What is CKYC

Learn about Central Know Your Customer (CKYC) and how to check its status online.
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CKYC
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4 mins
13 December 2024

CKYC stands for Central Know Your Customer. It is a centralised storehouse of KYC records of customers getting various financial services across institutions, like banks, insurance companies, Non-banking Financial Companies (NBFCs), etc. For financial institutions, this new streamlined process of CKYC has removed the hassle associated with onboarding customers through multiple KYC verifications.

What is the Central KYC Registry?

The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is entrusted with keeping the KYC records of customers in a central repository. Maintaining standardised KYC records in a central data pool ensures that the data can be used across different financial institutions, thus providing ease and convenience to customers and institutions.

Fixed Deposit

  1. Trusted by over 5 lakh customers
  2. Fixed Deposits worth more than Rs. 50,000 crore booked
  3. Rated CRISIL AAA/STABLE and [ICRA]AAA(STABLE)
  4. Special tenure of 18, 22, 33, 42 and 44 months offered for higher returns
  5. Up to 0.40% p.a. extra interest offered for senior citizens
  6. Flexible interest payout options available - Monthly, Quarterly, Half-yearly, Annually or at Maturity

By proceeding, you agree to our Terms and Conditions

Features of CKYC

CKYC, or Central KYC, offers several features:

  1. Customers get a unique 14-digit KYC number linked to their ID for easy access to all identity documents.
  2. Securely stores customer details electronically, eliminating the need for physical copies.
  3. Documents undergo thorough inspection and verification before being accepted.
  4. Changes to KYC details are quickly reflected across all connected institutions, maintaining an up-to-date database.

Additional read: How to add Aadhaar KYC in EPFO

What is the process of completing CKYC?

The process of getting CKYC done can be broken down into the following steps:

1. Find a CKYC service provider

The first step is to find a financial institution or authorized service provider that offers CKYC services.

2. Gather required documents

To get your CKYC done, you will need to provide personal information and supporting documents, such as ID proof, address proof and photograph.

3. Submit information and documents

Submit your information and supporting documents either physically at the service provider's office or electronically, depending on the provider's process.

4. Verification process

The service provider will verify your information and supporting documents to ensure they are accurate and authentic.

5. Receiving CKYC number

Once the verification process is complete, you will be issued a unique CKYC number, which you can use to access various financial services in the future.

It is important to note that the process of getting CKYC done may vary depending on the service provider you choose, so it is important to check with them directly for specific details and requirements.

How Does it Work?

The Central KYC (CKYC) process simplifies investing in India. It eliminates the need to repeatedly provide your Know Your Customer (KYC) information for each new investment. With CKYC, you complete the KYC verification process once and receive a unique 14-digit identification number. This number can then be used for all your future investments.

Completing the online CKYC form is the first step in the process. It includes providing basic information (name, address, contact details) along with supporting documents. You will need proof of identity, proof of address, and photographs for verification. CERSAI then reviews your information and updates your KYC status.

Also read: How to activate KYC in UAN

Documents required for CKYC

The following documents are required to complete the Central Know Your Customer (CKYC) process:

  • Proof of identity (POI): Any government-issued photo ID, such as Aadhaar Card, passport, driving licence, etc.
  • Proof of address (POA): Any government-issued document that establishes your current address, such as Aadhaar Card, passport, driving licence, voter ID, etc.
  • Recent passport size photographs.
  • PAN card details.
  • Bank account details (if applicable).

Note: The exact documents required may vary based on the type of entity and the financial products or services being availed.

How to check CKYC status online?

To check your Central KYC (Know Your Customer) status online, you can follow these steps:

  1. Visit the website of the financial institution where you have an account or have done your CKYC.
  2. Look for a section called “CKYC” or “Customer Services” or similar.
  3. Log in to your account using your user ID and password.
  4. Check for the option to view your CKYC status. This may be labeled as “CKYC Status,” “CKYC Details,” or something similar.
  5. Click on the option to view your CKYC status.
  6. Your CKYC status will be displayed on the screen, indicating whether your KYC is complete or not.

Note: The process for checking CKYC status may vary based on the financial institution and their website. If you are unable to find the option, you may contact the customer service for assistance.

How is CKYC beneficial?

CKYC is a one-time process that saves time, and energy. It permits investors to complete their KYC just once. CKYC consistency will enable an investor to execute/manage all elements administered/directed by the Government of India/various controllers (RBI, SEBI, IRDA, and PFRDA) without finishing different KYC conventions.

The benefits of CKYC include:

  1. Streamlined verification process
    CKYC simplifies the KYC process by reducing the number of times an individual has to submit their information.
  2. Improved security
    By centralising customer information, CKYC makes it easier to detect and prevent fraudulent activities.
  3. Reduced paperwork
    CKYC eliminates the need for customers to submit multiple copies of their KYC documents to different entities.
  4. Improved customer experience
    With a centralised database, customers no longer have to go through the hassle of submitting their information repeatedly, saving time and effort.

Improved data management: CKYC makes it easier for financial institutions to access and manage customer information, improving their overall efficiency.

Additional read: Download and print UAN card

Pro tip

Bajaj Finance launches a new variant, "FD Max", for investments upto Rs. 25,000 . Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a.for senior citizens and 8.60% p.a. for non-senior citizens , in this variant.

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Impact on Existing Investors

Currently, existing investors aren't required to complete the CKYC process, though this might change. CKYC is a valuable initiative designed to streamline onboarding for new investors and protect the interests of both customers and financial institutions. This simplified system has the potential to increase participation in the financial sector, ultimately benefiting everyone involved.

How long is CKYC valid?

With CKYC, you complete the online registration process only once, and it remains valid for life. Update your CKYC status online whenever needed. This system streamlines investment processes for both investors and financial instituion, leading to broader market participation. CKYC makes financial transactions easier and more convenient for everyone involved.

Types of CKYC accounts

There are four types of accounts:

  1. Normal account
    This account is created when you submit any six official documents as proof of identity: PAN, Aadhar, driving licence, Voter Id, passport and NREGA job card.
  2. Simplified/Low-risk account
    Those who cannot submit any of the six official documents can submit Other Valid Documents (OVDs) like utility bills, Aadhaar letter issued by UIDAI and Job Card issued by NREGA signed by a State Government official. as specified by the RBI.
  3. Small account
    Customers with no official documents can open a small CKYC account by submitting a filled-in form with a photograph. These accounts are subject to restrictions in transactions along with limited validity.
  4. OTP-based eKYC account
    This account is created if you submit an Aadhaar-based PDF file, downloaded from the UIDAI website and enabled by an OTP.

Like the CKYC you have OKYC as well. The difference is, while OKYC allows customers to share their details for KYC verification through offline Aadhaar XML or QR code by visiting UIDAI's website, CKYC is a one-time KYC compliance process to avail of multiple financial services across institutions.

Also read: UAN login

Difference between Normal KYC, eKYC, and CKYC?

KYC (Know Your Customer) is the processdown
of verifying the identity of a customer. The differences between normal KYC, eKYC, and CKYC are:into the following steps:

  • Normal KYC: This is the traditional method of KYC, where customers physically visit a financial institution to provide their personal information and identification documents.
  • eKYC (Electronic KYC): eKYC is a digital version of the KYC process, where customers submit their information and ID documents electronically. This process can be completed through a mobile app or website.
  • CKYC (Central Know Your Customer): CKYC is a centralised database of customer information maintained by the Indian government. Financial institutions can access this database to verify the identity of their customers, reducing the need for customers to submit their information multiple times.

The difference between a Normal KYC, eKYC, and CKYC is as elucidated below

 

Normal KYC

eKYC

CKYC

Transactions with

Financial institutions

Financial institutions

All companies registered with SEBI, RBI, IRDA, and PFRDA

Documents

KYC form and supporting documents

Aadhaar Card

CKYC Form, address proof, ID proof, and a photograph

Verification needed

In-person verification – once the application is submitted

Biometric or OTP based

Documents and application form verified by CERSAI

Fixed deposit variants

Highest Credit Ratings | Trusted with over 1.4 million Deposits | Assured Returns on FD
New Product

FD Max

INTEREST RATES UP TO
8.85% p.a.
Invest Online

Digital FD Only on App/Web

INTEREST RATES UP TO
8.85% p.a.
Invest Online

42 months

INTEREST RATES UP TO
8.85% p.a.
Open FD

FD - Age below 60

INTEREST RATES UP TO
8.60% p.a.
Open FD

FD - Senior Citizen

INTEREST RATES UP TO
8.85% p.a.
Open FD

FD – Special Tenure

INTEREST RATES UP TO
8.85% p.a.
Open FD

Importance of CKYC for investing in Bajaj Finance Fixed Deposits

The Central Know Your Customer process is important for investing with Bajaj Finance because:

  1. Compliance with regulations: Completing the process is mandatory as per the regulations set by the Government of India. Financial institutions are required to comply with these regulations to ensure the safety and security of customer information.
  2. Easy account opening: By completing the process, you can easily open a mutual fund account. The process is quick and seamless, and you will not have to go through the KYC process every time you invest in a new mutual fund scheme.
  3. Data privacy: The process helps to protect your personal and financial information by storing it in a central repository. This ensures that your information is secure and cannot be accessed by unauthorized persons.
  4. Streamlined investment process: With a CKYC account, you can easily invest in mutual funds offered by different asset management companies (AMCs) without having to go through the KYC process every time.

By completing the process, you can ensure that your investment in mutual funds is secure, compliant with regulations, and convenient.

KYC is mandatory when it comes to registering with Bajaj Finance. If you have gone a step ahead and are CKYC-compliant, it will allow you to invest in a hassle-free manner in Bajaj Finance Fixed Deposit. This fixed deposit provides a high-interest rate of up to 8.85% p.a. and a requirement of a minimum deposit of just Rs. 15,000. Bajaj Finance Fixed Deposits have high stability and credibility ratings of CRISIL AAA/STABLE and [ICRA]AAA(Stable).

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Frequently asked questions

What is the Digital FD offered by Bajaj Finance?

Bajaj Finance has launched a new FD variant called "Bajaj Finance Digital FD" for a period of 42 months. Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a. for senior citizens and for the customers below the age of 60 they are providing up to 8.60% p.a. The Digital FD can be opened and managed only through the Bajaj Finserv website or app.

How do I download my CKYC certificate?

To download your CKYC certificate, visit the official Central KYC Registry website and follow the instructions provided.

Is CKYC compulsory?

Yes, all financial institutions registered under SEBI, RBI, IRDAI, or PFRDA are obligated to register their customers under CKYC as per the mandate.

Can I complete CKYC online?

Yes, CKYC can be completed online through registered financial institutions or intermediaries.

Is CKYC a full KYC?

CKYC constitutes a comprehensive KYC process, covering all required details for financial transactions.

Who is maintaining CKYC?

CKYC is maintained by the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).

Is CKYC safe?

CKYC ensures data security through robust measures, safeguarding personal information in compliance with regulatory standards.

Why is CKYC needed?

CKYC is necessary for streamlining KYC processes, reducing duplication, enhancing efficiency, and maintaining standardized records across financial institutions, thus facilitating seamless transactions.

What is the 14 digit CKYC number?

The 14-digit CKYC number is a unique identifier assigned to each individual registered in the Central KYC (CKYC) registry. It links all financial information and documents, ensuring streamlined and centralized KYC processes across institutions.

How long is CKYC valid for?

Once your CKYC details are verified, they remain valid indefinitely as long as there are no changes in your information. However, financial institutions might periodically request an update if they deem it necessary.

How much is the CKYC fee?

The charges for creating, downloading, and updating a CKYC record are Rs. 0.80, Rs. 1.10, and Rs. 1.15 respectively. These charges are exclusive of any applicable taxes.

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Disclaimer

As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer https://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.