What is KYC and How to apply for Amazon KYC, PhonePe KYC and Paytm KYC?

by Admin Date 14/05/2020

What is KYC and How to apply for Amazon KYC, PhonePe KYC and Paytm KYC?

KYC acronyms for Know Your Customer. Many banks and Financial companies use KYC to recognizes their customers with the KYC. According to Reserve Bank of India, KYC is mandatory for all the banks to get customers have to fill KYC forms. KYC is the medium by which Banks and companies verifies customers.

Why KYC is needed?

KYC is necessary to prevent from fraud. KYC protects our money in the basis of identity of the real person. That is why all the financial institutions and Banks using KYC and go through with this process.

How to apply for KYC?

KYC forms can be different of different Banks but there are also some similarities in KYC which are as follows:

1-To apply for KYC,you need one passport size photo.
2-You have to fill your name and your father's name.
3-Fill you bank account number as per related to the bank.
4-Fill your currently using mobile number.
5-Fill your pan card number and date of birth.
6-Mention your address as per the Adhaar Card.
7-Fill E-mail id and choose whatever type of identity you want to give with this form.
8-Sign the Form and submit the bank officer.

Documents required for KYC?

1-One passport size photograph.
2-Any one of these identity proof like Adhaar Card/Voter ID/Passport/Driving Licence.

How to do KYC in all types of Payment Application?

You can also prefer minimum KYC in these types of payment apps.

1- Apply for Paytm KYC:

a) First Verify your mobile number.
b) Enter the password and login to your account. 
c) After login four options will be appear, select anyone of them and fill the all details. These options are
Passport/Voter ID/Driving Licence/NREGA Job Card.
d) After filling these details, you KYC is Completed.

2- Apply for PhonePe KYC:

a) First Install the Phone pe Application and log in.
b) Go to your profile and Click on the option "Complete your KYC".
c) After selecting then you will see the option " Provide Basic details" then click it.
d) Select anyone identify proof from drop down menu and fill all the details.
e) After filling these details, you KYC is Completed.

3- Apply for Amazon KYC:

a) Open your Amazon Application.
b) Click on the "More" option and then click on the KYC option.
c) Click on "Upload Now" and then enter your name and Mobile number.
d) Select any identity proof type from drop-down menu and fill the all the details and complete your KYC

Difference between full KYC and Minimum KYC?

In Minimum KYC, you can spend only 10,000 rs. in one month while in Full KYC, you can spend 1,00,000rs. in one month. You can do all transactions safely with the help of KYC.