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KYC Full Form And How To Check KYC Status For PAYTM & Procedure

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KYC full form
KYC full form

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KYC Full Form & Do your PAYTM Full KYC

RBI has given new guidelines on pre-paid wallet instruments on 11th Oct 2017. These guidelines mandate for all pre-paid wallet providers (like Paytm) to get Know Your Customer(KYC Full Form) done for their users. This a great step as it will help prevent identity theft, fraud, and money laundering and make financial systems safer.

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As we know that KYC full form is Know Your Customer and it is mandatory for all wallet providers as per new RBI guidance.

Key Points From The Guidelines

  1. New users are required to provide Minimum KYC details during signup. Customers can become a Minimum-KYC customer by providing their Officially Valid Document ID number (e.g. Aadhaar, PAN etc).
  2. This will enable them to keep using their account. However, as a Minimum KYC customer, they will still not be able to send money to other wallets or bank account or can not able to keep more than Rs. 10,000 in their wallet.
  3. Within 12 months of their minimum KYC details, all users need to complete full KYC done.

Benefits of Paytm’s full KYC process

The process for Paytm full KYC is easy, free and secure. It is paperless, instant, and verifies biometric details using Aadhaar. On a daily basis, lakhs of people showing their trust in Paytm full KYC process and enjoying the benefits which are mentioned below:

Unlimited spend capacity and higher wallet limit:

Full KYC-verified Paytm user enjoys unlimited monthly spending with a wallet balance limit of Rs.1 lakh. On the other hand, a minimum KYC verified Paytm user will have the monthly spending limit of Rs. 10,000 and have a wallet balance limit of Rs. 10,000.

Seamless transfer of funds:

Full KYC-verified Paytm users can seamlessly transfer money to other bank accounts and wallets. According to the RBI’s latest guidelines, minimum-KYC wallet users will not be allowed to transfer money to any bank account and cannot send money to each other’s wallet. 

Within 2 minutes Open Paytm Payments Bank account through the app:

With the newly launched Paytm Payments Ban only a full KYC-verified Paytm user can open a savings account and can earn interest on his savings. Paytm payments bank account has many benefits like you will get benefit of zero(0) minimum balance, zero(0) digital transaction charges, free virtual debit card and also you will get a digital passbook and many more. KYC Full Form is know Your Customer.

How To Do Paytm Full KYC?

1. Raise a request on the Paytm app. (Download Paytm App)

2. Visit the KYC center nearby your location.

  • Tap on the Side Menu and click on “Nearby”

3. On next screen, click on “Complete Your KYC” to find the KYC centers in the proximity of your location.

4. Visit any of the centers with your Aadhaar card number and PAN card number and complete your full KYC done instantly.

Things to keep in mind while carrying out Paytm full KYC:

Check for the Golden Gate app:

Please make sure that agent’s phone should have the Golden Gate icon app while getting your Paytm full KYC done. Because Golden Gate app is the only means of doing Paytm full KYC.

Do not share 6 digit Paytm code:

Make sure while Paytm full KYC, you should not share the 6 digit Paytm code or identity-proof documents on WhatsApp/e-mail — Paytm full KYC mandates and you are meeting with an authorized agent but he can capture the user details through Golden Gate app. Paytm Full KYC is, was and will always be free.

What If I Don’t Do My KYC?

As per RBI guidelines, the wallets of non-KYC verified customers will be restricted to the following:

  1. You can not add money to your Paytm Wallet unless you are a Minimum KYC customer.
  2. You can not send money to friends and family, either in the bank account or in the wallets.
  3. You are not eligible for any offers applicable to our KYC customers

* Minimum KYC:

  • New users are required to provide Minimum KYC details during signup. Customers can become a Minimum-KYC customer by providing their Officially Valid Document ID number (e.g. Aadhaar, PAN etc).
  • This will enable them to keep using their account. However, as a Minimum KYC customer, they will still not be able to send money to other wallets or bank account or can not able to keep more than Rs. 10,000 in their wallet.
  • Within 12 months of their minimum KYC details, all users need to complete full KYC done.

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I hope today’s topic “KYC Full Form And How To Check KYC Status For PAYTM & Procedure”  will be very much beneficial to you. So, don’t wait, complete your full KYC as soon as to avail the benefits of full KYC.

If you really like this post and learned something then do share this post with your friends and family. And if you have some suggestion for improving this website then write to us in the comment box.

So, finally, I repeat KYC full form is know Your Customer.

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