What is CKYC?

Started from February 1, 2017, CKYC full form stands for Central Know Your Customer. Any investor who is willing to invest in mutual funds must go with the online KYC registration/process. The registry of central KYC online is a centralized repository of Know Your Customer (KYC) records of customers in the financial sector with the inter-usability of the central KYC records and uniform KYC norms across the sector with the motive to reduce the burden of submitting the documents in KYC registration agency for verification every single time when the customer is creating a new relationship on a financial platform.

 



How Do I Check CKYC?

 

Investing in a mutual fund is a good pitch to build your wealth significantly. The foremost step to monitor the investment is to become KYC compliance for mutual funds. But the fuss is when you don’t know how to get CKYC online done? Though, you might be KYC compliant and checking the status is easy. All you need to do is go to the official website of CDSL Ventures Limited and enter the PAN number just to check if you are CKYC compliant or not. If yes, no need to get the KYC number again.

Why Central KYC Important For Mutual Fund Investments?

 

CKYC stands for Central know your customer. It’s mainly a centralized repository of KYC records of customer in the financial sector and the usability of the KYC records of customers in the financial sector with Uniform KYC norms. It is quite helpful for the mutual fund investment as it reduces the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with other financial entity.

Features & Benefits of CKYC

CKYC will have the following features and benefit

  • A 14-digit Unique KYC identification number (KIN) or a CKYC number linked to ID Proof.

  • This will allow you to purchase any financial product.

  • It provides the data and documents are stored in a digitally secured electronic format.

  • Apart from that it will provide you an Id authentication with issuing authorities like Aadhaar/PAN.

  • This will allow all institutions will get notification of any changes in the KYC details.

  • It will eliminate the need for submitting multiple documents for the identity and address proof.

What is Difference B/W EKYC & CKYC?

  • It is fast and instant. User need to put your Name, PAN card details and Aadhar number. No address proof, ID proof, etc.
  • The limitation of this Aadhar based eKYC is that you can invest only Rs. 50,000 per mutual fund per financial year.
  • But in case if you want to invest more than Rs. 50,000 then one must do CKYC.
  • In case of CKYC, certain additional details are required, such as Identity proof, Address proof, Facta details, In person verification.
  • Apart from that you need a SEBI authorized intermediary to verify the relevant details of your KYC application as well in person identity verification

Documents Required for CKYC?

 

Following are the documents required for CKYC:

 

  • PAN Card
  • Identity Proof: Drivers’ license, Aadhar card, passport, voter id, etc. are considered here.
  • Address Proof: Driver’s license, passport, etc. are considered here.

 

 

How Do I Get My CKYC Done?

 

If you are willing to invest in mutual funds, get the process done in the following two ways:

 

  • You can ask your mutual fund distributor
  • Approaching the mutual fund company directly (AMC)

 

NOTE: Sometimes, the process becomes tedious whilst providing documents and so forth. With Gulaq the process of completing KYC is just a matter of 60 seconds. A few taps on the go and your online KYC registration is completed.

How Will You Check Your CKYC Number?

You can check your CKYC number either from Karvy or CVL. Here is the process to find out:

 

  • Visit the Karvy website
  • Fill-in your PAN card number and Captcha
  • You’ll see your CKYC number

 

Check Your KYC status free Here

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