Big Alert! KYC of the bank account, RBI gave important information

Bank Alert! No minimum balance in the bank account then be careful, PNB recovers crores of rupees
Bank Alert! No minimum balance in the bank account then be careful, PNB recovers crores of rupees

The central bank said that if the periodic updation of a customer’s account is to be done, then no action will be taken in his account till December 31, 2021, for the only reason that it is not necessary to do so on the instructions of a regulator/enforcement agency/court. Be.

KYC means ‘Know Your Customer’. That is, know your customer. This means that any bank or institutions want to know their customers for financial transactions. To know this, some documents are asked from the customers, which are called KYC documents. Nowadays there are many types of KY also. Like Full KYC, Half KYC, E KYC and Video KYC. His work as KYC. The most effective in this is full KYC, due to which the bank blindly gives many facilities to the customers.

Similarly, half KYC is also done. As the name suggests, this KYC is half-complete, so the facilities are also available accordingly. Full KYC consists of physical verification of address proof and identity of the customer. Its instructions are received from the Reserve Bank. Full KYC is done for work like driver license, passport, PAN card. To get full KYC done, you can get the work done with or without Aadhaar. If you are doing KYC through Aadhaar, then it will be necessary to do biometric verification. If you are doing KYC without Aadhaar, then you will have to submit all the documents by hand in the branch of the bank.

Now let’s talk about Half KYC. It is also called Limited KYC. Some people also call it minimum KYC. In this, since the least details or documents are given and that too online, hence its name is also e-KYC. You do not need to do much to get e-KYC or Minimum KYC status. In this, you have to share some identity documents online of your own free will. In this work, you can work with Aadhaar number or PAN card number. Under this, OTP based verification is done for verification of valid documents. Half KYC has some advantages and some disadvantages too. Let us know about both.

It gives ease to KYC starters or new customers. If you want to open a bank account instantly, then e-KYC can work with e-KYC or half KYC. Half KYC can be used for online bill payment or online purchase of goods. With the help of the account opened with Half KYC, you can get a virtual card and make online purchases with it.

The scope of Half KYC is limited and you may have to bear some losses as well. The disadvantage here means that the facility is not available or less facility is available as compared to full KYC. Can’t keep more than Rs 1,00,000 in a bank account opened on e-KYC or Half KYC. Also, in a financial year, you cannot add more than Rs 2,00,000 in a half KYC account. With Half KYC, a bank account can be operated throughout the year. After that you will have to do full KYC in any case. With Half KYC, you cannot fund through check or cash. In Half KYC, the check book is not even issued to the customer.

This facility of KYC has been started in January 2020. Under this, the Reserve Bank has given permission to open an account by doing video KYC. Video KYC has been kept in full KYC status. During the Corona period, when customers cannot go to the branch, the account is being opened through KYC through video. In the digital age, this method is being considered very modern and very effective. For this you should have a secure internet connectivity and internet connected laptop. The camera installed in the laptop performs video KYC.


Please enter your comment!
Please enter your name here