What is the full form of CKYC?

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Find out what is CKYC, its meaning and how to complete CKYC Registration.

Key Takeaways

• The full form of CKYC is Centralised Know Your Customer Registration.
• It is a central database that holds the KYC information of customers from all financial sectors in India.
• CKYC can be used to complete KYC formalities instantly.
• You can use your CKYC number to complete KYC compliance at any financial organisation in India.
• You can complete your CKYC from financial institutions like the RBI and SEBI.

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What Is CKYC Or CKYC Number?

The full form of CKYC is Centralised Know Your Customer. The CKYC registry, as the name suggests, is a centralised repository that has been created to store the KYC records of citizens who are customers in the financial sector. The centralised system has been designed to minimise the requirements for a KYC procedure each time a customer forges a new relationship with a financial office. With a centralised system in place, different financial institutions can access a single KYC to complete the certification process for a new customer. The financial institutions can get this access with the help of a CKYC number.

The CKYC number is a 14-digit code that is provided to you once you complete your CKYC registration. The number is linked to your government identification. Your CKYC details are stored in a secure electronic database.

Significance of CKYC

When you open a bank account or invest in mutual funds, stocks, or other financial market securities, it is necessary to complete a verification process. The verification process cross-checks your identity and registers your information in a database to prevent any misuse of your identity. It also keeps your records in the financial database of an institution. The process of verification is known as the Know Your Customer (KYC) process. Essentially, CKYC is a version of the KYC which aims to use one KYC for all types of financial sector services.

How to Complete My CKYC Registration?

You can follow these steps to complete your CKYC registration

1. Visit a financial institution such as the RBI, SEBI or IRDA to initiate and complete the CKYC procedure. You can also visit the city Registrar office to complete the procedure.
2. Fill the CKYC form provided to you.
3. Submit one attested copy of your identity and address proof documents such as PAN, Aadhaar, passport, driver’s license, etc.
4. Self-attest your passport-sized photograph and submit it with the duly filled form and ID and address proof documents.
5. Submit the form and the documents and complete your in-person verification at the financial institution.
6. Once the verification is completed and approved, you will receive your CKYC number, also called the KIN (KYC Identification Number).

Benefits of a CKYC Account

• You can conveniently verify documents in any new financial sector in India.
• You can provide the CYC number while opening various accounts like bank accounts, DEMAT and trading accounts, etc., and instantly complete the verification process.
• You can also verify your identity while investing in insurance, mutual funds, stock, government schemes, and more.

Conclusion

Now that you know what CKYC means, you should register to enjoy the benefits of this centralised system. With DBS Bank, you can complete your KYC on the online DBS Bank application easily by entering your CKYC number.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.