We all know the event of currency demonetization held back in 2016 when India’s Prime Minister Shri Narendra Modi announced it to bring back the black money to India by claiming the old notes of Rs.500 and Rs.1000 to be dead. Moreover, after creating the chaos in middle-class people’s life, he also encouraged the use of online wallets like Paytm and more and to become a KYC Customer for payments and shopping to publicize “Digital India.” For who do not know, Digital India is the program initiated by the Government of India to motivate their Citizens to use more of Digital Money than the paper currency.
However, after the boom in the use of Online Wallets in India after the demonetization, they were even asked to link their Aadhaar, or any Government approved ID to validate the wallet account and make it secure and more functional. Later, KYC (Know Your Customer) was made mandatory in the latest RBI guidelines to continue using an online pre-paid wallet for every citizen of India within a limited time (31st March 2018) including PayTM. Furthermore, when many of has already become a KYC Customer, few were/are unaware of the process to get their this done. So in this article, we will tell you the process of becoming a KYC Customer in few easy steps to continue using your Wallet Accounts.
However, this is an excellent step as this process will make the financial systems safer by preventing theft, fraud and money laundering. So before I tell you the steps for becoming a KYC Customer, given are the guidelines issued by RBI (Reserve Bank of India) to be eligible for getting it done. Also, the KYC process is and will always be free and hardly takes few minutes to get it done.
While signing up for any pre-paid wallet, new users are needed to provide Minimum KYC details. To become a Minimum-KYC customer, you need to provide a Valid Official Document ID number (e.g., Aadhaar, PAN, etc.) to keep using your account. However, you will still won’t be able to send your money to other wallets or bank accounts or keep more than Rs. 10,000 in your wallet as a Minimum-KYC Customer.
Also, within 12 months of providing minimum KYC details, you also need to get full KYC done as its made mandatory if you wish to continue using your account.
So as you have read the guidelines released by RBI, let us continue with the steps to follow to become a PayTM KYC Customer.
This post was last modified on March 11, 2018 2:40 am
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