Aadhaar-based e-KYC: Who Qualifies and What You Get
Learn how to use Aadhaar-based e-KYC for instant, paperless identity verification when opening new bank or demat accounts.
Aadhaar-based e-KYC is a digital process that allows for the instant, electronic verification of your identity using your Aadhaar data.
Who it's for
This verification method is specifically designed for individuals who are in the process of opening new financial accounts. If you are looking to set up a new bank account or a demat account (an account used to hold shares and securities in electronic form), this digital identity verification is a primary tool used to complete your application.
What you get
When you use this service, you benefit from a paperless verification experience. Instead of manually submitting physical copies of your identity documents and waiting for them to be processed, this method provides instant verification of your identity. This digital approach is designed to make the onboarding process for financial services much faster and more efficient for the user.
What it costs you
There is no monetary cost for using this service; it is entirely free. However, there is a requirement regarding your mobile device. To successfully complete the verification, you must have access to the mobile phone number that is currently registered with your Aadhaar. You will be required to receive and enter a One-Time Password (OTP) sent to that specific mobile number to authorize the process.
The catch to know
The most common reason this process fails is due to outdated contact information. If your mobile number is not currently updated in the Aadhaar system, the electronic verification cannot be completed. You must ensure your mobile number is correctly linked to your Aadhaar before you attempt to use this method for opening new accounts.
How to apply
- Begin your application for a new bank or demat account through your chosen service provider.
- Choose the e-KYC option when the provider asks you to verify your identity.
- Enter your Aadhaar number into the required field on the application platform.
- Check your registered mobile phone for the One-Time Password (OTP) sent by the system.
- Enter that code into the application to complete your instant identity verification.