What is CKYC? Meaning, Process & Key Benefits Explained

Have you heard of CKYC? Central Know Your Customer, or CKYC, aims to centralise and replace the traditional KYC process. Let us deep dive into all you need to know about CKYC.

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What is CKYC?

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CKYC, or Central Know Your Customer, is a 14-digit number connected to your ID that allows simple access to all identifying documents.

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It is a central repository for customer information. It's like a safe digital vault for your identity and personal data. 

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So, whether you want to open an account or invest, you won't have to submit your KYC every time. 

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Instead, banking institutions can access your CKYC information directly, making the procedure faster and more convenient for you.

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The CKYC process is administered by India's Central Registry of Securitisation, Asset Reconstruction, and Security Interests (CERSAI). 

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It serves as a single entry point for financial institutions to check consumer information, minimising the need for repetitive documentation and verification.

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Process of CKYC

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You can register your KYC details with CKYC if your financial institution is registered by SEBI, RBI, IRDAI, or PFRDA. 

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Banks, insurance companies, Demat accounts, and mutual fund investment platforms all use CKYC to record customer knowledge information when you open an account with them.

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Mentioned below are the steps for fulfilling your CKYC process: 

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• Find a CKYC-registered financial institution (such as banks, insurance firms, mutual funds, and others).
• Submit all essential documents, including your PAN card, Aadhaar card, and proof of address.
• The banking institution will check your documentation with the issuing authorities.
• Following successful verification, you will receive a unique 14-digit CKYC number.

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How to check your CKYC number?

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You can check your CKYC number with several financial services companies by following these steps:

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• Currently, only Karvy and CDSL offer CKYC Check Services. You can visit www.karvykra.com. 
• Enter your PAN number in the given field. 
• Enter the CAPTCHA/security code to verify your details.
• You will be able to view and download your CKYC report with a few simple clicks.

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Documents Required for CKYC

Find the list of all the documents necessary for registering your CKYC: 

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• Identity proof: Aadhar Card, PAN Card, passport, driving license
• Address proof: Rent agreement, utility bills, government-issued document with your address
• Photograph: Recent passport-size photograph

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Benefits of CKYC Registration

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• CKYC is an efficient, faster, easier, and secure process.
• It ensures data protection, as it is a centralised process. 
• CKYC is a one-time process that eliminates the issue of submitting KYC details over and over to different financial institutions. 
• It grants easy access to your KYC details for all registered financial institutions. 

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FAQs

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1. Is CKYC mandatory?

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Yes, CKYC is compulsory for all registered financial institutions to prevent money laundering and ensure compliance with the regulatory terms.

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2. What is a 14-digit CKYC number?

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Once your CKYC process is completed, you will be assigned a 14-digit CKYC number. Financial institutions use this number to retrieve your KYC information from a common repository, which streamlines your interactions and transactions.

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3. Can I complete my CKYC process online?

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Yes, you can complete your CKYC process online through registered financial institutions. 

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4. How do I download my CKYC report?

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You can download your CKYC report online on the Karvy KRA's official website.