As per RBI guidelines, getting your KYC done has been made compulsory from 1st March 2018. Though a lot of you have already got your KYC done, or are in process to do so, many of you maybe at loss when it comes to KYC and its kind. To make it simpler for you, below are the types of KYC that can be done, and benefits attached to them.
For e-KYC, a user needs to get his details authenticated through OTP verification. Once the user enters his Aadhar details linked to his mobile number, an OTP will be sent to the user to verify his/her details. Once the e-KYC is completed, the monthly limit is increased up to Rs 1 lac. Under e-KYC, the user can do all kinds of transactions including P2P and bank transfers.
For full-KYC, a user needs to get all his id proofs like address proof, PAN card, Aadhar card linked to his wallet. After entering the details, the user can ask for a physical verification and can get his biometrics done. After completing the entire process, the user will fall under full-KYC category. The limit for full -KYC users is 1 lac per month and P2P and bank transfers are also allowed. With the advancement in banking systems and technology, the user in the coming time will also be able to transfer money from one wallet to another. However, this will only be permissible for full-KYC users.
A Min-KYC user is someone who has entered his id details like PAN Card or Aadhar but haven’t got it verified. For a min-KYC user, it is permissible to add money, but the amount is limited to Rs. 10,000. Also, a user cannot make P2P or bank transfers. The user can only spend up to Rs. 10,000 per month.
- Non -KYC
It’s a kind of process, where a user doesn’t have to link any of the id proofs to their wallet. A non-KYC user cannot add money or perform P2P transfers or bank transfers. However, they can still use the money in their wallet for merchant transactions like shopping, mobile recharges, travel bookings, etc. Once the amount is exhausted, they need to get their KYC done to continue with the services.
You can still opt for non-KYC option, but we highly recommend getting your KYC done to enjoy uninterrupted services and ease-of-use.