KYC | Union Bank of India

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Systemic Improvement- Letter of thanks on opening of SB/CD accounts

In case of accounts opened through DMS, data of returned letter of thanks to be obtained from the post office and accounts is freezed for debit transaction.
In case of accounts opened at branch level including account opened through online mode a menu or flag is introduced in the existing system, where before allowing first debit transaction in newly opened Saving or Current account branches have to confirm whether letter of thanks have been delivered at customer’s/introducer’s address.
This process make the existing system of KYC more robust & fraudsters will be plugged for chances of impersonation.