I think you will agree that in days gone by we all have wasted a lot of time & faced a lot of difficulties completing the tedious process involved in opening a bank account, activating a mobile connection, buying mutual funds or insurance online, etc. Well not any more ! UIDAI has commenced the all new eKYC service with the aim making our banking experience more pleasant.
eKYC will facilitate customers with an Aadhar number to disclose his or her personal details to service providers giving them instant access to services.
What is Aadhar eKYC ?
Know Your Customer or KYC is a vital step which monetary institutions and almost all mobile companies necessitate their customers to fill in. Though one can use their Aadhar card, as one of the documents used for KYC, the lengthy paperwork makes the whole process really time consuming affair. Aadhar E-KYC is introduced with the objective of getting away with paperwork. With the help of eKYC services from UIDAI, consumers will now be able to pass through electronic authentication of their Identity. Hence, this will help to save a lot of time and harassment which would be spent to complete the whole process when done in person.
Nandan Nilekani, UIDAI’s Chairperson, lately said that the most recent set of services would not only help in modernizing the entire step to link an account to one’s Aadhar number, but at the same time it would get highly safe too.
All about Aadhar Based eKYC :
When it comes to obtaining a monetary item or product or when it comes to starting an account for any bank, the total number of documents required is quite a lot. This eventually results in the customers having to spend a lot of money as well as time for the process. Occasionally, they would not be able to create the right document before their service provider or required number of copies and this would again result in wastage of money and time too. So to make the banking procedure effortless and stress free, e-KYC has been initiated which has been linked to a customer’s Aadhar card. If you have an Aadhar card, it turns out being quite advantages for you.
Aadhar based eKYC and its benefits:
Just in case, consumers do not go through or follow the procedure mentioned above, they will need to submit their ID proof along with address that has been attested. They will then require mobile verifications and email verification done and would have to appear in the bank or the financial institution in person for confirming identity. However with Aadhar eKYC service, all that they would require doing is submit their Aadhar card.
Advantages of eKYC:
- The whole procedure is paperless and quite secure as well.
- It is less likely for any kind of forgery to take place. Since customers are not required to submit photocopies of important documents.
- Undeniably the procedure is anytime faster and provides instant results.
Organizations that use eKYC:
Together with financial institutions, the below mentioned institutions will also be capable of using e-KYC:
- Mutual fund homes
- monetary institutions
- insurance companies
- trading accounts
- stock brokers
- stock exchanges
- service provides of LPG
- KYC registration companies
Application Procedure for eKYC:
Application process is easy and quite uncomplicated for eKYC.
- Consumers will need to obtain an Aadhar card
- Give permission to the Bank/Mutual Fund house that it can access your data from Central Data Repository of UIDAI.
- Next visit the website of the related Bank/Mutual Fund house.
- Fill in the application form that is available online.
- They would have to then get it scanned & uploaded together with one photograph.
- The OTP will then get produced and it would be forwarded to the consumer’s mobile number.
- OTP should then be filled and then form needs to be submitted.
- For a physical verification the related Bank or Mutual Fund house will then get in touch with the customer, which would be executed via a real time video verification process. This particular step is called Electronic In-Person Verification.
- At the verification step, the consumer will need to demonstrate their PAN card or their Aadhaar card. They will also require showing their bank statement.
- Once the KYC gets registered, the customer will receive a confirmation message via e-mail or mail. You can then get this status verified online.
When all the required details get procured, the account of the customer will open without any delay.
There is no denial in the fact that, e-KYC is a speedy, trouble-free and a highly suitable practice. Each Aadhar card holder of the country must ensure to make the best use of it.