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KYC for Wallets: Types, Limits and Benefits

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As per RBI guidelines, to get your KYC done was 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.

 

How to complete KYC

To make KYC simpler for you, here are the types of KYC that can be done, and steps to coplete the process.

Mobikwik यांनी वर पोस्ट केले रविवार, १८ नोव्हेंबर, २०१८

 

Min-KYC

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.

 

E-KYC

For e-KYC, a user needs to get his details authenticated after getting his Min-KYC done. Follow the steps given below for e-KYC.

  • Choose ‘Through Aadhar Website’ under Complete your KYC section
  • Fill in your Aadhar number and security code to generate an OTP
  • Fill in the OTP and download your E-Aadhar card
  • Verify your details through your registered phoned number and E-Aadhar

After 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.

 

Full-KYC

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 opt for:

  • Agent visit at your doorstep: You can schedule a visit from our agent. Hand him the required documents i.e. identification proofs, get your biometrics done. This process may take up to 7 working days
  • Visit the nearest KYC centre: You can also visit your nearest KYC centre to get your full KYC done.

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.

Note: If you are opting for full KYC, you can directly get it done right after completing your min-KYC.

You can still opt for min-KYC option, but we highly recommend getting your KYC done to enjoy uninterrupted services and ease-of-use.

 

(updated on 17-11-2018 with new KYC rules)

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Comments (1):

  1. Ajaykumar

    March 11, 2018 at 6:17 pm

    Kyc

    Reply

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