KYC – I am sure that you would have heard about it before. KYC stands for Know your Customer. It is a process under which a financial institution or an intermediary collects certain data and documents to establish identity of a client.
You would have noticed that when you visit a bank for opening a Savings account, your banker would have asked you to complete a KYC form. You would have also submitted KYC form to invest in mutual funds.
So, to open a bank account, the bank would do a KYC, for buying an insurance policy the insurer would do it and a mutual fund would again do it, if you invest in Mutual Fund schemes.
You have to be KYC compliant with multiple financial institutions or agencies for different financial and investment products. Too much paper work, right? Is there any single and common KYC?
To end this tedious work, the Govt had introduced cKYC (Central KYC) from July 2015. This means that a single KYC will suffice to invest in all financial products, including mutual funds.
And from 1st Feb 2017, new investors in mutual fund will have to do cKYC (Central Know Your Customer), before investing . cKYC will replace the earlier KYC (Know your customer) procedure.
If you are any existing mutual fund investor, do you need to do anything?
As of now, existing investors in mutual funds who are KYC compliant can continue investing in mutual funds. No updation is required from your end. So, there is no need to apply for cKYC.
What is cKYC?
Central KYC is a process of storing the KYC details of the customer centrally. cKYC is being managed and administered by the Central Registry of Securitization & Asset Reconstruction and Securities Interest in India (CERSAI).
If you complete the cKYC process with an entity say a bank, it is sufficient for you to invest in all other financial products like insurance, mutual funds, Demat account etc., .
Central KYC (cKYC) will store all the your (customer) information at one central server that is accessible to all the financial institutions. So completing cKYC process with any bank, Mutual Fund, or an insurance company is enough and you won’t have to do this process again anywhere.
Once your cKYC form is processed successfully, you will receive a 14-digit identification number. This is known as KIN (KYC Identification Number). You need to just quote this number at the time of a new investment or purchasing a financial product with any other financial entity.
(Kindly note that getting cKYC compliant is free of cost for customers / investors.)
How to get Central KYC done?
If you are a first time mutual fund investor or planning to open a Savings Bank account or a Demat account, you need to submit below new cKYC form to your financial institution.
In case of mutual fund investments, you can also submit this new KYC form to your mutual fund distributor, or at mutual fund AMC office or any Registrar (like CAMS).
Download cKYC Form.
You will have to submit a duly filled & signed cKYC form along with self attested supporting documents to verify proof of identity and proof of address. Copies of Passport, Aadhar card, Voter ID, Driving license etc., are accepted as supporting documents.
(Kindly note that new cKYC form also captures FATCA compliance details)
How to check cKYC application status online?
Once you submit your cKYC form to financial institution (reporting entity), they will upload your records on centraly KYC platform (within 3 days).
If all details and documents are in place, your form will be processed and KIN (14 digit number) will be issued to you. An SMS or email will be sent to you. This process may generally take 3 to 5 working days.
As of now, one can not check the application status of cKYC online. In case, your cKYC is not processed or rejected, you may have to follow it up with your financial institution or distributor entity only.
Latest Update (17-April-2017) :
The R&T Agent, Karvy has now launched an online KYC & cKYC status checking platform. You can now verify your c-KYC application status online. You can even get to know your cKYC ID also.
- Kindly visit Karvy’s KYC Search portal
- I have tried checking my KYC status based on my PAN. As I have not yet applied for cKYC, the status is blank and normal KYC details are shown as below;
Change of Details & cKYC?
Let’s say there is a change in your communication address and would like to update it in your banking account. You can submit cKYC form by selecting ‘update KYC number’ option in the form and can provide latest details.
Once the KYC details are updated by any reporting entity (like your bank), all other institutions can get a real time update on the same.
Mutual Funds & cKYC Updation Form
If you have already received cKYC 14 digit number, you can submit it to your Mutual Fund AMCs (this is optional). Below is a sample cKYC updation form.
For FAQs on cKYC, kindly click on below image.
(Image courtesy of Stuart Miles at FreeDigitalPhotos.net)
(Post first published on : 03-March-2017)
Sir, I have received kin number for kyc through message from ckycrr, but I did not apply for it. I had open bank account in 2019. Sir please reply is the kyc bearing number that I got is fraud or genuine.
Dear Kriti,
You can check the status of KYC by visiting respective KYC Registration Agency (KRA) portal like karvy, cvl,cams…
Dear shreekanth,
i got my ckycid after submitting kyc details to kotak bank
while opening savings account.
but even after 7 months all the KRAs are displaying my KYC Status as “NOT AVAILABLE” and also my ckycid is shown as blank
because of which i am not able to invest in mutual funds.
how do i get the KRAs to fetch my KYC details from CKYC data so that i dont have to go through the KYC process again which was actually the main objective of getting ckyc done.
thanks
Dear vijay,
Did you check with your banker on this?
Sir, me and my friend applied for KYC through quantum, IPV via webcam etc, KYC was registered in no time but in both the case KIN was not received. When asked quantum about the sane, they asked to send a mail to ckyc@ckycindia.in regarding the same but no body replied. what to do now, KYC registration date is 07/06/18. Should i wait longer to get the KIN or there ia something wrong with the way quantum online KYC is done?
Hello Sreekanth, Axis Bank Demat people sent me an email to fill in the CKYC form and submit the necessary documents at the nearest Axis Bank branch. I did the needful on April 27, 2018.
I have still not received my 14-digit KIN. Axis Bank does not seem to be aware of it. I have not received any SMS or e-mail. How do I get my KIN?
Thanks.
Dear Kapil,
If all details and documents are in place, your form will be processed and KIN (14 digit number) will be issued to you. An SMS or email will be sent to you. This process may generally take 3 to 5 working days.
Did you check the status in Karvy KYC search portal as given in the above article?
Dear,
Currently i am in Saudi Arabia, i have completed KYC through online (Aadhaar Card Based) and i am invested in ABSL & HDFC Fund House . Now i want update my cKYC through online. How to do cKYC through online?
Dear MAHESH,
Some online mutual fund platforms or some AMCs like Quantum do support cKYC online method.
Hello,
My status shown registered but i didn’t get ckyc id or KIN number. How can I get KIN number now?
Please help me
Dear Deepanshu,
KIN (14 digit number) should have been issued to you through an SMS or email. Did you try checking ckyc status as shown in the above article..
Hello,
I had registered for CKYC. But, I have also not received CKYC ID or KIN number.
I checked my KYC status online. but, CKYC ID number was missing.
Dear Sudesh,
It has been reported that the CKYC number of any individual will not be displayed in any website as it is confidential data. Individuals may approach the financial institution where they provided their CKYC documents to obtain the number.
You may go through the FAQs…
I have recently applied for trading account at zerodha. I have completed the e-kyc proceess through aadhaar to e-sign the form. Will I get cKYC verified after the account opening procedure is completed?
Dear Sanjivan ..I believe that both should happen in-parallel. Kindly check with them.
I meant.. If I have recently opened a trading account, with zerodha, will I be KYC verified? Since, after completing the KYC procedure with one intermediary, there is no need to do it again? Isn’t Zerodha an approved intermediary or it will get my cKYC done with some approved intermediary/KRA?
Dear Sanjivan,
If cKYC has already been done, you can submit cKYC ID number.
Else, this one-time process will be done by them through Central Registry of Securitization & Asset Reconstruction and Securities Interest in India (CERSAI).
Hello ,
My status shows as registered but I didnt receive the KIN. How can i get the KIN number
Sir,
I have received CKYC identifier.
Is there any site where we can check the all data provided under the received KIN.
Thanks
Dear Jiten..I dont think such provision is available, not sure!
Hi, I am investing in Mf’s for the first time and I wish to invest directly without a broker. I would like to know how do I go about with the CKYC process. I see there is a form available for individual investors on the CERSAI website for KYC.
Where do I send this completed form for KYC compliance?
Thanks
Sonia
Dear Sonia.. You can submit new KYC form at any mutual fund AMC office or any Registrar (like CAMS/Karvy) offices.
Sir, My KYC was e-verified earlier. Later I submitted documents at Birla Sun life AMC Delhi for change of e-KYC verification so that I may invest more than 50k. But there is no updation anywhere since I submitted it on 7 Sep 17. How much time it took generally.
I received KIN. But in mutual fund records not updated, still it is reflecting as ekyc-otp. Will ckyc details update automatically or i have to inform them, please advice
Dear Deva..They should get auto updated, you may kindly wait for few days..
I received KIN (KYC IDENTIFIER). There is spelling mistake in address how to correct. can i send email to ckyc. Please guide me.
Dear Deva,
I believe that you may have to re-submit your CKYC form but have to select ‘UPDATE’ as application type.
Where to submit(in Delhi)…..
CKYC to submit in MF and Share market..
Dear Govind..If you are opening a demat/trading account then you can submit the forms to your broker/sub-broker, they will get it processed..
Dear Govind..If you are opening a demat/trading account then you can submit the forms to your broker/sub-broker, they will get it processed..
Where to submit (in Delhi) CKYC form and docs for investment in mutual funds & Share market……?
Hi ,
I had applied for Credit card with HSBC they have done CKYC registration from their end , I had recieved CKYC mail & KIN number via sms & email. However when i try to invest in Mutual funds it still shows its “KYC-Not verified” & also in KARVY KYC check CKYC is not reflecting what should be the procedure followed in this case please suggest
Dear Arjun..May be it is not yet been propagated across the databases..I am not sure what is the resolution for this??
Hi Sreekanth,
My hearty wishes for your great work here in this blog, also your face book page. I’m regular follower of your posts. Its very informative and useful.
Regarding kyc, I done some invested early 2015 and I did submitted required documents for KYC. However when I try to invest through online in one of the mutual fund now. I’m getting error stating my PAN not KYC complaint. How to get this done. Kindly help, or if I go for another invest through respective MF branch, they can fix this ?
Regards
Gopalakrishnan Arumugam
Dear Gopalakrishnan,
Thank you for following my blog posts.
You may get cKYC done. Yes, they can help you get this done.
Thank you Sreekanth Once again
Dear Sreekanth,
As of now Quantum MF is supporting for the Online Central KYC Registration. Whether it is reliable process for the Individual to upgrade from KYC to CKYC. Also reading from the multiple post I found that the processing time for providing the KIN is too high. So kindly suggest whether to go on online mode or physically submitting the Forms in CAMS / KARVY.
Regards
Murugappan
Dear Murugappan ..It can be a reliable method..
i got my kyc verified. i got the confirmation email from camskyc.
but the bank is asking me for kin number.
i did not get kin number. how to get it. plz advice
Dear krishna ..If you done with cKYC, you would have got KIN (14 digit number) via SMA / Email.
You may follow the steps given above for tracking the ckyc status with your PAN and you can trace cKYC ID.
Dear Sreekanth,
Thanks for explaining the KYC situation. However, I have a couple of questions:
I have a regular KYC established April 2016. No KYC number is assigned since I never did a CKYC. I am now invested in 3 MF houses. Now, I want to change my correspondence address and email ID.
(a) Should I fill out the generic CKYC form (ticking the ‘Update’ box) and send that with supporting docs to my original (first) AMC? I will have to leave the KYC number blank, correct?
(b) Will the AMC make the changes to both my corresp address and emailID, so that it gets updated in all other MF houses in real time? or will they assign me a KYC number and send my CKYC form to whatever central authority manages the CKYCs and updates the info?
Appreciate for your time/guidance.
Dear Natraj ..I believe that there is no clarity on this.
Suggest you to do it through cKYC form (new) and this ensures that your new details are updated across all fund houses..
Thanks Seekanth. I’ll have also queried my original AMC and will post here if I have a good answer from them. My issue is that I am out of the country and so can’t walk up to the AMC’s office or some KYC service center to find out.
Sure. Will be useful to other blog readers as well. Thank you!
Frankly speaking, there is no clarity as such. As of now there is confusion over CKYC process when it comes to update of info.
Based on my practical experience I suggest you to do this:
1. Fill CKYC form, tick mark UPDATE at the top
2. Write a letter to the AMC to update your address in all the folios as per your CKYC form
This will ensure that your address gets updated in all the folios of the AMC. And also gets updated in KRA. However, please note that you will still not get KIN as CKYC will not get updated.
Well, its the same story every time. Things are rolled out and then problems are solved. When common KYC was introduced then five KRAs came up. Five KRAs were not really required. It has been huge duplication of effort on KRA side, and also confusion for investors. Till date these five KRAs have their own different forms with their logos. Depending on which KRA had registered the client originally, the client’s form has to reach that KRA only for any future updates. Should investors be captive to their specific KRAs? And then the charges – the KRAs charge for upload, download etc. If an investor wants just his KYC form to be processed then he will not be entertained. He has to attach an MF investment form, or open a demat account along with the KYC form. Why? Shouldn’t he have an option to get his KYC done on standalone basis also? I think SEBI isn’t aware of some of these practical difficulties that investors face everytime any big change is introduced. Ideally, SEBI should have brought in only one KRA and asked it to process KYC free of cost and also provide KYC data to the intermediaries free of cost – to make it easy for everybody. Now CKYC has come. Am sure investors are facing difficulties because of lack of 100% clarity as to how KYC updates will work.
Dear AG..Thank you for sharing your views!
I agree with your views in toto. Everyone is facing this issue. This is one of the neglected area which is still remaining to be solved in sensible manner.
Is there any alternative to submitting my forms for getting cKYC other than CAMS?
Dear Sudhindra ..You can get it processed through your banker, any mutual fund house (AMC) etc.,
Hi Sreekanth,
Hope you are doing well.
I’m really frustrated with this KYC, eKYC and CKYC processes. I’ve recently re-started investing in mutual funds and all the address I see in MF statements from AMC is my 5 years old address when I’ve opened my ICICI direct account.
To reflect the latest address, I’ve done online CKYC and IPV verification thorough Quantum MF and got a CKYC identifier number also. After getting CKYC done, then also I’m not seeing the latest address reflected in the fund houses and Karvy KRA also doesn’t reflect my CKYC data. Do you suggest any other means to update my address in MF ?
My question: When we are anyway providing the Bank account and Aadhar, why doesn’t the CKYC get automatically updated to the latest details? Seriously this process needs some streamlining!!!
BTW, Does my physical MF statements will be sent to communication address or not? If yes, how to stop them?
BR, Srikanth Varma
Dear Srikanth,
I guess it may take time for the data to get reflected.
You may write / email to fund houses regarding your preference of getting statements by email.
How to change the email id which is already registered with KYC in registry?
Dear Mahesh..You can submit correction form at CAMS..plz visit this link.
Thank you so much. I’m not satisfied with CAMS services offered @Coimbatore, Tamilnadu. They prank on my visual impairment and says you have to do CKYC by yourself sending request to the central registrar directly. Foolish, my process of investing via them in 3 MFs are pending still with them saying I have to produce if my cheques belong to me. The same cheques when presented with the AMC I got my folio done but not with CAMS. Their mobile app is not accessable with screen reader . I have to run pillar to post directly to all AMC. Same accessablility issue with MFU app as well..
I’m greatly thankful for your blog which enlightens my knowledge. Please offer valuable suggestions.
Thanks for informative doc,
just wanted to know how can we do eKYC, heard CAMS do that. if you can help in process and other things.
Dear Dixit ..Kindly read this article on eKYC..
Quantum mutual fund is providing the paperless KYC verification . I filled that form, does that come under CKYC guidelines?
Dear Anup.. With effective from 1st Feb 2017, all new investors in mutual fund will have to do cKYC only.
Sreekanth,
My bank has asked me to comply with KYC norms again by submitting documents etc. However when I purchased MF’s the MF website did show that I was KYC compliant. Would it be possible now for the cKYC to be sufficient for all my bank accounts and MF’s?
Thanks
Dear Jiju,
MF KYC is applicable only for your MF investments.
Your bank mostly might be asking for cKYC compliance. So, if you can get ckyc done through you banker, you can use the same KIN for all financial products in future.
what is the difference between eKYC and cKYC?
Dear Pranal,
eKYC is electronic kyc. This can be done based on investors Aadhar number/PAN and other details. But the challenge is the procedure to get eKYC done may vary from one fin product to other.
Verry Nice information of cKYC it, is simply & undesatnding, Thanks
Hello Sreekanth,
I wanted to know if there is any method to find out whether I am registered for cKYC? I could not find central registry where I could key in my PAN card and find whether I have registered for cKYC. I have submitted cKYC form in my bank some 3 months back and have not received any communication till date.
Thanks
Dear Nilesh ..As of now, there is such online tracking facility for cKYC. You may have to follow it up with your banker only.