I wanted to sign up with the central KYC but I see it has various account types. Which one to choose?
C-KYC form has three types of accounts namely normal, simplified and small investors. You qualify as small investor if all your credits in one FY are below Rs. 1 Lakhs or the balance at any point in your account is below Rs. 50,000 or aggregate of deposit and withdrawals is below
Rs. 10,000 per month. You qualify as simplified if you do not have any of the 6 listed documentations for verification including Passport, Driving license, PAN card, Voter card, Aadhaar card or NREGA card. Anyone who does not fall in small investor or simplified categories will come under the normal category.
The C-KYC form has 3 account types – Normal, Simplified and Small Investors. If the total of all your credits in one financial year is below Rs. 1 lakh or if the balance of your account at any point is below Rs. 50,000 or if the total of your deposits and withdrawals is below Rs. 10,000 per month then you qualify as a small investor.
However, if you don’t have any of the 6 listed documents for verification, such as your passport, driving license, PAN card, Voter ID, Aadhaar card or NREGA card, then you qualify for the simplified account. If you don’t fall in any of the above mentioned categories then you come under the normal account category.