Published on Sept 26, 2023Updated on Nov 8, 2023
In an era where everything around us is being digitized, the aspect of identification and verification has undergone a significant transformation, offering streamlined solutions that enhance efficiency and security. One such innovation is eKYC, short for electronic Know Your Customer. This process has revolutionized traditional identity verification methods by digitizing the collection and authentication of personal information. Through this blog, you can learn more about the eKYC process.
eKYC is the digital version of the “Know Your Customer” process that has been mandated by the RBI. It is a secure and paperless method that allows individuals to verify their identities and provide essential personal information electronically. The objective of e KYC is to simplify the verification process for various services, from opening savings accounts to applying for loans, and even for online subscriptions.
You must be an Indian Citizen holding an Aadhaar number. This option is not available to anyone who is not an Indian Citizen or does not hold an Aadhaar number.
The adoption of eKYC online offers a multitude of benefits for individuals, businesses, and regulatory authorities, such as:
There are two types of Aadhaar-based e KYC verification processes:
You are not required to submit any physical documents except for your passport-size photo. When you opt for e KYC verification, you are allowing the service provider to gain access to the electronic version of your data. These include the name, address, gender, contact details, date of birth, and other personal information.
If you are completing the eKYC for a SEBI-registered company, you would only have to enter the Aadhaar number and upload the digital version of the Aadhaar card. Any additional required documents would be mentioned on the portal, and only digital copies would be required.
However, you can keep the following documents handy while doing the eKYC:
Aadhaar Paperless Offline eKYC is a method where you can download a shareable document that can be used by any Aadhaar number holder for offline identification verification.
With eKYC making identity verification seamless, SMFG India Credit leverages this efficiency to ensure that accessing personal loans is just as convenient.
At SMFG India Credit, we provide tailored personal loans for your specific needs. With our personal loans, you get the convenience of 100% online application process, and collateral-free personal loans. Our personal loans extend up to INR 25 lakhs*, with attractive interest rates. We provide flexible tenures ranging from 12 to 60 months.
To activate your eKYC, you can either use biometric verification by an authorized representative visiting your address or complete it online using OTP-based authentication.
You can submit your eKYC online by visiting the official website of the service provider or organization requiring the verification and following their eKYC process.
You can link your Aadhar card with eKYC by providing your 12-digit Aadhaar number and verifying it through OTP-based authentication on the service provider's website.
To check your e-KYC status, you can typically log in to your account on the service provider's website and navigate to the KYC or profile section to view the status.
To change KYC details online, visit the official website of the service provider and follow their specific process for updating or editing KYC information.
e-KYC is important as it streamlines the identity verification process, making it more efficient and secure, and is used for various services like opening savings accounts and availing loans.
Yes, the information you provide during eKYC is typically secure as it is encrypted and follows stringent data protection regulations.
To download your e-KYC certificate, you may need to log in to your account on the service provider's website and navigate to the KYC or profile section, where you can usually find an option to download the certificate.
eKYC is often mandatory for certain services and institutions as it ensures the authenticity of the individuals availing those services. However, its applicability may vary.
The frequency of KYC updates can vary depending on the service provider and the regulations governing the specific service. Some services may require annual KYC updates, while others may have different timelines.
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