How to complete CKYC and check CKYC status online

The Central Know Your Customer (CKYC) is a central repository of important KYC documents for customers wanting to avail of services in the financial sector. It is an initiative by the government of India started with the aim to have a streamlined structure in place to verify documents when a person wants to use a financial service. The intention behind creating CKYC is to reduce the burden of submitting KYC documents for verification when starting a financial relationship with a new company. 

Features of CKYC 

• CKYC is a 14-digit number linked with ID proof
• The customer’s data is secured in an electronic format
• The documents submitted are verified by an issuer
• All the concerned authorities are notified when there are any changes in the KYC details.

What is the process of completing CKYC?

When you purchase any financial product/service from any financial institution- regulated by RBI, SEBI, IRDAI, or PFRDA. These financial institutions will register your KYC details with the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI). If you haven’t registered in any of these, you can get your CKYC done by filling out this form and submitting it to your bank with the below-mentioned proof documents. 

You need to submit the following documents: 

• CKYC application form*
• PAN
• Identity and address proof (the passport, driving license, proof of possession of Aadhar number, the voter’s identity card issued by Election Commission of India, job card issued by NREGA duly signed by an officer of the State government, the letter issued by National Population Register containing details like name, address or any other document as notified by the Central Government in consultation with the regulator authorities.)
• One passport-size photograph

How do I check my CKYC number? 

You can check your CKYC number and status online by visiting the web portal of financial institutions providing a CKYC checking facility. You can also do it using the following steps: 

• Visit the web portal (www.karvykra.com or www.cvlkra.com). Currently only Karvy and Central Depository Services Limited provide for the CKYC Check Facility.
• Enter your PAN number.
• Enter the security/CAPTCHA code.
• Your CKYC status along with details will be displayed.

Additionally, customers may approach the financial institution where they have provided their documents to get the number. 

Benefits of CKYC Registry

• It enables financial institutions to register your identity easily
• You don’t need to submit your KYC documents each time you want to start a financial relationship with a financial entity.
• Investors can easily update their personal details in the CKYC registry.
• You can use this number when you are buying or investing in any financial instruments such as insurance policies, investing in mutual funds, and stock markets.https://rbidocs.rbi.org.in/rdocs/content/pdfs/KYCLEN26115_A2.pdf

In the digital-first world, people want processes to be instant and automated in just a few clicks. The old process of starting a financial relationship with a financial entity used to be time-consuming and you had to submit KYC documents. With the introduction of the CKYC registry, the documentation process is now easier and safer.

Frequently Asked Questions  

Q1. When is CKYC mandatory?  

A. Financial institutions registered under SEBI, RBI IRDAI, and PFRDA can register customers only under CKYC. So you’ll need a CKYC id when purchasing any financial products, such as making a banking account, buying an insurance policy, or investing in any mutual funds. 

Q2. What is the difference between CKYC and KYC?

A.  KYC: The identity of an investor is verified based on written details submitted by him/her on a form, supplemented by an in-person verification (IPV) process. Once the verification is carried out successfully, the relevant investor data is entered into the KRA system and subsequently uploaded to the KRA system database.

CKYC: It allows investors to carry out their KYC only once. CKYC compliance will allow an investor to transact/deal with all entities governed/regulated by the Government of India/different regulators (RBI, SEBI, IRDA, and PFRDA) without the need to complete multiple KYC formalities. The CKYC processing is handled by the CERSAI. 

Q3. How to check CKYC status online?

A. Visit the web portal (www.karvykra.com or www.cvlkra.com). Currently only Karvy and Central Depository Services Limited provide for the CKYC Check Facility.