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KYC — Why every account asks the same things
Front
The Paperwork0135
KYC
Why every account asks the same things
The identity check an institution must run before it holds your money.
III · The Machinery32 / 53
Back
0135 · The Primer32 / 53
Know Your Customer is the rule that a financial institution must establish who you are before opening an account, and must keep that record current. It exists because anonymous accounts are how stolen and criminal money moves. The inconvenience is the point: it makes the system harder to use for the wrong purpose.
- Always update through the bank's own app, branch, or website. A KYC message carrying a link or a phone number is one of the most common scams in India.
- Re-KYC is routine, not a warning sign. Keeping your address and mobile number current stops an account being frozen at the worst possible moment.
SourceRBI Master Direction on Know Your Customer
Prevention of Money Laundering Act, 2002
Prevention of Money Laundering Act, 2002
Keep exploring
Because you read KYC.
The Paperwork0137
The Nominee
One line that saves a family months
The person an institution may hand your holdings to when you die.
III · The Machinery34 / 53
The Paperwork0130
The PAN
Ten characters that follow your money
The permanent number tying every financial record to one person.
III · The Machinery27 / 53
Money Sense0011
The Bank Account
Where your money lives
A record at a bank showing money held in a person's name.
I · You12 / 53