Investments & Planning

Step by Step Process to Complete the Central KYC registry

Central KYC registry

CKYC (Central Know Your Customer) Registry is a depository that maintains records of all the investors who avail of different financial services in India. It has been created to minimize the hassles that investors face when they need to submit numerous documents while investing in various instruments. 

Once you get yourself registered in the CKYC depository, you will get a CKYC number. that can be shared with any financier to complete the document verification procedure. You may also share it with a lender who wants to confirm your documents before lending a loan to you. To understand how to get registered in the Central KYC Registry, please adhere to the below-given steps: 

Step 1: Approach SEBI, RBI, PFRDA, IRDA regulated institution 

First, you will need to visit the official website of any bank, finance company, insurance company, or company that offers mutual funds and fills the CKYC form with all the important details. 

Step 2: Get the IPV (In-Person Verification) done

Once you fill the form, attach the necessary documents and get it attested through an IPV (In-Person Verification) process. 

Step 3: Check the CKYC status 

Once you submit the attested and verified documents, you will be given a 14-digit identification number which is also known as the CKYC number. This process can take a few days and you might receive it via SMS or email. If you don’t receive the CKYC number. You can also check it online by visiting the website of an authorized KRA (KYC Registration Agency) like KARVY. 

Once you obtain this number, you no longer need to go through physical verification rounds to complete the process of documentation. However, the online documentation facility supported by CKYC will prove to be useful only when the financial institution you are dealing with offers an online process, or else you would still need to visit a bank or branch office to complete formalities like a form submission. 

For example, Bajaj Finance FD allows you to invest in fixed deposits online through an online FD form. This coupled with the CKYC procedure makes it an end-to-end online procedure that offers much convenience to you while investing. Also, a 0.10% additional FD interest rate is offered by following the online method of investment. Some other important features offered by this FD scheme are given below:

  • High-interest rate 

The interest rate of up to 6.75% offered by Bajaj Finance FD is one of the highest fixed deposit rates in the country. Therefore, investing in a Bajaj Finance FD is a guarantee to earn substantial returns. 

To check how a high-interest rate can impact your returns, you can compare its returns with the returns offered by a bank or postal FD. Imagine that you invest Rs. 35,00,000 in a bank FD or postal FD for 5 years. The returns that you will get at maturity along with the returns offered by Bajaj Finance FD can be seen in the below table:

Fixed deposit planInvestment AmountTenor Rate of Interest Interest gains Maturity amountGrowth in savings (%)
Post Office FD Rs. 35,00,0005 years 6.7%Rs. 13,79,234Rs. 48,79,23439.4%
Bank FD Rs. 35,00,0005 years6%Rs. 12,13,993Rs. 47,13,99334.68%
Bajaj Finance FD Rs. 35,00,0005 years7.25%Rs. 15,66,547Rs. 49,66,54744.75%

Hence you can see that the returns offered by Bajaj Finance FD are quite huge as compared to other FD instruments. 

  • Collateral-free loans 

When you invest in an FD, you expect your savings to grow without any interruption. However, you need to break an FD sometimes due to an emergency. You no longer have to withdraw your deposits prematurely as Bajaj Finance gives you a loan up to 75% of your FD’s worth and that too without the requirement of any collateral. 

  • Credible investment option 

Investing in Bajaj Finance FD is totally safe as your deposits will keep growing without the intervention of market forces or default risks. This is affirmed by credit rating organizations like CRISIL and ICRA by providing them with high credit ratings.

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