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PAN Card KYC and Its Status

To make hassle-free transaction banks acknowledge the PAN KYC Status for their customers to make any kind of financial transactions.

Banking firms have now managed their PAN KYC Policies in order to ensure the safe use of customer's assets. This assists the bank and other financial institutions to expand and deal effectively with all the fraudulent activities carried out by individuals and non-individuals. The service is designed to counter money laundering, tax evasion, bribery, terrorist financing and so forth. In order to fulfil the legal and regulatory requirements of the customers, KYC rules and regulations are directed by the Reserve Bank of India to all the banks.

Requirement of KYC

  • Opening a bank account
  • Applying for credit cards or loans
  • Opening a locker facility in the bank
  • Mutual Funds
  • New mobile or landline connection
  • Making changes in beneficiaries or signatories.

Why KYC is required for PAN Card?

It is mandated to complete KYC process in PAN Card in order to prevent your card from any type of misuse or fraudulent. PAN is one of the most essential documents to be submitted to complete the KYC process. PAN Card represents the essential financial transactions such as payable bank accounts, asset purchases of more than a certain amount or others.

Documents Required for PAN KYC

  • Proof of Address- Utility Bill, Ration Card, Driving License, Aadhar Card and Rental Agreement
  • Proof of Identity- PAN Card, Aadhar Card, Driving License, Passport, Bank Passbook, Voter Id Card

How to Check PAN KYC Status?

Applicants can check their PAN KYC Status by simple online process. Below mentioned steps are for the same.

  • Visit the website CDSL Ventures Limited
  • Click on E-KYC, which is located on the right bar of the page
  • Go through all the guidelines and enter your PAN Number on the esquired section.
  • If your KYC has been verified, then the status will be displayed as “MF- Verified by CVLMF”
  • If your KYC has not been verified then the status Pending will be reflected on the same page
  • Take a print out of the status for your future use.

 

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