Banking & savings
KYC
Also known as: Know Your Customer
The identity verification process banks and investment platforms require before you can use them.
KYC is the mandatory step of proving who you are, using documents like Aadhaar and PAN, before opening accounts or investing.
It is a one-time process for most platforms, and keeps the financial system safe from fraud and money laundering.
Keeping your KYC updated avoids frozen accounts or blocked transactions later.
For example
Before your first mutual fund investment, you complete KYC once with your PAN and Aadhaar, and then can invest anywhere freely.