Overview
Know Your Customer (KYC) is a business process to verify your customer details such as identity and address proof as prescribed by RBI. The process ensures that a service is being consumed by a verified client and also aids financial institutions or other government authorities to prevent misuse of any financial transactions. As per RBI guidelines, beyond a specified amount it is mandatory that all prepaid payment instrument (PPI) users comply with KYC regulations and furnish required information and documentation.
KYC Profiles
RBI has categorised KYC into the following profiles based on the business rules and privileges set on legit modes of KYC.
As per RBI guideline, 28 Feb 2018 onwards is considered as the start date for counting the age of user or PPI issuance date.
KYC Shortfall
A user who has verified his mobile number but has not updated the officially valid document (OVD) in the system.
KYC Expired
Below mentioned are the two scenarios based on which a user may fall under the KYC Expired profile:
- A user who has verified his mobile number and updated OVD in the system, however, due to his age in the system he needs to be upgraded to full KYC.
A user who has performed Aadhaar OTP KYC and has not performed Aadhaar Biometric or Paper KYC after an year from the date of Aadhaar OTP KYC.
After KYC expiry, its important to complete anyone of the full KYCs.
Minimum KYC
A user who has verified his mobile number and has updated the OVD in the system and has spent less than a year with the Issuer.
Aadhaar OTP KYC
A self serve mode of KYC, user submits the Aadhaar number and OTP delivered to the mobile number that is registered against the Aadhaar number.
On top of limits prescribed by RBI, there are 2 additional limitations that are to be imposed:
- Maximum deposit of Rs 1 lakh is applicable for Aadhaar OTP KYCed user.
- The total financial deposits cannot be more than Rs. 2 lakhs in a fiscal year. Aadhaar OTP KYC can be done only once.
Full KYC
- Aadhaar Biometric KYC
A authentication process in which user submits their Aadhaar card along with personal information (biometric - fingerprint or IRIS scan) to the UIDAI for validation. - Paper KYC
Zeta suggests corporates to submit their documents necessary for completing Paper KYC such as photocopies of their Identity proof and Address proof. The photocopies are validated against original document. User’s photograph and signature are also captured.
Business rules on KYC Profile:
The KYC expiry date is calculated based on the date of activation of any KYC Profile is starting from 28 feb 2108 or onwards.
| KYC profile | KYC expiry date | Downgrade to (due to KYC expiry) | Upgrade to (from existing state) |
|---|---|---|---|
| KYC Shortfall | 1 year | KYC Expired | Any full KYC |
| KYC Expired | NA | NA | Any full KYC |
| Minimum KYC | 1 year | KYC Expired | Any full KYC |
| Aadhaar OTP KYC | 1 year | KYC Expired | Any full KYC |
| Aadhaar Biometric KYC | NA | None | None |
| Paper KYC | 3 Years | KYC Shortfall | None |
All full KYCed profiles have the privilege for credit and debit while KYC shortfall and KYC expired only have the debit option.
Required KYC Documents
Zeta recommends corporates to submit the OVD of all employees or Zeta users in the onboarding stage to avoid any further interruption while using the Zeta tax benefit services. For example, you are allowed to recharge your cash card upto 10 times per month without KYC verification. Zeta onboarding team will help you in case you need any assistance or clarification.
OVD that user may self declare:
- One passport size photograph
- Govt. issued photo ID proof, such as PAN Card, Aadhar Card, Passport, Driving License and Voter ID Card
- Govt. issued residence address proof, such as Aadhar Card, Passport, Driving License and Voter ID Card
- Zeta KYC document form duly signed by the employees
E-KYC or Self-Serve KYC
Self-serve KYC or E-KYC is an online facility to complete your KYC for your Zeta Cash Card without having to submit any physical documents. This is completely a digital process and you may find it very useful in case you missed an opportunity to meet Zeta onboarding team.
Prerequisites
- Aadhar number linked to your mobile number
- PAN number
Setting Up an E-KYC
Upgrade your Zeta Cash Card to avoid any payment errors while using Zeta. Read through the PPI and Cash Card limits as per RBI guidelines. Perform the following to begin with your self-served KYC using the Zeta app:
You'll not get this option if your KYC is already approved.
- Using Hamburger menu, click your profile and locate the Upgrade to Zeta Plus section. Alternately, find this section on your cash Card under the Cards tab
- Tap on Upgrade Now and then click Get Started.
Enter your Aadhaar number. You will receive an OTP to your mobile number linked with your aadhar card . Enter the OTP.
If you don't receive the OTP, click Resend OTP to get the OTP again. Contact Zeta by clicking "Didn't get OTP?" if you even fail to receive the OTP using the resend option.
- Take a selfie and proceed to Next.
- Enter your PAN number, and select your employment type and marital status from the respective drop-downs.
- Enter your father's and mother's name and proceed to Next.
- Click Done to submit the details.
Once you're verified, you will get inbox and push notifications about the successful card upgrade. You will notice a "KYC Verified" message below your profile picture, and your cash card will appear as Cash Card Plus (in green color).
You may get an error message:
- If information and documents provided are not valid
- If Zeta is unable to verify your documents
- If there is any downtime with Zeta app
- If there is any mismatch of phone number in your Aadhar card
Know Transaction Limits
Certain limits are enforced upon the PPIs, Zeta app, Zeta Super Card and Zeta Cash Card with respect to acceptable transaction and balance limits during usage.
RBI Update
- As per the new RBI mandate, it is mandatory to update your identity details before February 28th, 2018 to continue receiving tax benefits on Zeta.
- open Update Identity Details notification in your Inbox folder.
- Choose the document type that you want to submit and enter the document's relevant ID Number.
Your KYC details are successfully updated in the system.
- As per RBIs recent Master Direction the Zeta wallet limit for the different KYC users is as follows (with effect from 13th march, 2018):
- KYC Shortfall / KYC Expired / Minimum KYC: The permissible balance is Rs 10,000.
- Full KYC: Rs 1,00,000 per month.
Zeta PPIs Limits
The list of acceptable transaction and balance limits with respect to Zeta payment instruments are listed below for your reference.
| PPI Limits | KYC Shortfall | Minimum KYC | Full KYC |
|---|---|---|---|
| Per transaction limits | NA | 10,000 | 1,00,000 |
| Max Balance | 10,000 | 10,000 | 1,00,000 |
| PPI Credit Limits (Per day) | NA | 10,000 | 2,00,000 |
| PPI Debit Limits (Per day) | 10,000 | 10,000 | 1,00,000 |
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