Why is the KYC process so important when opening a savings account?
Many assume it just takes an application form and basic documents to open a savings account. However, as per Reserve Bank of India (RBI) guidelines, financial institutions must verify the identity of their customers through the Know-Your-Customer (KYC) process. The KYC process entails document verification such as Aadhaar card, PAN, utility bills, etc., to verify … Read more