What is "KYC" and How to do it in Paytm ? Complete Information regarding "KYC".

Know Below About "KYC" (Know Your Customer) !

The e-KYC deadline is now over and this will mean that you won't be able to use your digital wallet with full functionalities until you complete your KYC process for various apps like Paytm and others. As per new RBI guidelines, digital wallets are required to get Know Your Customer (KYC) done for their users. The move is aimed to prevent identity theft, fraud and money laundering and make financial systems safer. Reserve Bank of India (RBI) earlier asked e-wallet providers to get the KYC done for their users before February 28. Now, the bank has ruled out an extension for getting the KYC done for user base. RBI deputy governor B P Kanungo has said that wallets had sufficient time to meet the guidelines.

What is KYC? What are the documents required for KYC?

Yes, know your customer (KYC) is a popular word that is used in banking or financial sector. Know your customer (KYC) is a process which is to be complied with by financial institutions, from which this group of entities receives information about the identity and address of the customer.Here is a list of documents that act as proof of identity and proof of address;

1. Passport
2. Driving License
3. Voters Identity Card
4. PAN Card
5. Aadhaar card issued by UIDAI and NREGA cards.

As a proof of identity, you must submit one of these documents.If the address submitted by you for proof of identity does not include address details, you will need to submit another official valid document that includes address details.

address proof like;

1. Bill of utility bill like telephone bill, electricity bill, gas bill, passport.
2. Bank account statement received by mail or courier with signature verification by banker.
3. Ration card.
4. Lift from the employer, bank manager of scheduled commercial banks.

What is Minimum KYC ?

Minimum KYC: You can become a minimum KYC customer by providing your official valid document ID number (such as base, PAN etc). It will continue to use your account. However, as a minimum KYC customer, you can still not send money in other pocket or bank accounts or rupees. you are asked to provide your name and official legal document ID. On submitting these, you will become a "minimum KYC customer".

What is Paytm Payments Bank Limited?

Paytm Payments Bank is India’s only mobile-first bank with zero balance - zero digital transaction charge. Paytm offers Paytm wallet and Savings bank account from Paytm Payment bank.

What if you don't complete your KYC for Paytm and other wallets ?

According to RBI guidelines, non-KYC verified customers' pockets will be limited to:

• You will not be able to add money to your Paytm wallet unless you are a minimum KYC customer.
• You will not be able to send money to friends and family in money, pocket or bank accounts.
• You will not be eligible for any proposal applicable to our KYC customers.
• Users at Paytm, Ola Money, MobiKwik and Amazon Pay will not be able to access all the functions of Digital Wallet until they complete the KYC process.

Why is "KYC" important ?

KYC is important because it helps the banker to ensure that the application and other details are genuine. Accounts have been given an example of fraud and money theft. By ensuring the identification of individuals, it will help prevent fraud. Knowing your client practice has been practiced for many years now. It is a necessary and mandatory to follow all persons, if they want to open an account, it is not possible to open a back account or account for a mutual fund without the KYC compliance.

You Can Complete Your Paytm KYC Process Easily By Following These Steps Which Is Given Below

Option 1: via App

• When you open the Paytm app, you will receive a prompt that says 'Get your KYC'.

• Click on the next screen you will display the benefits to your KYC.

• Clicking on the move will take you to a screen where you have to find the key in your base number and click on the check box, which you will click on "agree to the terms and conditions". Click to proceed again

• The next screen will ask your name in the base card. (If you do not have the basis, you can complete your KYC through Passport, Voter ID, Driving License or NREGA Job Card.)

• In the next screen you will have to enter the base OTP received in your mobile. After entering OTP, the next screen will show your base details and you will have to confirm it.

• The next screen will ask for some additional details such as marital status, business, parents' names and PAN numbers.

• The app will now ask you to link your bank account with the PayTm,BHIM,UPI address. Once you choose your bank, you will get OTP from your bank.

• Your Paytm, BHIM, UPI ID will now be created. This will be your mobile number@paytm

• Your KYC is now complete

Option 2: Visit KYC Center

• Tap on the side menu (hamburger menu) and click on "Nearby"

• On the next screen, tap "Complete your KYC" to find your KYC centers near your location.

• Go to any center with your Aadhaar number and PAN and get your full KYC immediately.

• For the full KYC, do not share 6-digit PETI code or identity-proof documents on WhatsApp complete the KYC with a personalized agent and a capture of the user's details through the Golden Gate app. The KYC is,was, and will always be free.

Option 3: Call PayTm

• Call PayTm Customer Service on 0120 3888 388. The customer care person will guide you through the process. They can also send an agent to your residence or office to complete the KYC. Take care to keep a base number with you.