Who can make use of the KYC Status Check APIs on FP?
Any partner with an ARN / RIA / AMC licence can make use of these APIs.
What are the differences between checking a KYC status and fetching the KYC data features offered by FP?
Status Check - You can only get to know if the investor is KYC compliant or not by entering his / her PAN number as an input. This would also return you the name registered against that PAN.
Fetching data from KRAs - This is an extended version of the above mentioned feature. This would require the investor's date of birth as an additional parameter with the PAN number as a part of the input. The response would contain the KYC status and the demographic information of the user such as identity, address and contact details as explained here. Please note that these details can be fetched only if the investor is KYC compliant.
Who can make use of FPs capability to fetch data from KRA databases?
Only SEBI registered entities (like RIA / AMC / etc) can get an access to fetch the KYC data present on KRA databases. However, the entities (with an ARN licence) who are registered with AMFI cannot avail this feature.
If we are a SEBI registered entity and we get an access to fetching the KRA data, should we still make two separate API calls to check status and to fetch the data?
No, fetching the data would also return the status of the KYC holder.
When can a KYC request object creation fail?
- If the authentication token is invalid, you would not be able to access this API
- If the mandatory fields to create a KYC request object are not given during creation of the KYC request object, the API call would not return a success response. You can refer to this API for more information
- If validations are not handled or data correctness is not ensured, a KYC request object creation can fail
Can I submit a KYC applications for investors who belong to NRI / Minor / other categories of residential_status
?
How do I get to know about the status changes?
Currently, you have to poll the Fetch a KYC Request API to check the status of a KYC request object.
Are there any webhooks available?
Are all the fields mentioned in the Create a KYC request API required to submit a KYC application?
Create a KYC request API taken 5 inputs as a mandatory requirement to create a KYC request object. This does not mean that only these 5 inputs are sufficient to submit a KYC application. All the details mentioned here are needed to submit a KYC application.
Does FP offer a feature to prefill relevant data after scanning/uploading documents?
Is last 4 digits of Aadhaar number mandatory to submit a KYC request?
Can Aadhaar be used as POA while submitting a KYC request?
Yes. Please check here for more details on the same.
What is the recommended way to collect details inorder to reduce overall TAT?
You need to collect 5 mandatory inputs to create a KYC request object. The other inputs can be collected incrementally. However, bank account details are verified asynchronously against the cancelled cheque that is submitted. Hence, it is recommended to collect bank account details as early as possible to reduce any overall delay.
In a KYC submission, how can I know if the bank account details are successfully verified or not?
If the bank account is not successfully verified, the KYC request object would change its status to rejected
, indicating the corresponding reason as well. If it is successfully verified, the status would be changed to esign_required
once all the inputs are collected.
Can we use pennydrop instead of a cancelled cheque for bank account verification during KYC request submission?
Do I need to strictly adhere to the file size constraints while uploading?
Can KYC applications without e-sign be submitted?
How do I know when to create an e-sign object?
Whenever the status of a KYC request object is esign_required
, you need to create an e-sign object against the same.
Can I create multiple e-sign objects?
Yes, only if the existing e-sign URL is no longer valid.
While performing signature to submit a KYC application can I use a photo of a signature made on a paper instead of an e-sign?
How can I come back to my app after finishing the e-sign?
You would have to configure a postback_url
while creating an e-sign object. The investor would be redirected to this URL post e-sign completion.
Does successful
and rejected
statuses mean a KYC application is verified at KRA?
No. successful
means that our AMC partner has successfully verified the KYC application and they have submitted it to the KRA for final verification. rejected
means that the application could not be verified at our AMC partner's end and the same was not submitted to the KRA.
How long does it take for a KYC request to move from submitted
to successful
or rejected
?
This would be processed by our AMC partner in 1-2 working days, on an average.
If a KYC request is rejected
or expired
, can I edit and submit the same KYC request object again?
No, you will have to create a new KYC request object and submit it for processing.
Can I get to know if a KRA verified the KYC application that I submitted?
No, currently KRAs do not have a way to track the submitted KYC applications. You can however check the KYC status using investor's PAN, which would indicate the status as present at the KRA.
What happens if KRA rejects a KYC application?
The investor will have to create a new KYC request object and submit the same.
Can investors use a bank account other than the bank account provided in the KYC application to make payments for purchasing Mutual fund scheme units?
Yes. They can use bank accounts other than the bank account provided in the KYC application for making payments. However, it is the partner's responsibility to ensure that the bank account details are valid and they belong to the investor.
Should cancelled cheque be collected for bank accounts which are added post KYC application submission for making a transaction?
If a customer submits bank account in the course of KYC application submission and if the penny drop validation is successful and if the KYC application is rejected because of some issues in the cancelled cheque, can that bank account be used for making payments?
As long as it can be ensured that the bank account details are valid and belongs to the investor, that bank account can be used for making payments.
Can a KYC application get rejected without esign and other details?
The ONLY reason why a KYC application can get rejected is due to mismatch in bank account details even before submitting the KYC application. Bank account verification happens in parallel as it is a asynchronous activity. This verification is carried out by signzy.