Everything You Should Know About The CKYC

Investing in a financial instrument, requesting a savings or current account from a bank, or developing relationships with any financial entity like finance firms, banks, etc. requires you to submit a set of documents. It becomes cumbersome to submit a new set of documents every time and going through the verification process is another ordeal altogether. To avoid this, many banks and finance companies are now accepting CKYC from their customers. 

What is CKYC?

CKYC or Central Know Your Customer is a unique 14-digit number that you get after registering your documents with CERSAI that comes under the GOI. The documents you register are stored in a register electronically and you can share this number with a finance company or bank or any other financial entity whenever they ask you to submit your documents. 

How does CKYC work?

Whenever you need to submit your KYC documents, you can provide the CKYC number and the financial entity will confirm it with CERSAI before proceeding with your application. It works across both government and private financial entities and also works for different financial instruments like mutual funds, fixed deposits, savings accounts, and many more. Therefore, it is ideal for those who like to indulge in different types of investments. 

If you want to invest smartly then you will need to find a stable investment option that also provides sufficient returns. One such instrument is corporate fixed deposits like those offered by the Bajaj Finance FD scheme. 

Bajaj Finance FD rates are up to 7.25%. It also accepts the CKYC process of document verification and provides an online investment method that enables you to invest in FDs seamlessly. You will also get a 0.10% additional FD interest rate on submitting CKYC and using the online FD form to invest in any of its FD plans. The other features of the Bajaj Finance FD scheme are given below:

Extra FD rate to senior citizens 

If you are a senior citizen then you will get a 0.25% extra FD rate on investing in any of its FD plans. This extra FD rate will provide slightly better returns that can be used to accumulate a corpus or to manage additional expenses. 

Multi-deposit facility 

Bajaj Finance Fixed Deposit scheme allows you to invest in several FDs at once. This feature is known as a multi-deposit facility and it allows you to pick varying tenors and amounts for your FDs. Also, you can invest in both cumulative and non-cumulative FDs simultaneously with this feature. 

This facility helps you to create a series of maturity points that offers better liquidity and an opportunity to lock-in your funds at a higher FD rate whenever the interest rate spikes up. 

Stable instrument 

Credit rating agencies like ICRA and CRISIL have provided high ratings to Bajaj Finance when it comes to ensuring the stability and safety of deposits of customers. Therefore, you don't have to be worried about the safety of your deposits on investing in its FD plans. 

Also, the features like loan against FD, flexible tenor range that enables you to pick a tenor between 12 to 60 months, and many other benefits make it one of the best investment alternatives for everyone.

CKYC number or Central KYC is a 14-digit number that you get after registering your KYC documents with CERSAI. It helps you to avoid the redundant KYC procedure that you have to go through while investing in multiple financial instruments. Also, to plan your finances smartly, you will need a stable investment option that offers lucrative returns at maturity.

One such option is provided by the Bajaj Finance FD scheme that offers FD rates of up to 7.25%. Also, an additional 0.10% is offered to online investors and senior citizens are eligible for an extra 0.25%. The multi-deposit feature, loan against FDs, and many other interesting options make it a credible and profitable investment choice for everyone.