other financial products. Not submitting the relevant KYC documents is considered among the various reasons why your credit card application can be rejected.

Updating your KYC details

Cardholders need to update their KYC documents online or offline with their existing credit card accounts to ensure that the card-issuing company has the correct information regarding your identity. If you do not update your KYC details, you might be restricted from further usage of a RBL Credit Card or any other credit card.

Moreover, this NBFC brings forth pre-approved offers that help in availing credit cards easily. Such offers are also available on numerous financial products like home loans, business loans, education loans, etc. Check your pre-approved offer after providing your name and contact details.