Feb 18

How to KYC Status Online Using PAN Card

Team Antworks

Role of PAN Card in KYC

The essential target of KYC is to guarantee that the person’s personality is confirmed and archived. With a specific end goal to do as such, people should give character verification and one of the archives that can be accommodated the same is a PAN card.

Dish or Permanent Account Number is an alphanumeric arrangement of 10 digits that is issued as a card that is covered, by the IT bureau of India. This number goes about as a strategy to counteract tax avoidance and to distinguish every single money related exchange all around. The PAN number is in this manner an essential report that goes about as a proof of personality for the person. In this manner, one of the essential reports that people should give amid the KYC procedure is their PAN card.

The PAN number is fundamental for various budgetary exchanges, for example, accepting compensation that is assessable, opening a ledger, buy of benefits over a particular sum, etc.

Steps to Check Status of KYC with PAN Card

Once individuals have submitted their KYC forms online, they can also check the status of the application by following the steps mentioned below:

Individuals will have to log onto the Central Depository Service Limited website of India.
Once they visit the site, they will have to enter their PAN number.
In case their KYC has been verified then, the status will be displayed as ‘MF-Verified by CVLMF’.
In case their KYC has not been verified, then the status will be ‘Pending’.
A print of the page can be taken in needed.

Frequently Asked Questions (FAQs) on PAN Card KYC

What is controlled by KYC? The KYC controls the following:
- Analysis and collection of basic information regarding an individual’s identity
- The expectation of transactional behavior of the customer
- Matching the name of the customer against a list of known parties
What are the documents required for KYC? Documents may vary for each bank and financial institution based on the requirements but the most commonly requested documents for KYC are proof of identity and address is required. These can include, PAN card, Passport, Voter ID, Utility bills, Birth Certificate, Driving License, etc. Customers may also be asked to provide a recent colored photograph of passport size along with the filled and signed KYC submission format. These details will also have to be updated regularly. In case the documents provided are not satisfactory according to the bank then it can close or terminate the account after providing a notice to the customer detailing the reasons for it.
Where can the KYC form be procured? Individuals can procure the KYC form from their broker or financial consultant. Additionally, they can also download the same from a mutual fund company’s website.
In case certain details are changed such as address, will KYC form have to be submitted again? Yes, in case the address or other important details pertaining to the customer’s identity has changed, the KYC form will have to be filled and submitted again.
What does ‘Customer’ mean according to KYC? According to KYC regulations, a customer is seen to be an entity or individual that has an account or business relationship with a bank.