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Demystifying CKYC: All You Need to Know About Central KYC Number

In today’s world with rising inflation and increasing expenses, it has become difficult to save money. One of the best ways to save money is by investing in a fixed deposit. Fixed deposits are low-risk investments that offer guaranteed returns. With the current market scenario, it is essential to know about the best FD interest rates in India to get the most out of your investment. However, before investing, it is important to have a CKYC number. In this article, we will discuss everything that you need to know about the central KYC number or CKYC and how it is related to FDs.

What is CKYC Number?

CKYC or Central KYC is a centralized database that was introduced by the government to streamline the KYC process of financial institutions. CKYC is a unique 14-digit identification number issued to individuals after due diligence. It is like an Aadhaar card for your financial transactions. This number helps financial institutions to perform the KYC process for its customers easily and quickly.

Why is CKYC Number important for FDs?

It is compulsory for investors to have a CKYC number to invest in fixed deposits. The Reserve Bank of India (RBI) has made it mandatory for all financial institutions to comply with CKYC norms. CKYC is important as it helps in reducing the paperwork and time in the KYC process. To open a fixed deposit account, an individual needs to submit the KYC documents to the bank. The KYC documents include a photograph, proof of identity, and proof of address. With the CKYC number, the individual’s personal details are already updated in the database. This saves time and effort for both the bank and the customer.

How to obtain a CKYC Number?

The CKYC process is simple and can be done online. To obtain a CKYC number, you need to follow these steps:

1: Visit the Central KYC Registry website and click on ‘New User Registration.’

2: Enter your PAN number and other personal details such as name, date of birth, email ID, and mobile number.

3: You will receive a one-time password (OTP) on your registered mobile number. Enter the OTP to proceed.

4: Upload your photograph, proof of identity, and proof of address.

5: Once all the documents are verified, you will receive your CKYC number.

It is important to note that CKYC registration is free of cost, and you can obtain a CKYC number from any financial institution registered with the CKYC registry.

Benefits of CKYC

1. Easy and Quick KYC process

With the CKYC number, an individual’s KYC details are already updated in a centralized database. This eliminates the need for submitting the KYC documents every time while opening a new account with different financial institutions.

2. Increased Convenience

CKYC makes the KYC process more convenient for customers as it reduces the time and effort required to perform KYC. Customers do not need to worry about submitting the KYC documents repeatedly.

3. Increased Security

CKYC helps in preventing fraud as it establishes the identity of the customer through the KYC process. It ensures the bank and the customer’s security while opening a new account.

Best FD Interest Rates in India

Now that you know about CKYC and the importance of having a CKYC number, let us discuss the best FD interest rates in India. Fixed deposits are a popular investment option among individuals looking for guaranteed returns. Let us take a look at the top 5 banks offering the best FD interest rates in India.

1. HDFC Bank

HDFC Bank is one of the leading banks in India that offer a high interest rate for fixed deposits. The bank offers a rate of interest ranging from 2.50% to 5.50% for a tenure ranging from 7 days to 10 years. HDFC Bank also offers senior citizens an additional interest rate of 0.50% on all fixed deposits.

2. ICICI Bank

ICICI Bank offers a good interest rate on fixed deposits for a tenure ranging from 7 days to 10 years. The bank offers an interest rate ranging from 2.50% to 5.50%. ICICI Bank also offers senior citizens an additional interest rate of 0.75% on all fixed deposits.

3. Axis Bank

Axis Bank offers a good interest rate on fixed deposits for a tenure ranging from 7 days to 10 years. The bank offers an interest rate ranging from 2.50% to 5.50%. Axis Bank also offers senior citizens an additional interest rate of 0.65% on all fixed deposits.

4. State Bank of India (SBI)

SBI offers one of the best interest rates on fixed deposits in India. The bank offers an interest rate ranging from 2.90% to 5.40% for a tenure ranging from 7 days to 10 years. SBI also offers senior citizens an additional interest rate of 0.80% on all fixed deposits.

5. Kotak Mahindra Bank

Kotak Mahindra Bank offers a good interest rate on fixed deposits for a tenure ranging from 7 days to 10 years. The bank offers an interest rate ranging from 2.50% to 5.50%. Kotak Mahindra Bank also offers senior citizens an additional interest rate of 0.75% on all fixed deposits.

Conclusion

In conclusion, CKYC is an important aspect that is mandatory for investors to invest in fixed deposits. The Central KYC Registry has made it easy and convenient for customers to obtain a CKYC number. With CKYC, customers do not have to worry about submitting their KYC documents every time they open a new account with a financial institution. It is important to note that CKYC registration is free of cost and can be obtained from any financial institution registered with the CKYC registry. Lastly, while investing, it is essential to know about the best FD interest rates in India to get the most out of your investment.

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