By George Thompson Central KYC or CKYC is an initiative by the government to implement the KYC process of all financial sector companies under a single window. CKYC is managed by Central Registry for Securitization Asset Reconstruction and Security Interest of India (CERSAI).
All individual investors of mutual funds are now required to fulfill KYC requirements as per KYC norms.
The central KYC or CKYC has replaced the old KYC process. It is a centralized process that prevents you from submitting multiple KYCs from opening savings bank accounts, buying life insurance, or investing in mutual fund goods once in a centralized process. Where and how to check central KYC status online in India?
A modern Central KYC or CKYC has replaced the old KYC process. This reduced several KYC submissions at various financial transaction stages.
It is a single, integrated KYC process for all financial transactions carried out by you. In the old KYC format, PAN was the sole identifier of an investor. However, the list transcends Aadhaar and PAN in the new central KYC registry system. It removes your financial transactions for KYC at various levels or in different financial institutions.
It is also a form of creating new KYC or modifying existing KYC. Three types of accounts are specified.
- One is the general account
- The other is for simplified or low-risk account
- And the third is for small account investors
You have to make a selection that applies to you.
If the aggregation of all credits in a financial year does not exceed one lakh rupees, the aggregate of all withdrawals and transfers in a month does not exceed ten thousand rupees, or the balance in any period exceeds fifty thousand rupees. If it does not occur, then you will be treated as an investor in a SMALL account.
Customers who are simple or low risk, customers who are unable to submit any of the six specified documents. They are passport, driving license, PAN card, and Voter ID, NREGA, or Aadhaar card.
The FATCA declaration also includes the CKYC or Central KYC. Therefore, it prevents you from declaring the same at different rates of your investment.
How to check central KYC status online in India?
Until now, online checking for CKYC or Central KYC status was not linked. As a result, many found it difficult to check the status online. Recently, Karvy launched an online testing facility for CKYC or Central KYC status.
I think it is a great relief. I know that even if you have submitted the CKYC or Central KYC application, in some cases, the status may not show this. I think they are still on data compilation mode. But still, I think it is a significant relief for many.
Note: Currently, CKYC applies only to individual investors (resident and NRI).
Existing investors who have already completed KYC under the process do not have to go through any additional KYC requirements under CKYC
Lorenzo Billie 
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