Central Know Your Customer (CKYC) is an initiative by the Government of India to provide a unified, centralised platform for KYC details. Understanding CKYC and its benefits can transform your experience with financial institutions, making transactions smoother and more efficient.
What is Central KYC (CKYC)?
The CKYC full form is Central Know Your Customer. The CKYC system was introduced to streamline and centralise KYC processes across various financial sectors, reducing redundancy and improving efficiency.
CKYC is a one-time process that ensures your KYC details are stored in a centralised repository. This eliminates the need for repetitive KYC submissions each time you interact with different financial entities.
Features of CKYC
- Centralised database: Your KYC information is stored in a centralised database accessible by all financial institutions.
- Unique CKYC number: Upon completion, you receive a unique 14-digit CKYC number that can be used across financial platforms.
- Paperless transactions: Reduces the need for physical documentation, promoting paperless transactions.
- Single submission: One-time submission of documents simplifies your interactions with multiple financial institutions.
- Secure storage: Enhanced security protocols protect your sensitive information.
Process of completing CKYC
1. Fill out the form: Obtain the CKYC form from Axis Bank.
2. Submit documents: Provide required documents such as proof of identity, proof of address, and a passport-sized photograph.
3. Verification: The financial institution verifies the documents and submits them to the CKYC registry.
4. Receive CKYC number: Once verified, you will receive your unique CKYC number via SMS or email.
Documents required for CKYC
- Proof of identity: Aadhaar card, PAN card, passport, or driving licence.
- Proof of address: Utility bills, rent agreement, or any government-issued document with your address.
- Photograph: Recent passport-sized photograph.
How does CKYC work?
CKYC simplifies the KYC process by storing your information in a centralised database. When you need to open an account or engage with a financial institution, your CKYC number is used to access your details, eliminating the need to resubmit your documents repeatedly.
How to check CKYC status online
1. Visit the CKYC portal.
2. Enter your PAN or CKYC number.
3. View your status and ensure your information is up-to-date.
Benefits of CKYC
- Convenience: One-time document submission for multiple financial interactions.
- Efficiency: Faster processing times for financial transactions.
- Security: Enhanced data protection measures.
- Accessibility: Easy access to your KYC details for all registered financial institutions.
- Compliance: Ensures you are compliant with regulatory requirements across financial sectors.
Wrapping up
Understanding CKYC meaning and its benefits can significantly simplify your financial interactions. Axis Bank helps you with the CKYC process , ensuring that your experience is smooth and efficient. This streamlined approach is particularly useful when you invest or use any financial products offered by Axis Bank, making the process much faster and more convenient.
By completing your CKYC, you can enjoy seamless transactions and enhanced security across all your financial dealings.
Also Read: Understanding Re-KYC: A complete guide
FAQs
Is CKYC compulsory?
Yes, CKYC is mandatory for individuals engaging with financial institutions in India. It ensures compliance with regulatory requirements and enhances the security of financial transactions.
What is the difference between e-KYC and CKYC?
e-KYC is the electronic version of KYC, primarily used by Aadhaar-based authentication. CKYC, on the other hand, is a centralised repository storing KYC details accessible by all financial institutions. While e-KYC is a form of digital verification, CKYC centralises and simplifies the KYC process across platforms.
What is the 14-digit CKYC number?
The 14-digit CKYC number is a unique identifier assigned to you once your CKYC process is complete. This number is used by financial institutions to access your KYC details from the central repository, streamlining your interactions and transactions.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
