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Digital KYC - Explained


What is Digital Know-Your-Customer (KYC)?


For non-KYC compliant persons wishing to complete the KYC procedure in order to access financial services, Digital KYC is simply an online KYC process. Filling out an online KYC form or conducting the Video-based Customer Identification Process (V-CIP), both of which are approved by the RBI and SEBI, are two ways to be KYC compliant.


A Look at the Different Types of Online KYC


KYC (Know Your Customer) Form


SEBI has allowed investors to complete their KYC procedure for mutual fund investments by filling out an online KYC Form. The paperwork must be submitted to the Fund House or the appropriate intermediary by the investor. The processes for completing e-KYC authentication are as follows.


Fill out the online Know Your Customer (KYC) form. Print the form and sign it with your wet signature. Scanning and submitting the signed paperwork to the middleman OR


Fill out the online KYC form with your digital signature and send it to the middleman.


KYC through video


The intermediary must take a live photo of you and legitimate official papers in order to comply with RBI standards. You'll need a camera and an audio device for this.


Once you've received notification from the intermediary about your KYC process appointment, make sure you have all of the relevant papers in digital form or on DigiLocker, a cloud-based government tool for storing and validating documents.

A video call link will be sent to your phone or email, and an executive will do the KYC.

You must provide basic information such as your name, date of birth, and Aadhaar number.


Your live picture and KYC paperwork will be taken by the executive.


KYC based on an OTP


You can use your Aadhaar Card to complete online KYC for services like creating digital bank accounts and digital wallets.


Select the right choice for completing the Aadhaar e-KYC once you reach the KYC stage of the onboarding procedure.

Enter your Aadhaar number, which is 12 digits long.

On your Aadhaar-linked cellphone number, the Unique Identification Authority of India (UIDAI) will issue you a one-time password.

Complete the KYC procedure by entering the OTP.

Documents that are Officially Valid for Digital KYC Identity Proof: Latest Electricity/Telephone Bill/Latest Bank Account Statements/Bank Passbook/Rental Agreement/Aadhaar Card/Aadhaar XML/Aadhaar DigiLocker/Passport Copy/Ration Card Passport Size Photograph

Cheque Rejected (for investments)

a duplicate of your signature

Last but not least,

It should come as no surprise that digital KYC processes outperform traditional physical KYC. You may become KYC compliant from the comfort of your own home using digital KYC. All you need are electronic papers and signatures, which makes the jobs of KYC verification middlemen much easier.

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