"Officially valid documents" means i) The Passport ii) The Driving Licence iii) The permanent account number (PAN) card iv) The voter identity card issued by Election Commission of India v) Job card issued by NREGA duly signed by an officer of the State Government vi)The letter issued by the Unique Identification Authority of India containing details of name, address and vii) Aadhar number or any document as notified by the Central Government in consultation with the regulator. It is important that the proof of the address also follows from the above documents only.
Where a customer is permitted to act on behalf of another person/entity in conformity with the established law and practice of banking as there could be occasions when an account is operated by a mandate holder or where an account is opened by an intermediary in fiduciary capacity, in such cases KYC checks shall be performed on the beneficial owners or mandate holder also, as the case may be.
In case of opening of account in the name of minor, KYC procedure on guardian shall be performed. Minor, on becoming major, shall be allowed to operate the account on completing KYC procedure.
Simplified measures’ shall be applied in the case of ‘Low risk’ customers taking into consideration the type of customer, business relationship, nature and value of transactions based on the overall money laundering and terrorist financing risks involved. In respect of low risk category of customers, where simplified measures are applied, it would be sufficient to obtain any of the following documents for the purpose of proof of identity and proof of address.
i) Identity card with applicant’s Photograph issued by Central/State Government Departments, statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;
ii) Letter issued by a gazetted officer, with a duly attested photograph of the person
iiiUtility bill which is not more than two months old of any service provider (electricity, telephone, postpaid mobile phone, piped gas, water bill)
iv)Property or Municipal Tax receipt.
v)Bank account or Post Office saving bank account statement.
vi)Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address;
vii)Letter of allotment of accommodation from employer issued by State or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation; and
viii)Documents issued by Government Departments of foreign jurisdictions and letter issued by Foreign Embassy or Mission in India.
Relaxation of KYC in Small Savings Bank Deposit Accounts:
Those persons who do not have any of the officially valid documents can open small accounts with banks. A small account can be opened on the basis of a self attested photograph and putting her/his signature or thumb print in the presence of an official of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rs.1.00 lac in a year), aggregate withdrawals (not more than Rs.10000/- in a month) and balance in the account (not more than Rs.50000/- at any point in time). These small accounts would be valid normally for a period of 12 months. Thereafter, such accounts would be allowed to continue for a further period of 12 months. If the account holder provides a document showing that he/she has applied for any of the officially valid document, within twelve months of opening the small account.