With the age of economic and financial revolution in India, people started
opening multiple accounts. Whether to manage investments or for tax
purposes, this became a common occurrence especially among businesses.
But, the hassle of filling in documents at every institution you wanted to open
an account at; persisted. Hence, CKYC was born.
The CKYC (Central Know Your Customer) registry is a centralized depository of
KYC documents of customers seeking various financial services. KYC is a
regulated process requiring certain information, documents and their
subsequent verification. Hence, is ideal to fill it correctly at once.
It has been introduced in order to get all the customers of financial products
on a single and uniform KYC platform. With Central KYC Registry, once norms
are completed centrally, all financial institutions such as, Banks Mutual Fund
Company etc., can access them and use them. Now, customers do not need to
complete the KYC formality separately for each financial institution.
It is a technologically integrated process which has made it convenient for
people to complete formalities. Even while investing in other options like Fixed
Deposits, CKYC number is helpful.
Features
⮚ CKYC number means or refers to a 14-digit number linked with the ID
proof
⮚ Customer’s data is safely stored in an electronic format with this Central
KYC Registry
⮚ The documents submitted are verified by the issuer
⮚ All the concerned institutions are notified when there are changes in KYC
details
Documents required with Central KYC Registry form
One needs to submit the following set of documents while submitting a Central
KYC Registry form:
✔ A self-attested copy of Proof of Identity
✔ A self-attested copy of Proof of Residence
✔ One photograph
✔ Correctly filled and signed Central KYC form
How to fill Central KYC Registry form?
Filling a Central KYC Registry form is extremely easy but there are certain
sections that require explaining and a knowledge of the formalities adhered to.
Things to keep in mind:
● Fields mandatory to fill are marked with *
● You have to fill the form in English Language and in uppercase letters
● Date of birth format is DD/MM/YYYY
● List of State and Union Territory Codes are available in the form itself
1.) You choose if you are applying for a new Central KYC or are updating your
KYC account. Following which you enter your CKYC Registry 14-digit number
2.) Next, you’ll have to choose the type of account.
3.) Personal Details: This is where you fill in the mandatory details
4.) FATCA Declaration: This is for customers whose Tax Jurisdiction lies outside
of India. The appropriate country codes are available in the form itself
5.) Proof of Identity: Here you select either one of the six mentioned official
documents as proof of identity
6.) Proof of Address: This section has three sub-sections. 4.1- is for
Current/Permanent/Overseas Address. 4.2- is for Correspondence or Local
Address. 4.3- is for those individuals whose Tax jurisdiction lies outside of
India. One needs to note that if they submit a utility bill as proof of address, it
should not be more than 2 months old
7.) Contact Details: Here you provide your contact details
8.) Details of Related persons- One may add or delete a related person from
their account. In order for deletion, the KYC number of the related person is
required
9.) Remarks: Here you may add anything extra you may want to mention
10.) Now you need to mention the Date & Place. The next section is left vacant
11.) Annexure A1- This is filled if one has multiple addresses of correspondence
12) Annexure B2- This is filled if one has to mention additional related persons
CKYC number helps with investing in financial assets by saving time and effort.
It prevents depositors the trouble of monotonously entering the same details
for venturing in different assets. Do visit the Bajaj Finance website for fixed
deposit plans that allow use of CKYC.
