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ESG
Know Your Customer (KYC) is an almost globally regulated requirement for financial institutions. It is mandatory to open a bank account in India. A bank account KYC ensures legality and safety for the bank and the customer.
A compliant KYC for your bank account upholds the integrity of the financial system. It helps to maintain transparency and accountability. Let’s first find out what it is and then explore its significance.
What is meant by a bank account KYC?
KYC is a procedure by which banks verify the identities of their customers. By reviewing necessary documents, banks confirm the legal status of an individual. These include identity proofs, address proofs, and citizenship documents, if applicable.
Banks require this procedure to decide whether to pursue a relationship with the customer. A KYC-compliant bank account allows customers to carry out transactions freely.
The purpose of KYC: The big picture
To understand the significance of KYC for your bank account, let’s dip into a brief history lesson.
KYC was initially a foreign concept to India. However, in 2002, the Indian Parliament approved the Prevention of Money Laundering Act. This law later came into force in 2005.
Since then, the Reserve Bank of India (RBI) has enforced KYC in the country. The RBI mandates that all Indian banks verify their customers’ identities and addresses.
As a result, banks can determine the customers' money laundering risk levels. This protects not only individuals but also the larger financial system. KYC is ultimately a safeguard against criminal activity and other major security risks.
India also became a member of the Financial Action Task Force in 2010. It is based on their recommendations that RBI enhanced their KYC requirements. The procedure is what it is now due to this important development.
How a KYC-updated bank account affects you
It is vital to keep your bank account KYC updated. This allows you to perform all your financial transactions without error. Non-compliance may result in stringent penalties for both you and the bank.
All account holders must have KYC-compliant bank accounts. If you don’t, learn how to link KYC with your bank account first. Moreover, make sure to complete the procedure as soon as possible.
IDFC FIRST Bank Savings Account: KYC-compliant banking
IDFC FIRST Bank has always prioritised the financial safety of its customers. All accounts are KYC-compliant to establish secure and transparent banking operations.
The IDFC FIRST Bank Savings Account provides customers with a simple KYC-compliant banking experience. You can even open an account through a quick video KYC process. The process records the following information.
- Aadhaar verification using OTP
- Your photo
- Your signature
- Your PAN card
- Live location and confirmation of physical presence in India
In conclusion
Bank account KYC is implemented for the safety of financial institutions and their customers. With an IDFC FIRST Bank Savings Account, you get a hassle-free KYC-compliant banking experience. Open your account today to keep your money safe and secure.