Use your PAN to complete your KYC
What is KYC?
Know Your Customer (KYC) is a verification process that banking and financial institutions use to get familiar with their customers. KYC helps banks verify the identity of a customer and prevent fraud, money laundering, and identity theft.
You can complete your KYC by furnishing documents to prove your identity. These documents include your PAN Card, Aadhaar Card, Passport, Voter ID, among others.
According to rules followed by most banks, the KYC process must be done before you can avail of banking services. KYC must be completed at the time of opening a new bank account, applying for a loan or aCredit Card, opening a locker in a bank or investing inmutual funds.
KYC using PAN Card
Your Permanent Account Number (PAN) is a unique identification number assigned to you by the Income Tax Department. The PAN is proof of your identity as well as income. It also proves that you are a tax-paying citizen of the country. A PAN Card is, therefore, a mandatory document at the time of getting your KYC process done.
How to update PAN Card details for KYC?
You may already be KYC-compliant. The first step before you go for a PAN update is to check if your PAN is already KYC-compliant. To check your PAN Card update status, you can go to the website of the Central Depository Service Ltd (CSDL).Click hereto get started.
You can also make a KYC PAN enquiry. If you have furnished your PAN details to a bank while opening an account, your PAN might be updated on the system.
However, if you are not KYC-compliant, do not fret. We will help you with the process. There are three ways for you to go about with the PAN Card update—online, offline and Aadhaar-enabled biometric. Most banks do the KYC process at the convenience of the customer by sending their executives to your home. You can also visit a bank branch near you to complete your KYC process. Here’s how you can do it:
1. Offline method: You can download the KYC form from the CSDL Ventures website.Click hereto get started. Fill up and duly sign the form. Attach a self-attested copy of your PAN and address proof. The address proof can be your Aadhaar Card, Voter ID, Passport or any other government document. Attach a passport-size photograph of yourself. Submit the duly-signed and attached form at the nearest branch of your bank. The bank will complete the physical verification of your documents and update your KYC.
2. Online method: If you wish to begin investing in mutual funds, you must be KYC-compliant. The simplest way to complete your KYC is to complete it online. You must have an Aadhaar ID to do so. Log on to the website of Securities and Exchange Board of India (SEBI) and click on the portal for KYC Registration Agency. Create a profile, enter your Aadhaar details and PAN details. Upload a self-attested copy of your Aadhaar and submit the form online. A one-time password (OTP) is generated and sent to your registered mobile number. Verify your account using this password. Complete your PAN Card update online this way.
3.Aadhaar-enabled biometric KYC:If you have an Aadhaar ID, you can get your KYC done using the biometric information. An executive from the bank will visit you at home or your office. You need to submit a copy of your Aadhaar card and PAN Card. The executive will scan your fingerprint and map your details with the match.
Once you have completed your KYC process, you can track yourPAN Card updatestatusby visiting the CSDL website. Here’s the link to the page.
