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KYC or Know Your Customer is a crucial verification process that banks and financial institutions follow to confirm their clients' identities. This process prevents fraudulent activities like money laundering and identity theft. By conducting KYC, banks can ensure the safety of their clients' accounts and the entire financial system.
Your PAN card plays a crucial role in the KYC process. It is an identity card that contains your name, date of birth, and permanent account number (PAN). PAN is a unique 10-digit alphanumeric code issued by the Income Tax Department of India. It is mandatory for various financial transactions such as opening a bank account, getting a credit card, filing income tax returns, and investing in mutual funds or securities.
If you think you have completed KYC, first visit the Central Depository Service Ltd (CSDL) website to see your PAN Card update status. You can also inquire about your KYC PAN status. If you provided your PAN details to a bank when opening an account, they might have already updated it in their system. But, if you haven't completed KYC or need to update it, you have three options to do so.
Besides KYC online verification, you can also verify offline if you prefer face-to-face interactions or want to clear some doubts.
Certain banks, investment firms, and financial institutions may require both PAN and Aadhaar details during the KYC process to comply with regulatory requirements.
You can also complete your KYC using biometric information through your Aadhaar ID. This method is as simple as the online KYC process. A bank executive will visit your home or office. Submit your Aadhaar and PAN card copies to the executive. The executive will then scan your fingerprint and match it with your details.
Updating your PAN Card for KYC verification is essential as it serves as proof of identity for all your financial transactions. You can update your PAN online, offline, or use an Aadhaar-enabled biometric. Moreover, if you have an IDFC FIRST Bank Savings Account, you can enjoy streamlined and hassle-free KYC updates with minimal documentation.
IDFC FIRST Bank offers different savings accounts tailored to different needs. Whether it's for a family, kids, women, or senior citizens, there's an account to match your lifestyle and financial plans. This ensures you get flexibility and services tailored to your specific banking needs.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.