KYC (know your customer) has to be followed by every financial institute while dealing with customers. KYC procedure needs to be adhered to by a customer during following instances:
While opening a company account in a bank
While applying for a credit card or loan
Opening safe facility
When there are not enough documents with the bank in existing account
When there are changes in signatories, beneficial owners, etc
When the bank feels it necessary to obtain additional information from existing customers based on conduct of the account
While investing in a mutual fund