May 8, 2021

KYC Full Form | Paytm KYC Process | EPFO KYC Process

Know your customer (KYC) is a simple process to update information about customers. KYC is used by financial institutions like banks to verify the identity of their customer. The Reserve Bank of India has instructed all banks to limit the services of the customer until KYC is submitted by the customer. KYC is an essential and important part of banking processes. This reduces the risk of fraudulent activities.

The main objective of filling KYC is to ensure that financial frauds such as money laundering, illegal transactions, and identity theft can be stopped. It also helps to establish a relationship between banks and customers and as a result, customers can get better services as per their needs.

Apart from opening an account with a bank, KYC forms may be required to be availed for taking loans, lockers, credit cards, buying mutual funds, post office RD, insurance, etc. It is mandatory to fill the KYC form for bank transactions and opening an account. If you do not fill this form, the bank can also refuse to open the account.

Documents required for KYC -

Customers are required to submit the following documents and passport size photographs along with their KYC application form.

For Identity proof – one of these documents

  • PAN Card
  • Driving License
  • Passport
  • Voter’s Identity Card
  • Aadhaar Card
  • NREGA Card

Proof of address – one of these documents

  • Aadhaar Card
  • Passport
  • Driving License
  • Voter’s Identity Card
  • NREGA Card
  • Utility bill which is not more than two months old of any service provider (such as electricity, telephone, water bill, etc)
  • Property or Municipal tax receipt

Reference for the above document list is taken from this link. From there you can find more options for identity proof and address proof.

To download the SBI KYC form for individuals click here.

KYC is an important document when a customer is given financial services by a company or bank, the KYC form has a major role in identifying it. It does not matter that you are only opening a savings account and depositing a very small amount. It is compulsory to fill the KYC form for any banking transaction. The possibility of forgery is reduced by KYC and with this fraud can also be prevented by KYC.

Paytm KYC Process -

There are two ways in which you can complete the Paytm KYC process, they are Minimum KYC and Full KYC.

Limitations of Minimum KYC

  • Transaction limit of up to Rs 10,000 per month
  • You cannot transfer money to the bank
  • You cannot send money to a friend’s wallet
  • Paytm wallet validity for 24 months, beyond this Full KYC, is needed.
  • Cannot open Paytm Payments Bank Savings Account

When you complete the Full KYC process you will get the following benefits

  • Balance limit of up to Rs 1,00,000.
  • There will be no spending limit on your wallet account.
  • Validity up to 10 years.
  • You can transfer money to any other bank account and to a friend’s wallet.
  • You can open a Paytm Payments Bank Saving Account.

Paytm Minimum KYC process -

Registration Process

  1. First of all, Download the Paytm App and open it.
  2. The app will ask permission such as phone calls, messages, etc, allow or deny them as per the service needed for you.
  3. Choose a language from the options (English, Hindi, Marathi, etc) and tap continue.
  4. Then Click on “Create a New Account” and enter your mobile number, tap on proceed securely.
  5. After OTP verification, tap on Proceed to Create a New Account.

Minimum KYC Process –

  1. Then tap ‘Active Now’ on the profile page under a banner showing that your wallet is not active.
  2. Select any one of the documents mentioned ( PAN Card, Passport, Voter ID, Driving License, and NREGA Job Card) and enter the ID number & Full name as per ID.
  3. After selecting the checkbox tap on the Submit button.

Now your Minimum KYC is completed with limited services. To avail full benefits & services upgrade account by doing Full KYC.

Paytm Full KYC Process -

For doing Full KYC, customer needs to complete in-person verification by anyone of the following

1) Aadhar based KYC at nearby KYC Point – For this, you have to tap on ‘Nearby KYC Points’ on your smartphone or by visiting https://www.paytmbank.com/kyc on your browser. When you tap on nearby KYC, the list of KYC centers nearest to your location will open with phone numbers and addresses. You can contact the center where you want to complete your KYC.

After reaching the KYC center, ask the authorizing agent to upgrade your KYC and the agent will start the KYC process shortly. You need to carry your Aadhar card and PAN with you. Biometric verification will be done using your Aadhaar.  

After the process is complete, an OTP will come on your mobile number. You need to share it with the agent and your OTP is verified. After all this, your KYC will be updated within a short time.

2) Aadhaar based KYC at your Doorstep – This option is available for selected locations only, where an agent will visit your house & verify your documents and update your KYC.

3) KYC without Aadhar – If you don’t have Aadhaar Card, then you can use this option. This facility is available for selected outlets only. By visiting this Paytm site you can check whether this facility is available near you or not. You need to provide you PAN and any one of the Government issued Address Proof documents in original (Driving License /  Voter ID / Passport / NREGA Job Card).

EPFO KYC Process -

1 – Visit the link https://unifiedportal-mem.epfindia.gov.in/memberinterface/ Then enter your UAN, password, and captcha to sign in.

2 – Go to the Manage tab and select the KYC option.

3 – Once the KYC option is selected, a form will open. Click on the tick box next to the document whose details you want to update. Fill in the information related to your documents and tap on the submit button.

Keep in mind that if you have claimed online then it is necessary to link your Aadhaar card to UAN. Similarly, a PAN card is necessary to withdraw funds on jobs below 5 years. Also, your bank account and IFSC code should be linked to UAN.

A list of documents to be uploaded as proof for KYC is given below

  • Bank
  • Pan
  • Aadhaar
  • Passport
  • Driving License
  • Election Card
  • Ration card
  • National population register

4 – After clicking on the save button, your data will go to the pending KYC section. You can check your KYC status under the “KYC Pending for Approval” tab. You have to submit your related document proof to your employer. After your employer has verified your documents only then EPFO will update your KYC.

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