RBI Update: No more repeated KYC submissions at banks; learn about this 14-digit unique number
CKYC Number: The 14-digit unique CKYC number eliminates the need to repeatedly submit KYC documents for services like banking, mutual funds, and insurance. Let’s understand its benefits.
Mutual Fund KYC: Whenever you open a bank account, invest in mutual funds, or purchase an insurance policy, you typically need to submit KYC documents each time. The CKYC system can prove extremely useful in this regard. It is a 14-digit unique number that removes the need to repeatedly submit KYC documents to various financial institutions. The Reserve Bank of India (RBI) also advises people to know and use their 14-digit CKYC number.
What is a CKYC number?
Under CKYC (Central Know Your Customer), every customer is assigned a 14-digit unique number. This number is linked to your KYC record, which is securely stored in the Central KYC Records Registry (CKYCR).
When a bank, NBFC, insurance company, or mutual fund house uses this number, they can access your existing KYC record. This significantly reduces the need to submit the same documents repeatedly.
What are the benefits of a CKYC number?
It eliminates the hassle of repeatedly submitting KYC documents.
The bank account opening process becomes easier and faster.
Investing in mutual funds and insurance becomes more convenient.
The same KYC record can be used across multiple financial institutions.
It saves time and ensures faster access to financial services.
How to find your CKYC number?
If you do not know your CKYC number, you can easily obtain it through the following methods:
Contact your bank or financial institution.
Get the information by giving a missed call to 7799022129. You can also obtain this information through the CKYC online portal.
What advice has the RBI given?
As part of its financial awareness initiative, "RBI Says: Be Informed, Be Alert," the RBI has urged people to keep a record of their CKYC number. The central bank believes that this system can play a crucial role in making banking and investment-related services easier, faster, and more convenient. This system is particularly beneficial for individuals who hold multiple bank accounts, insurance policies, or investment plans.
