{"id":12763,"date":"2024-05-31T16:45:18","date_gmt":"2024-05-31T11:15:18","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=12763"},"modified":"2024-06-03T13:57:02","modified_gmt":"2024-06-03T08:27:02","slug":"full-form-of-kyc","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/","title":{"rendered":"What is the Full Form of KYC?"},"content":{"rendered":"\n<p>The full form of KYC is \u2018Know Your Customer\u2019. This is considered a global standard through which financial institutions verify the identity and address of their customers. So, if you have secured admission to a university abroad or opened a bank account, the bank might require KYC documents. Let\u2019s know all about KYC in this blog.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-overview-of-kyc\" data-level=\"2\">Overview of KYC<\/a><ul><li><a href=\"#h-features-of-kyc\" data-level=\"3\">Features of KYC<\/a><\/li><li><a href=\"#h-benefits-of-kyc\" data-level=\"3\">Benefits of KYC<\/a><\/li><\/ul><\/li><li><a href=\"#h-what-are-kyc-documents\" data-level=\"2\">What are KYC documents?<\/a><\/li><li><a href=\"#h-are-kyc-documents-mandatory-to-submit\" data-level=\"2\">Are KYC Documents Mandatory to Submit?<\/a><\/li><li><a href=\"#h-ekyc\" data-level=\"2\">eKYC<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-overview-of-kyc\"><span id=\"overview-of-kyc\">Overview of KYC<\/span><\/h2>\n\n\n\n<p>KYC is \u2018Know Your Customer\u2019. This is a way through which all financial institutions aim to understand their customer&#8217;s identity and address details. This helps them prevent money laundering, terrorist financing, and other financial crimes. By obtaining KYC documents, banks ensure that their services are not being misused.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The applicant is required to submit KYC documents if you open a bank account or apply for an education\/ home loan.<\/li>\n\n\n\n<li>These are considered as OVDs, meaning that they are Officially Valid Documents for verifying an individual\u2019s identity.<\/li>\n\n\n\n<li>KYC includes details related to name, address, phone number, email address, Aadhaar Card, and signature.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check out the <\/strong><a href=\"https:\/\/fly.finance\/blog\/full-form\/full-form-on-rllr\/\"><strong>full form of RLLR<\/strong><\/a><strong> and understand RLLR-based education loans, calculations, and much more in the given blog.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-features-of-kyc\"><span id=\"features-of-kyc\">Features of KYC<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>KYC helps banks to verify their customer\u2019s identity through documents like passports and address proofs.<\/li>\n\n\n\n<li>KYC verification may also include verifying the source of the customer\u2019s funds.<\/li>\n\n\n\n<li>KYC isn\u2019t a one-time process. Banks have to periodically review customer information to ensure continued compliance.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-benefits-of-kyc\"><span id=\"benefits-of-kyc\">Benefits of KYC<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>KYC helps in identifying criminal financial activities money laundering and terrorist funding.<\/li>\n\n\n\n<li>Conducting fraudulent transactions gets harder for criminals and scammers due to KYC verifications.<\/li>\n\n\n\n<li>KYC compliance enables customers to <a href=\"https:\/\/fly.finance\/blog\/education-loan\/student-account-online\/\"><strong>open student bank accounts<\/strong><\/a>, receive funds, apply for education loans, pay bills via <a href=\"https:\/\/fly.finance\/blog\/education-loan\/full-form-of-upi\/\"><strong>UPI<\/strong><\/a>,&nbsp; and manage finances more conveniently.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-kyc-documents\"><span id=\"what-are-kyc-documents\">What are KYC documents?<\/span><\/h2>\n\n\n\n<p>KYC documents are one of the types of <a href=\"https:\/\/fly.finance\/blog\/education-loan\/documents-required-for-education-loan\/\"><strong>documents required for education loans<\/strong><\/a>. Besides, six other documents are considered OVDs (Officially Valid Documents) to verify your identity. These are specified by the Government of India. Documents may vary depending on the country and the institution. However, KYC documents that can be submitted to Indian Banks are-<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Passport<\/li>\n\n\n\n<li>Driving Licence<\/li>\n\n\n\n<li>Voter\u2019s Identity Card<\/li>\n\n\n\n<li>PAN Card<\/li>\n\n\n\n<li>Aadhaar Card issued by the UIDAI<\/li>\n\n\n\n<li>NREGA Card<\/li>\n<\/ul>\n\n\n\n<p>Any of the above-mentioned KYC documents can be produced before the financial institution as proof of identity. Since many of these documents also contain the address details, it would be accepted as proof of address.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Ever heard of <\/strong><a href=\"https:\/\/fly.finance\/blog\/full-form\/full-form-of-npa\/\"><strong>NPA in banking<\/strong><\/a><strong>? Check out its full form, types, and examples.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-are-kyc-documents-mandatory-to-submit\"><span id=\"are-kyc-documents-mandatory-to-submit\">Are KYC Documents Mandatory to Submit?<\/span><\/h2>\n\n\n\n<p>If you are wondering about opening an account or applying for a loan without KYC documents, please be aware that it is not possible. An applicant must present the above-mentioned documents to prove their identity and address.<\/p>\n\n\n\n<p>However, a \u2018Small Account\u2019 may be opened with some banks by submitting your recent passport-size photograph. You also need to add your signature or thumb impression in the presence of the bank official.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ekyc\"><span id=\"ekyc\">eKYC<\/span><\/h2>\n\n\n\n<p>KYC is usually done by visiting the banks. However, to offer more convenience to the customers, financial institutions allow of eKYC. eKYC is <strong>\u2018Electronic Know Your Customer\u2019<\/strong> wherein the customer\u2019s identity and address details are verified electronically using Aadhaar, the country\u2019s national biometric ID program.<\/p>\n\n\n\n<p>Via eKYC, the information is captured from IDs (OCD mode) and digital data is extracted from government-issued smart IDs.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>eKYC is fast and simple as automated systems are used to fasten the process.<\/li>\n\n\n\n<li>The process saves time and money.<\/li>\n\n\n\n<li>Customers are provided with a more streamlined and low-effort experience via eKYC.<\/li>\n\n\n\n<li>Features like facial recognition and voice recognition make it easier for customers to submit their photos and other details.<\/li>\n\n\n\n<li>OTP (One Time Password) provides extra security against identity theft.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1717240428086\"><strong class=\"schema-faq-question\">What is the full form of KYC in banking?<\/strong> <p class=\"schema-faq-answer\">The full form of KYC is \u2018Know Your Customer\u2019. This is considered a global standard through which financial institutions verify the identity and address of their customers.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1717240447427\"><strong class=\"schema-faq-question\">How does KYC benefit banks?<\/strong> <p class=\"schema-faq-answer\">Financial institutions aim to understand their customer&#8217;s identity and address details via KYC. This helps them prevent money laundering, terrorist financing, and other financial crimes. They are also able to ensure that their services are not being misused.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1717240454236\"><strong class=\"schema-faq-question\">How does KYC benefit customers?<\/strong> <p class=\"schema-faq-answer\">KYC compliance helps customers to open a bank account, apply for loans, fulfil visa requirements, receive money, and pay bills.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1717240464644\"><strong class=\"schema-faq-question\">What is eKYC?<\/strong> <p class=\"schema-faq-answer\">eKYC is <strong>\u2018Electronic Know Your Customer\u2019<\/strong> wherein the customer\u2019s identity and address details are verified electronically using Aadhaar, the country\u2019s national biometric ID program. This offers more convenience to the customers as they don\u2019t have to be physically present for KYC verification.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1717240472388\"><strong class=\"schema-faq-question\">What are KYC documents?<\/strong> <p class=\"schema-faq-answer\">Six documents are considered OVDs (Officially Valid Documents) to verify your identity and address, as specified by the Government of India. These are passports, driving licences, Voter\u2019s Identity cards, PAN cards, Aadhaar cards issued by the UIDAI, and NREGA cards.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1717240482843\"><strong class=\"schema-faq-question\">Are KYC documents mandatory to submit?<\/strong> <p class=\"schema-faq-answer\">An applicant must present KYC documents to prove their identity and address to open a bank account or apply for loans. However, if you don\u2019t have KYC documents, a \u2018Small Account\u2019 may be opened with some banks by submitting your recent passport-size photograph. You also need to add your signature or thumb impression in the presence of the bank official.<\/p> <\/div> <\/div>\n\n\n\n<p>This was all about the full form of KYC, its features, benefits, and why it is important. All customers must ensure KYC compliance and coordinate with the banks. To know more about <a href=\"https:\/\/fly.finance\/blog\/education-loan\/\"><strong>education loans<\/strong><\/a>, the best <a href=\"https:\/\/fly.finance\/blog\/student-account\/\"><strong>bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your study abroad experience.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background\"><tbody><tr><td colspan=\"2\"><strong>Related Blogs<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/scholarships\/phd-funding-in-france\/\"><strong>PhD Funding in France for International Students<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/sbi-zero-balance-account\/\"><strong>SBI Zero Balance Account: Features, Interest, Documents, 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c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook  wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/Flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The full form of KYC is \u2018Know Your Customer\u2019. This is considered a global standard through which financial institutions verify the identity and address of their customers. So, if you have secured admission to a university abroad or opened a bank account, the bank might require KYC documents. Let\u2019s know all about KYC in this &#8230; <a title=\"What is the Full Form of KYC?\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/\" aria-label=\"Read more about What is the Full Form of KYC?\">Read more<\/a><\/p>\n","protected":false},"author":29,"featured_media":12768,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[406],"tags":[],"class_list":["post-12763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-full-form"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is the Full Form of KYC?<\/title>\n<meta name=\"description\" content=\"This blog gives a fair understanding of the full form of KYC in banking, its features, benefits, documents and why it is important. 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I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.","sameAs":["https:\/\/www.facebook.com\/shubhika.garg\/","https:\/\/www.instagram.com\/shubhika.garg\/","https:\/\/www.linkedin.com\/in\/shubhikagarg71\/","https:\/\/www.tumblr.com\/blog\/shubhikahere"],"url":"https:\/\/fly.finance\/blog\/author\/shubhika\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240428086","position":1,"url":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240428086","name":"What is the full form of KYC in banking?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The full form of KYC is \u2018Know Your Customer\u2019. This is considered a global standard through which financial institutions verify the identity and address of their customers.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240447427","position":2,"url":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240447427","name":"How does KYC benefit banks?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Financial institutions aim to understand their customer's identity and address details via KYC. This helps them prevent money laundering, terrorist financing, and other financial crimes. They are also able to ensure that their services are not being misused.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240454236","position":3,"url":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240454236","name":"How does KYC benefit customers?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"KYC compliance helps customers to open a bank account, apply for loans, fulfil visa requirements, receive money, and pay bills.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240464644","position":4,"url":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240464644","name":"What is eKYC?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"eKYC is <strong>\u2018Electronic Know Your Customer\u2019<\/strong> wherein the customer\u2019s identity and address details are verified electronically using Aadhaar, the country\u2019s national biometric ID program. This offers more convenience to the customers as they don\u2019t have to be physically present for KYC verification.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240472388","position":5,"url":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240472388","name":"What are KYC documents?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Six documents are considered OVDs (Officially Valid Documents) to verify your identity and address, as specified by the Government of India. These are passports, driving licences, Voter\u2019s Identity cards, PAN cards, Aadhaar cards issued by the UIDAI, and NREGA cards.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240482843","position":6,"url":"https:\/\/fly.finance\/blog\/full-form\/full-form-of-kyc\/#faq-question-1717240482843","name":"Are KYC documents mandatory to submit?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"An applicant must present KYC documents to prove their identity and address to open a bank account or apply for loans. However, if you don\u2019t have KYC documents, a \u2018Small Account\u2019 may be opened with some banks by submitting your recent passport-size photograph. You also need to add your signature or thumb impression in the presence of the bank official.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/12763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=12763"}],"version-history":[{"count":4,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/12763\/revisions"}],"predecessor-version":[{"id":12784,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/12763\/revisions\/12784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/12768"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=12763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=12763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=12763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}