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written by | September 5, 2022

How to Complete cKYC and Check the cKYC Number?

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cKYC India stands for the Central KYC registry India, and it's the country's largest single source of KYC data of its kind today. There are more than 27 million unique customer records currently in the database of cKYC India, and it continues to grow with each passing day. By checking your cKYC status, you can ensure that your details are stored safely and regularly verified against any changes that may have occurred to them over time. Follow this guide to learn how to complete your cKYC and check your cKYC number online in India today!

Did you know?

There is a difference between KYC and cKYC! CKYC stands for Central KYC (Know Your Customer), an initiative by the Government of India. In this initiative, investors will be able to complete their KYC only once before interacting with a variety of financial institutions.

KYC is meant to be used for verification purposes. The investor is cross-referenced based on personal information submitted to a designated entity. Then, there is an in-person verification process where any corrections or edits can be made, and the identity is matched in the designated database.

cKYC, on the other hand, allows investors to be more thorough with KYC when buying something they're selling again. Moreover, cKYC compliance allows an investor to transact with any of them without completing additional KYC processes. 

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What is cKYC?

The cKYC is a process designed by the Securities and Exchange Board of India (SEBI) to streamline the Know Your Customer (KYC) guidelines for investors in the country. The cKYC replaces the previous KYC process, which was paper-based and time-consuming. Under the new system, investors can complete their KYC online through a central database maintained by the Central Depository Services Limited (CDSL).

As part of your cKYC, you must provide your name, date of birth, address, and identity. You also need to provide your PAN number. You'll receive a unique cKYC number when you submit the online form.

How To Complete Your cKYC and Check Your cKYC Number

The Central KYC Registry (CKYCR) collects customer KYC records. The objective of the cKYCR is to have a single KYC record for a customer which all financial institutions can access. 

  • To complete your CKYC, you will need to submit certain documents like your identity proof, address proof, and photographs. These documents can be submitted online or offline. 
  • Once you have submitted all the required documents, you will be assigned a 14-digit unique number called the Customer Identification Number (CIN). This number will be your cKYC number. 
  • You can check your cKYC number by logging onto the cKYCIndia website with your registered mobile number. Once logged in, enter your 16-digit Aadhaar number and press Submit. Entering this information should result in displaying your cKYC number on the screen. 
  • The first four digits of your cKYC number indicate the jurisdiction, while the last ten digits represent a sequence number allocated by the CKYCR system when you first applied. 
  • You may also use different websites to provide consent to receive an SMS or call from an enrolled bank. You may withdraw consent at any time using the link available on their site.

Why having a cKYC (Know Your Customer) Account is Important

This is important because it helps banks and other financial institutions verify your identity and prevent fraud. Plus, having a cKYC number can help you keep track of your finances and make it easier to apply for loans or open new accounts. It's crucial to complete your KYC (Know Your Customer) process because it prevents money laundering and financial fraud. This process also allows you to open a bank account, get a credit card, or apply for a loan.

  • You must supply your name, address, date of birth, email address, phone number, and proof of identity to complete your cKYC. 
  • You can check your cKYC number by logging into your Account on the Central KYC Registry website. 
  • You'll see your registered mobile number in blue when you log in. Once logged in, click on the green button titled Check cKYC Status. A screen will appear with three tabs (Address Proof Status, Aadhaar Status, and Other Documents Status).
  • You'll have 60 days from completing cKYC to submit any other documents required by law. The cKYC status will become pending if you do not comply within 60 days.

Also read: Government Testing ‘UPI Lite’ for Payments without Internet

Why Does One Need to Comply with cKYC Norms?

Complying with the cKYC norms is essential for several reasons. 

  • First, it helps the government keep track of who is investing in what, which is important for economic stability and security purposes. 
  • Second, it helps banks and financial institutions know who their customers are, and this allows them to assess risk better and prevent fraud. 
  • Third, it helps investors know who they are dealing with when they invest, and this information can help them decide where to invest their money. 
  • Fourth, the data helps businesses know who their customers are. With this information, businesses can more easily target marketing efforts and provide a consistent customer service experience. 
  • Fifth, it helps regulators keep track of financial transactions. This information can detect and prevent illegal activities such as money laundering and terrorist financing. 
  • Sixth, complying with the cKYC norms makes one eligible for different benefits and concessions. For example, some countries allow you to get an education loan at lower interest rates if you have complied with these norms. 
  • Seventh, complying with the cKYC norm will also make it easier for an individual to avail of banking services without having to produce documents again. 
  • Lastly, one should always comply with the regulations to avoid possible criminal consequences.

How Can You Comply with the cKYC Norms?

The Securities and Exchange Board of India (SEBI) introduced cKYC norms to standardise the KYC (Know Your Customer) process for investors in the securities market. The cKYC form can be obtained from any SEBI-registered intermediary, such as a stockbroker, mutual fund house, or depository participant. The form must be duly filled out and submitted with proper documentation to the mediator. 

Once the system has been updated, you will get an SMS with a unique ID number and a PIN via your registered mobile number. You can then use this ID to complete transactions across all intermediaries within five days of receiving it. Once the 5-day period is over, if you do not register yourself again, your Account will cease to be operational, and you will not be able to transact on it till you re-register yourself afresh.

What Are Some of The Key Benefits of Complying with KYC Norms?

Complying with the KYC norms has many benefits, some of which are listed below:

  • It helps prevent money laundering and financial fraud
  • It makes it easier to track down the source of funds in case of any suspicious activity
  • Aids in better risk management by banks and other financial institutions
  • Reduces the cost and time associated with customer due diligence
  • Ensures compliance with anti-money laundering regulations
  • Improves customer experience by reducing the hassle of repetitive KYC submissions

Also read: What is Ex Gratia Payment?

Conclusion

Investors are only permitted to complete their KYC once with cKYC. Without having to go through numerous KYC procedures, CKYC compliance will enable an investor to transact with all entities under the control of the Government of India and various regulators (RBI, SEBI, IRDA, and PFRDA). 

To complete your cKYC, you'll need to submit personal information and documents. Once your cKYC is complete, you can check your cKYC number by logging into your Account on the Central KYC Registry website. Remember that you'll need to renew your cKYC every three years. 
Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.

FAQs

Q: Who needs to complete cKYC?

Ans:

Any Indian resident who wants to invest in securities or mutual funds must complete cKYC. This includes first-time investors as well as those who already have an account with a broker or other financial institution.

Q: Do I need to provide my PAN number for cKYC?

Ans:

Yes, you will need to provide your PAN number for cKYC. The PAN is one of the key identifiers in the cKYC form. To complete your cKYC, you must complete the cKYC form and submit it along with your PAN number.

Q: How long does the cKYC process take?

Ans:

The cKYC process usually takes around 10 minutes to complete.

Q: What is the purpose of the cKYC number?

Ans:

The cKYC number is a unique identifier assigned to every Indian citizen who completes the cKYC process. This number allows the government to keep track of an individual's financial history and transactions, and it also helps prevent money laundering and other financial crimes.

Q: Why should I complete cKYC in India?

Ans:

The cKYC process in India is designed to streamline opening a new account with a financial institution. By completing cKYC, you provide your KYC details once to a Central KYC Registry instead of delivering them each time you open a new account. This not only saves you time but also helps reduce paperwork. In addition, cKYC helps prevent money laundering and fraud.

Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.
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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.