First-time investors are able to register for Aadhaar-based e-KYC if their Aadhaar number is linked to their Aadhaar numbers. This is a completely paperless and electronic service.
e-KYC and KYC: Differences
An example of a Know Your Client (KYC) process is when a service provider verifies your identity using documents such as your Aadhaar Card to verify your status as a client.
An electronic model of KYC verification or authentication aids document verification. AKA e-KYC is simply an electronic authentication process that does not require physical documentation.
Now that e-KYC has been introduced, you can easily submit your documentation. In fact, e-KYC based on Aadhaar is as effective as a Xerox photocopy of your Aadhaar card for authentication.
Read Also: Know The Required Kyc Documentation For Verification
e-KYC services based on Aadhaar are available to whom?
Mutual fund investors without KYC verification compliance who possess a valid Aadhaar number can take advantage of this service.
Eligibility
In order to participate in the e-KYC verification online, you must have both a registered Aadhaar card and the associated mobile number. Every Indian resident does have an Adhaar card. Aadhaar and e-KYC are only available once you fulfill these basic eligibility requirements.
In order to become KYC compliant with Aadhaar, what steps are involved?
Through e-KYC, physical papers and in-person verification aren’t required, enabling you to open a Demat and Trading Account online while completing your e-KYC verification online.
- Enter your basic profile information
- Fill in your PAN, Aadhaar number, date of birth, valid email address, and mobile number (must be the one on your Aadhaar card).
- Select the checkbox for generating OTP, enter the OTP received on your mobile number in the corresponding field, and click Next.
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