KYC, or Know Your Customer, is a process that financial institutions use to verify the identity of their customers and to assess their potential risks for money laundering or financing terrorism. The Reserve Bank of India (RBI) has made it mandatory for banks and financial institutions to request KYC from their customers.
In order to comply with RBI guidelines, Paytm has also made it mandatory for users to complete their KYC before using its wallet services. Paytm has divided KYC into two categories: minimum KYC and maximum KYC. Both types of KYC allow users to access different types of wallets, and in this blog, we will cover the minimum KYC requirements and how to complete them online with Paytm.
What is Maximum or Full KYC?
To fully access the Paytm wallet, you need to provide a unique identification number, such as a passport or voter ID card. The process of completing the full or maximum KYC, which involves a home visit by a Paytm authorized representative, typically takes 2-3 working days. Once the full or maximum KYC process is completed, users will have access to the following benefits:
- With full or maximum KYC, users can store up to Rs. 1,00,000 in their Paytm wallet
- There are no limits on spending from the wallet account with full KYC
- Users can transfer money to bank accounts and other Paytm wallet users with full KYC
- Full KYC allows users to open a Paytm Payments Bank Savings account
How do I Complete a Maximum or Full KYC?
You can complete full KYC or maximum KYC in person by using the following methods:
Aadhaar based KYC at the KYC point:
- To complete an Aadhaar-based KYC, visit the nearest authorized KYC point
- Access the link http://m.p-y.tm/kyc on a smartphone or computer to find the closest KYC point
- During the process, you will need to provide biometric verification using your Aadhaar card and also present either your Aadhaar card or PAN card for verification.
Aadhaar-based KYC at home:
- It is possible to have your KYC verified at home by a Paytm authorized person
- During the process, you will need to present either your Aadhaar card or PAN card for verification
- There is a fee of Rs. 150 for the home visit by the Paytm authorized person
Things to Remember:
- Paytm will verify your identity by taking a picture of you through the authorised KYC android application and requesting your Aadhaar or PAN card
- Additional information such as spouse and parent’s names, income, and occupation may also be requested as part of CERSAI and RBI guidelines
- KYC is available to Indian citizens, Indian tax residents, and Indian residents
- Users can choose to activate their Paytm wallet and open a Paytm Payments Bank Savings account, or just activate the wallet and open a savings account
- If a user does not have a PAN card, a Paytm authorised representative will issue a Form 60 declaration
How to Check if My Full KYC is Done?
To check the status of your full KYC on Paytm, log in to the app and go to the navigation panel on the left side. A blue tick will be displayed next to your name if your KYC is complete.
How Much Does KYC Cost?
KYC is completely free. You do not need to pay any fees to Paytm Payments Bank representatives to complete it. However, if you choose to have the KYC completed through a home visit, you will be charged a small fee of Rs. 150.
How Long Does it Take to Complete KYC Verification?
In general, it takes 2-3 working days to complete KYC verification after completing in-person verification at an authorized KYC center. However, the actual process of verifying the information at the KYC center typically only takes a few hours.
Is it Safe to Give Paytm my Personal Information for the Verification Process?
Paytm’s KYC process is conducted by fully trained and background-checked representatives to ensure the highest level of security. Your information is securely captured and transmitted to our servers using Paytm Payments Bank’s authorized application. Paytm is subject to external audits and strictly adheres to legal practices and regulatory guidelines for banks.