Min KYC, Full KYC, vKYC: Here's All You Need to Know!

Gone are the days when you had to physically visit a bank agent to open a bank account. Now, opening a bank account online is super simple. All you need to do is verify your identity on your phone. This process of verification is called KYC or Know Your Customer.

Imagine doing a KYC process each time you needed to open a bank account, or a demat account and so on. To make things easier, there’s something called the Central KYC Registry, where all your identification data is stored and is given a unique identification number.

What is Min KYC?

Min KYC stands for Minimum KYC. It means that your KYC has been partially done. In other words, the bank has some amount of proof of your identity, but not enough. This happens when the bank that you’re trying to open an account with, has not been able to access all your KYC information at the CKYC registry.

In such cases, an online bank account is opened for you using the Aadhaar-OTP method. An OTP is sent to your Aadhaar-linked mobile number, provided that number is on the same device.

Difference between a Min KYC and Full KYC account

For security reasons, a Min KYC account has a few limitations as compared to a Full KYC account.

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How to check if my account is Min KYC or not , on Fi?

Here are the steps to check if yours is a minimum KYC account or not:

1. When you open your Fi Money app, on the top left hand corner of the screen, you will see a profile icon.
2. Tap the profile icon, and you will see your profile screen. Under your name, you will see the words Min KYC.
3. If this is the case, then you need to upgrade your Fi Money account to a full KYC account.
4. If you do not see the words ‘Min KYC’ written under your name, then yours is a Full KYC account and you need not worry about upgrading.

How to upgrade from Min KYC to Full KYC account on Fi?

You can upgrade your account through a video KYC process. Since this a digitally opened account, you need not worry about visiting a branch.

Video KYC or vKYC is the process where a bank agent verifies your identity through a video call on the Fi app.

How to do a Video KYC?

For completing a video KYC, you need only one document - your original PAN card. You need a physical copy of the PAN card for the video KYC call.

Process for initiating a video KYC:

On your Fi app, you will see a banner on the home page, with instructions to begin a video KYC call. Once you tap the banner, you will find the screen to begin the call.

Things to bear in mind for the video KYC call:

• You need to have your physical PAN card (original only, no copies allowed)
• You will need to be in a well-lit place so the agent can see your face clearly
• You will need a pen and blank paper
• You will need to be in a good internet coverage area, or have a wifi connection
• You will need to be dressed appropriately

What happens during the video KYC call?

For your video KYC call, you will need to present your PAN card, and keep a blank paper and pen ready.

1. Once the call begins, the agent will ask to see your PAN card. You will need to show the PAN card to the camera
2. The agent will then ask you to sign on the paper and you will have to show the signature to camera. Note that the signature has to match that of your PAN card.

How do I know if my video KYC was successful?

After your video KYC call, your profile screen will look like this. After your KYC has been approved, the ‘Min KYC’ tag on your profile will disappear.

Conclusion

To understand it in brief, KYC, or Know Your Customer, is the process of verifying customer identities for banking and financial services to prevent illegal activities. There are different KYC levels: Min KYC (using Aadhaar-OTP) with limitations, Full KYC (using PAN card) without limitations, and vKYC (video call with a bank agent). All are monitored by the regulatory authority and the Indian Government under the PML Act, giving customers choice based on their needs and preferences.

Open Savings Account Through Fi App With Minimum KYC

Fi Money offers a zero-balance online Savings Account in partnership with Federal Bank. You can easily sign up for free & open a Savings Account online in 3 minutes. You can also use this Savings Account to safely stash your savings in deposits, earn additional interest, send/receive money instantly, analyse expenses, or budget smarter. If you upgrade to other account plans within Fi — you get access to premium features like Jump, zero Forex, US Stocks, Mutual Funds, etc. & up to 4x rewards for all payments!

Frequently Asked Questions

1. What are the requirements for video KYC?

Factors like clear video and audio, good lighting, good network and a good camera are important to ensure complete identity verification. You will also need your PAN card, a blank paper, and a pen for signature.

2. What happens during video KYC?

For your video KYC call, you will need to present your PAN card, and keep a blank paper and pen ready.

1. Once the call begins, the agent will ask to see your PAN card. You will need to show the PAN card to the camera.
2. The agent will then ask you to sign on the paper and you will have to show the signature to camera. Note that the signature has to match that of your PAN card.

3. How long does video KYC take?

A video KYC call usually lasts for 3-5 minutes

4. Is video KYC and full KYC the same thing?

Once your Video KYC process is reviewed and approved, you are a full KYC user. Approval can usually take 24-48 hours.