What is CKYC?
CKYC stands for Central Know Your Customer. Central KYC registration is a centralised repository of KYC records that streamlines KYC processes across financial institutions in India. You can avoid the hassle of repeatedly submitting documents when availing a financial service by registering once.
Regulated by CERSAI, this government initiative simplifies compliance, saves time, and enhances security for both individuals and institutions. Read further through this complete guide to CKYC and know how it works, its benefits and steps to initiate your CKYC number.
Under Which Organisation Can I Register Myself for CKYC?
Financial institutions that are regulated by RBI, SEBI, IRDAI and PFRDA can help register your KYC details with central KYC. You are registered for CKYC when you open a Demat account or bank account, invest in mutual funds or purchase insurance.
How CKYC works?
- Customers complete the KYC process once by submitting the KYC details and necessary documents to receive a 14-digit CKYC number associated with a customer’s identification from Central Registry of Securitisation Asset Reconstruction & Security Interest of India (CERSAI)
- This number links to the customer’s ID and allows secure access in electronic form to their KYC documents
- Customers no longer need to submit physical KYC documents for financial transactions with participating institutions
- Financial institutions can access the CKYC database to verify customer identity
Benefits of CKYC
Streamlined financial transactions: Customers save time and effort by avoiding repetitive paperwork and separate KYC verifications
Enhanced security: CKYC enhances the security of financial transactions
Regulatory compliance: CKYC ensures compliance with regulatory requirements
Who uses CKYC?
All customers of banks, mutual funds, insurance companies, and other regulated financial institutions in India must complete the KYC process.
Steps to Complete the Process of CKYC Online
Below are the steps that you must follow to complete the process of central KYC registration:
Step 1: Find a financial institution that offers CKYC services and gather the necessary documents and KYC details including an Aadhaar card, PAN card, etc
Step 2: Submit the documents, which will be further verified by the institution for their authenticity
Step 3: You will be issued a CKYC number upon successful verification
Documents Required for CKYC
You may submit the following documents only once to complete the CKYC process efficiently:
- Address verification
- Identity proof
- Signature
- Passport size photographs
How to access your CKYC details?
You can now access your CKYC details through the following modes:
- To get your CKYC number: Give a missed call on the toll-free number – 7799022129
- To view your CKYC Card: Visit the web portal here
- Use digilocker app and access your CKYC details
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