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KYC

Know your customer (KYC) process is done to establish customer identity for the Issuing Financial Institute (IFI) and to comply with RBI guidelines. As per RBI guidelines, every issuing financial institution in accordance with the PMLA guidelines, needs to follow customer identification processes to do due diligence before onboarding any new Account Holder in the system.

Minimum KYC

Every Real Account Holder (RAH) need to complete Minimum KYC to avail banking capabilities. Minimum KYC allows you limited access to account benefits. An Account Holder with Minimum KYC verification completed can manage the following:

  • Add money to your account.
  • Maintain balance up to ₹10,000 per month.
  • Receive refunds and money from other accounts.
  • Spend up to your Minimum KYC limit using any of the allowed channels like ATM, POS and e-commerce.

It is also important to understand what a Minimum KYC Account Holder cannot do. A minimum KYC Account Holder cannot do the following:

  • Do P2P transfers
  • Transfer out money to bank account
  • Withdraw funds from ATM

Minimum KYC requires verification of the mobile number and submission of a self-declaration of name and unique ID of any Officially Valid Document (OVD) such as Passport, Driving License, and Voter ID Card. Any Account Holder can be on-boarded with minimum KYC status using /newIndividual endpoint.

To create a new Account Holder, you must create an Application on Fusion. For more information, see Create Account Holder.

Full KYC

Full KYC provides RAH with full access to account benefits. By becoming a full KYC verified Account Holder, you can manage the following:

  • Account balance limit is increased to ₹1,00,000.
  • Add money to your account.
  • There is no spending limit on your account.
  • Transfer money to a bank account or other Account Holders.
  • Receive refunds and money from other accounts.
  • Spend up to your Full KYC limit using any of the allowed channels like ATM, POS and e-commerce.

Fusion’s partnered IFIs support the following types of KYC:

  • IDFC bank supports Minimum KYC and Aadhaar OTP KYC.
  • RBL bank supports Minimum KYC, Aadhaar Biometric KYC, and XML KYC.

Full KYC process can be carried out for any new applicant or existing minimum KYC applicant.