Axis Bank Kyc Documents PDF Free Download

Axis Bank Kyc Documents PDF Download Info

Today we will know how to download kyc form, what is kyc form, how the process of kyc form is done in the bank, we will get detailed information about it through this article.

The reserve bank of india has mandated banks and financial institutions to verify the identity and address of all customers who conduct financial transactions with them. Kyc method is used to do transactions without much hassles. Kyc (know your customer) is a process through which a bank or institution verifies the identity and address of an individual. Now you can also do kyc with aadhaar card.

What is kyc?

Kyc enables an institution to authenticate the identity and address of an investor. A customer has to submit his kyc before he can start investing in mutual funds, fixed deposits, bank accounts etc. However, a person has to do this only once when he starts investing for the first time.

Kyc is a method that ensures that banks are not used to carry out money laundering activities.

Kyc came into existence in the year 2002 in india and rbi and in the year 2004 it was made mandatory for all banks to do kyc of customers by december 2005.

Why should you do kyc?

When you get your kyc done, you provide information about your identity, address and financial history to the bank. This helps the banks to ensure that the money invested in it is not meant for money laundering / illegal activities .

Kyc is also mandatory for mutual fund investments. However, it is not necessary to get kyc done before investing in different fund houses every time.

When is kyc required?

Kyc is required before investing for the first time. Some banks also require customers to file kyc for opening a bank account or investing in fixed deposits.