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Understanding e-KYC: A Detailed Guide
Online e-KYC has been the game changer in the identity verification process. It leverages digital technology to verify customers' details online. Since its inception, the e-KYC has enhanced convenience for individuals and businesses, leading to increased security. This blog delves into the importance of online e-KYC. But first, let's understand what e-KYC is.
Electronic Know Your Customer or e-KYC is a modern approach that companies have implemented into their system to verify the customer's address and identity virtually. The PAN and Aadhaar numbers are primarily used by companies for the identity verification process since it is provided by the government and ensure maximum authenticity.
The introduction of online e-KYC has helped organisations to leverage technology and simplify the entire process of verification. Multiple factors justify the importance of Electronic KYC. These include:
There is no specific document required to complete the process of e-KYC, as it is done digitally. However, some companies may still ask you to upload the following crucial documents:
Firstly, you must make sure that the Aadhaar Card is linked with your phone number. Or else you will not be able to proceed with your online KYC.
People often get confused if UIDAI and Aadhaar numbers are different, but they are not the same. Thus, the 12-digit number on your Aadhaar card is also your UIDAI. Your Aadhaar card is an essential document for your e-KYC verification. Companies use your Unique Identification Authority of India (UIDAI) number to fetch your data.
The e-KYC online process can be done in two different ways, and for both, you need to have an Aadhaar Card. You can either choose to complete your online KYC with the Aadhaar Biometric or OTP.
The steps are as follows:
Follow the below steps:
The online KYC process usually takes a maximum of 24 hours to get approved. Whereas offline KYC takes almost 7 days to get approved.
There is no particular process to check online KYC status as it completely depends on your KYC Registration Agency (KRA). However, almost every e-KYC portal has an option, where you submit the PAN number to check your KYC status.
There are only five SEBI-registered KRAs in India. They are as follows:
To complete your KYC online, you need a good internet connection and biometric equipment. However, if you are not equipped with the technology, then offline e-KYC can be done. You can choose for offline paperless e-KYC facilitated by the UIDAI. In this method of verification, you don't need to submit your Aadhaar copy. You just need to download the XML e-KYC file, fill it up and submit it to the financial institution.
Also Read - Understanding KYC: Definition, Types, and Significance
Online e-KYC is becoming vital as every business is adopting digitalisation. There are numerous advantages of e-KYC, such as an easy online process, less time, reduced chances of fraud, etc. Moreover, with various companies in the market, you can easily opt for e-KYC.
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