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What are KYC documents and why is it required to be submitted
Oct 25, 2010 | 77440 VIEWS
KYC stands for “Know Your Customer”. Thus, all documents which are required to establish identity of an individual are called KYC documents. Generally an identity proof with photograph and an address proof are the two basic mandatory KYC documents that are required to establish one’s identity at the time of opening of savings bank account, fixed deposit, mutual fund, insurance, etc.

Why are KYC documents required?
KYC documents along with the customer’s photograph have been made mandatory only in the recent past where fraudulent transactions, fraud accounts and money laundering had become prevalent. Thus, only to reduce as much fraud as possible and as an anti money laundering measure, these documents have been made mandatory.

List of documents commonly accepted as Standard Identity Proof:
  1. Passport
  2. PAN Card
  3. Voter’s Identity Card
  4. Driving License
  5. Photo identity proof of Central or State government
  6. Ration card with photograph
  7. Letter from a recognized public authority or public servant
  8. Bank Pass Book bearing photograph
  9. Employee identity card of a listed company or public sector company
  10. Identity card of University or board of education like ISC, CBSE, etc.

List of common identity documents which are accepted as Standard Address Proof:
  1. Passport
  2. Voter’s Identity Card
  3. Driving License
  4. Electricity Bill, Telephone bill including mobile, landline, wireless, etc type of connections, not more than 6 months old
  5. Bank Account Statement
  6. Consumer Gas connection card or Gas Bill
  7. Letter from any recognized public authority or public servant 
  8. Credit Card Statement
  9. House Purchase deed
  10. Lease agreement along with last 3 months rent receipt
  11. Employer’s certificate for residence proof
There would be other identity and address proofs which are also accepted by different banks, asset management companies and insurers as standard, but the list differs from company to company. Only the most common ones have been enlisted above.

Deepak Yohannan
Deepak Yohannan is the CEO of MyInsuranceClub. He enjoys writing on Personal Finance and contributes regularly on sites like Reuters & Moneycontrol. He is a strong proponent of online insurance and is often found pointlessly babbling about it!

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