CKYC – What it is all about?
Central Know Your Customer or CKYC started on 1st February 2017. Any investor who is willing to invest in mutual funds must go through the process of CKYC.
WHAT IS CKYC?
CKYC is an initiative of the Indian Government. Mainly the aim was to build a structure that can allow the investors to complete their KYC just once before interacting with different entities across the financial sector. Central Know Your Customer is managed by Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) which is authorized by the Indian Government.
WHY CENTRAL KNOW YOUR CUSTOMER (CKYC)?
Prior to this, customers had to do endless KYCs for different purposes – buying insurance, investing in mutual funds, opening a bank account, etc. But, with CKYC, the forms of KYC will have to filled-in just once. The aim is to replace all KYC processes.
- KYC documents and data are stored in a digitally secured electronic format.
- All institutions will be notified in respect of any notifications/changes in the KYC details.
- Comprising an ID authentication with issuing authorities like PAN/Aadhaar
- With CKYC, you’ll be provided with – A unique KYC identifier, a CKYC number linked with ID proof, or a 14-digit KYC identification number (KIN). NOTE: You can use this given data to purchase any financial product or invest in mutual funds).
LIST OF DOCUMENTS NEEDED
- Identity Proof – Aadhar card, driver’s license, voter’s id, passport, etc
- PAN Card
- Address Proof – Driver’s proof, passport
- One photograph
HOW TO CHECK YOUR CKYC NUMBER?
- Visit Karvy website
- Fetch your PAN number & Captcha
- You will be able to see your CKYC number
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*Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing.