Pan-Kyc Compliance: A Simple Guide

Know Your Customer (KYC) is a verification process that banks and financial institutions use to verify the identity of their customers and prevent fraud, money laundering, and identity theft. The Reserve Bank of India (RBI) introduced KYC guidelines for all banks in 2002 and directed them to ensure full compliance by 31 December 2005.

The Permanent Account Number (PAN) card is a mandatory document for the KYC process, as it serves as proof of identity and income for tax-paying citizens. It is required for most financial transactions, such as opening a bank account, applying for loans or credit cards, and investing in mutual funds.

To make your PAN card KYC-compliant, you can follow either an online or offline process. For the online method, you will need an Aadhaar ID. Log in to the Securities and Exchange Board of India (SEBI) website, click on the portal for KYC Registration Agency, and create a profile. Enter your PAN and Aadhaar details, upload a self-certified copy of your Aadhaar, and submit the form. You will receive an OTP on your registered mobile number to verify your account.

For the offline method, download the KYC form from the CDSL Ventures website, fill it out, and attach a self-attested copy of your PAN and address proof, such as your Aadhaar card, Voter ID, Passport, or any other government-issued document. Affix a passport-sized photograph and submit the form at the nearest bank branch for physical verification and KYC update.

You can check your PAN card's KYC compliance status online by visiting the Central Depository Service Ltd (CSDL) or Central Depository Services Limited (CDSL) website, entering your PAN details, and verifying your status.

Check if your PAN is already KYC-compliant

To check if your PAN is already KYC-compliant, you can follow these steps:

• Visit the CDSL (Central Depository Services Limited) KYC enquiry page at https://www.cvlkra.com/default.aspx.
• Enter your PAN number, name, date of birth/incorporation, and exempt category.
• Click on "Submit".
• If your KYC has been verified, the status will be displayed as 'MF- Verified by CVLMF'.
• If your KYC has not been verified, the status will show as 'Pending'.
• You can take a printout of the page if needed.

Alternatively, you can also enquire with your bank to check the status of your PAN KYC compliance. If you have provided your PAN details to the bank during the account opening process, your PAN may already be updated in their system.

Documents required for PAN KYC

To get your PAN card KYC-compliant, you will need to submit a range of documents as proof of identity and address. Here is a list of documents that are accepted for PAN KYC:

Proof of Identity:

• Copy of Passport
• Bank Statement
• Voter ID
• PAN Card
• Driving License
• Aadhaar Card
• Bank Photo Passbook
• UID or Aadhar Card
• Photo ID cards issued by the Central or State government
• Photo ID cards issued by public financial institutions and public sector undertakings

Proof of Address:

• Driving License
• Aadhaar Card
• Latest Electricity Bill
• Ration Card
• Rental Agreement
• Latest Mobile or Landline Bill
• Utility bills, such as water, electricity, gas, or telephone (not older than three months)
• Bank Passbook or statement containing the address
• Passport

The documents required for PAN KYC can be submitted as hard or scanned copies, depending on the type of KYC verification process chosen. The two types of KYC verification are online and in-person, both of which are equally authentic.

Online method to verify PAN card KYC

The online method to verify your PAN card Know Your Customer (KYC) is a simple process. Firstly, you need to log in to the Securities and Exchange Board of India (SEBI) website and select the link for the KYC Registration Agency. You will then need to register and complete your profile, after which you enter your PAN and Aadhaar details. A self-certified copy of your Aadhaar card will need to be submitted, and you will receive an OTP on your registered mobile number to verify your account.

It is important to note that the mobile number used for the OTP must be the same number linked to your Aadhaar and PAN. This number can be updated at a later date if needed, at a government-authorised centre.

The online method is a straightforward way to complete the KYC process, but it is important to have all the necessary documents to hand. These include:

• Identity proof: Aadhaar card, driving licence, passport, PAN card, bank statement, voter ID, or bank passbook.
• Address proof: Driving licence, Aadhaar card, utility bill, rental agreement, recent electricity bill, ration card, or passport.

Offline method to verify PAN card KYC

The Know Your Customer (KYC) process is essential to ensure the accuracy and validity of PAN card details. While there are online methods to complete PAN card KYC, there are also offline methods available for those who prefer a more traditional approach. Here is a step-by-step guide to verifying your PAN card KYC offline:

Step 1: Visit the CDSL Ventures website and download the Know Your Customer form. This form is crucial for initiating the offline KYC process.

Step 2: Fill out the form by providing all the necessary details. Make sure to fill in all the mandatory fields, leaving no section incomplete. Once you've filled in the details, don't forget to sign the form.

Step 3: Gather the required documents for identity and address proof. You will need to attach a self-attested copy of your PAN card and proof of address to the form. Accepted proof of address includes government-issued documents such as a Voter ID card, passport, or Aadhaar card.

Step 4: Attach a passport-sized photograph to the designated space in the form. Make sure the photograph is recent and clear.

Step 5: Submit the completed form, along with the attached documents and photograph, to a bank branch. Bank officials are authorised to verify and update your KYC information.

Step 6: The bank staff will physically verify the documents you have submitted. They will check the authenticity of your identity and address proofs. This step is crucial to ensure the accuracy of your KYC details.

Step 7: Once the bank staff has completed the verification process, they will update your KYC information in the system. This may take a few days to reflect in the records.

It's important to note that the offline method of PAN card KYC verification is just as credible as the online method. By following these steps, you can ensure that your PAN card details are accurate and up-to-date, helping to prevent any potential issues in the future. Additionally, you can also complete the KYC verification using your biometric information, where an executive will visit your home to scan your fingerprint and other details. However, this process requires you to submit your Aadhaar and PAN card.

Steps to check PAN KYC status

To check your PAN KYC status, you must first ensure that you have submitted your KYC forms online. Once you have done this, you can follow the steps outlined below:

• Go to the CDSL (Central Depository Services Limited) KYC enquiry page at https://www.cvlkra.com/default.aspx.
• Enter your PAN number or name, date of birth/incorporation, and exemption category.
• If your KYC is verified, the status will be 'MF - Verified by CVLMF'.
• If your KYC is not verified, it will display 'Pending'.
• You can take a printout of the status if required.

Additionally, you can check if your PAN is KYC-compliant by visiting the Central Depository Service Ltd (CSDL) website. You can also make a KYC PAN enquiry by contacting your bank.

Frequently asked questions