Last time when I went to Sikkim with all my university friends I took my debit card.I had both SBI and UCO debit cards to withdraw cash from any ATM of India. But when I tried to withdraw cash,I saw the error transaction declined.
My situation could have been more horrible If I didn’t have extra debit card.Therefore question arises here why this happened ? I had enough balance in my debit card,Debit card was still active (not expired),I submitted all documents at the time account opening. I came back and visited nearest branch to resolve the card issue.They told me to submit “KYC” form,But I didn’t know about KYC form.
What is KYC Form ? KYC full form is “Know Your Customer”,this form is mandatory to submit if you are an account holder of any Banks in India.KYC controls all your banking activities and gives you maximum security.KYC verify your basic identity information with your permanent residential address.According to this form your transaction is monitored and recorded with all individual details.
What necessary documents required ? To submit KYC form you need to submit following documents :
- Legal name which has official paper to show.
- You need to put correct permanent address
- You can submit any below documents as an identity proof :
Passport,Pan card,Driving Licence,Voter Identity Card,Ration card etc.
- For address proof you can submit ration card,Utility bills or any other proof that bank accept.
Where to get KYC form ? You can get your KYC form from your nearest bank branch.Visit your branch and take form to fill all the details mentioned there.
When bank receives your KYC form and update your account,it again works fine without any further issue.