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Who is a customer of the Bank?

For the purpose of KYC policy, a ‘Customer’ is defined as:

  • A person or entity that maintains an account and/or has a business relationship with the Bank;
  • One on whose behalf the account is maintained (i.e. the beneficial owner);
  • Beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers, Chartered Accountants, Solicitors etc. as permitted under the law; and
  • Any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, say, a wire transfer or issue of a high value demand draft as a single transaction.

The Bank before establishing any banking relationship will carry out due diligence as required under "Know Your Customer" (KYC) guidelines issued by the Reserve Bank of India (RBI) and or such other norms or procedures adopted by the Bank.


What is Due Diligence?

The Due Diligence process that the Bank follows, includes obtaining your recent photographs, verifying your identity, verifying your address, and other information on your occupation or business and source of funds including beneficial owner. The nature and extent of due diligence will depend on the risk perceived by the Bank.

What is Re-KYC?

Reserve Bank of India has prescribed that customer identification data, including photograph shall be updated and kept on record duly verified at least once in ten years in case of Low Risk Customer, once in Eight years for Medium Risk customer and once in two years in case of High Risk Customers. Such verification shall be done irrespective of whether the account has been transferred from one branch to another branch.

List of documents to be obtained from different types of customers
Type of customers Documents to be obtained
Individuals
For Identification as well as for address (provided it bears the present address mentioned in AOF).
Individual who is eligible for Aadhaar:-

Aadhaar or Aadhaar Enrolment number (not older than 6 months from date of issue) and PAN/Form 60 (Mandatory Document).
Other OVDs or in case of Aadhaar Enrolment number:-
(i) Passport (ii) Voter’s identity Card issued by Election Commission of India (iii) Driving License (iv) Job card issued by NREGA duly signed by an officer of the State Government (v) Letter issued by the National Population Register containing details of Name, Address or any other document as notified by the Central Government in consultation with the Regulator.

Individual who is not eligible for Aadhaar (Non Resident, Resident in the state of Jammu and Kashmir or Assam or Meghalaya):-

PAN/Form 60 is Mandatory Document

Other OVDs:-
(i) Passport (ii) Voter’s identity Card issued by Election Commission of India (iii) Driving License (iv) Job card issued by NREGA duly signed by an officer of the State Government (v) Letter issued by the National Population Register containing details of Name, Address or any other document as notified by the Central Government in consultation with the Regulator.
For Address
(Only Full Address shall be accepted. Post Box / Bag Numbers shall not be accepted)
It is implied that proof of address also follows from the above documents only.

Deemed OVDs for limited purpose of address:-

i.   Utility bill which is not more than two months old of any service provider (electricity, telephone, postpaid mobile phone, piped gas ,water bill);
ii.   Property or Municipal Tax Receipt;
iii.   Pension or Family pension payment orders (PPOs) issued to retired employees by Government Departments or Public sector undertakings, if they contain the address;
iv.   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

Provided that the customer shall submit Aadhaar or OVD updated with current address within a period of three months of submitting the above documents.
  • Recent Passport size photograph (in any of the above condition)
Joint Individuals

As mentioned above for individuals for each of the joint individuals.

Non Resident Indians – Individuals Copies of Passport and Residence Visa, a valid document indicating foreign residential address and passport size photographs of the applicant. The applicant is to be duly introduced by Banker/ Notary Public/ Indian Embassy/ Local customer who have been subjected to full KYC Procedure. If OVD submitted by a Foreign national does not contain the details of address, in such case the documents issued by the Government department of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India shall be accepted as proof of address.
  • Recent Passport size photograph
Proprietary concern

For Identity of the concern, its activities, address.

For identity of the proprietor and his addresses (For creation of Proprietor’s Customer ID which is to be attached to the Proprietary Concern’s Account)
Apart from Customer Identification Procedure as applicable to the proprietor any two of the following documents in the name of the proprietary concern would suffice.

i.   Registration Certificate (in the case of a registered concern)
ii.   Certificate / License issued by the Municipal Authorities under Shop & Establishment Act,
iii.   Sales Tax and Income Tax Returns
iv.   CST/VAT/GST Certificate (provisional / final)
v.   Certificate/ Registration document issued by Sale Tax/ Service Tax/ Professional Tax authorities/GST.
vi.   IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT/ License/Certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute.
vii.   License (Certificate of Practice) issued in the name of proprietary concern by any professional body incorporated under a statute -

  • Institute of Chartered Accountants of India,
  • Institute of Cost Accountants of India,
  • Institute of Company Secretaries of India,
  • Indian Medical Council,
  • Food and Drug Control Authorities, etc.
  • or any other professional body incorporated under a statue

viii.   Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated / acknowledged by the Income Tax Authorities.
ix.   Utility bills such as electricity, water, and landline telephone bills not older than two months. In cases where the branches are satisfied that it is not possible to furnish two such documents, they would have the discretion to accept only one of those documents as activity proof. In such cases, the branches, however, would have to undertake contact point verification, collect such information as would be required to establish the existence of such firm, confirm, clarify and satisfy itself that the business activity has been verified from the address of the proprietary concern.
x.   Identity and Address proof of individual as mentioned above in respect of the person authorized/holding an attorney to transact on its behalf.
It is implied that proof of address also follows from the above documents only.
xi.   Recent passport size Photographs of the proprietor
Hindu Undivided family
For Identity of the HUF, its activities, address and authority for opening and operation of its account(s) For identity of the Karta and major co-parceners of the HUF who are authorized to operate the account(s) and their addresses.
Prescribed Joint Hindu Family Letter signed by all the major Co-parceners. Declaration form from the Karta.
  (i)   Identity & Address proof of individual as mentioned above of the Karta and each of     the major co-parceners as applicable to individuals.
  (ii)   Recent Passport size Photographs of Karta & all major co-parceners.
Partnership Firms
For Identity of the Firm, its activities, address and authority delegated for opening and operation of its account(s).

For identity of the each partners (For creation of Partner’s Customer ID which is to be attached to the Partnership Firm’s Account)
For Identity Proof of the Partnership Firm

  (i)   Registration Certificate
  (ii)   Partnership Deed

For Identification of the Firm’s Partners/Power of Attorney Holder and their Address

  (i)   Identity proof of individual as mentioned above in respect of the person holding an     attorney to transact on its behalf.
  (ii)   Address of each of the partners, as applicable to individuals.
  (iii)   Recent passport size Photographs of all the partners.
Companies / Corporations

For identity of the Company / Corporation, its activities, address and authority delegated for opening and operation of its account(s).

For identity of the directors/ officials of the company/corporation who are authorized to operate the account and their addresses.
(i) Certificate of Incorporation (ii) Memorandum and Articles of Association (iii) Current list of directors with their bio-data (iv) A Resolution from the Board of Directors and Power of Attorney granted to its managers, officers or employees to transact on its behalf; and

  (i)   Identity proof of individual as mentioned above in respect of managers, officers or     employees holding an attorney to transact on its behalf.
  (ii)   It is implied that proof of address also follows from the above documents only.
  (iii)   Recent passport size Photographs of directors/authorized officials.
Trusts

For Identity of the Trust, its activities, address and authority delegated for opening and operation of its account(s).

For identity of the trustees who are authorized to operate the accounts of the Trust and their addresses.
Trusts

  (i)   Registration Certificate
  (ii)   Trust Deed

    (i) Identity proof of individual as mentioned above in respect of the persons holding a    power of attorney to transact on its behalf
    (ii) Address proof of the trustees
    (iii) Recent passport size Photographs of all Trustees/Authorized persons.
Societies, Associations NGOs, Clubs, and other organizations

For Identity of the organization, its activities, address and authority delegated for opening and operation of its account(s).

For identity of the Managing Committee Members who are authorized to operate the accounts of the organization and their addresses.



  (i)   Certificate of Registration (ii) Bye laws (iii) List of Managing Committee Members and their bio-data (iv) Resolution of the Managing Committee of the Organization for opening of the account and delegating powers to operate the accounts of the organization.

  i.   Identity proof of individual as mentioned above in respect of the person(s) authorized to transact on its behalf
  ii.   Address proof of Committee members and authorized person to transact on its behalf.
  iii.   Recent passport size Photographs of all Committee/Authorized members.
Local Bodies/Government Departments etc.,
For Identity of the applicant, its activities, address and authority delegated for opening and operation of its account(s).
Local Bodies/Government Departments etc.,

  (i)   Notification/Resolution/Letter of Permission for opening and delegation of authority to operate the account.

  (i)   Identity proof of individual as mentioned above in respect of the person(s) authorized to transact on its behalf (ii) Address proof of authorized officials. (iii) Recent passport size Photographs of all such authorized officials.
Unincorporated association or body of individuals including societies

For Identity of the applicant, its activities, address and authority delegated for opening and operation of its account(s).
Information as may be required by the bank to collectively establish the legal existence of such an association or body of individuals

(i) Resolution of the managing body of such association or body of individuals; (ii) Power of Attorney granted to person to transact on its behalf (iii) Identity and Address proof of individual as mentioned above in respect of the person holding an attorney to transact on its behalf (iv) Recent Passport size photographs of all such authorized members.
Explanation: Unregistered trusts/partnership firms shall be included under the term ‘unincorporated association’ or ‘a body of individual includes Societies.

What is Officially Valid Document (OVD)?

“Officially Valid Document” (OVD) means the passport, the driving license, the Voter’s Identity Card issued by Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government and the letter issued by the National Population Register containing details of name and address or any document as notified by the Central Government in consultation with the regulator.

Explanation:- For the purpose of this clause, a document shall be deemed to be an OVD even if there is a change in the name subsequent to its issuance provided it is supported by a marriage certificate issued by the State Government or Gazette notification, indicating such a change of name.

In case the identity information relating to the Aadhaar number submitted by the customer does not have current address, an OVD as defined as above shall be obtained from the customer for this purpose.

Provided that in case the OVD furnished by the customer does not contain updated address, following documents shall be deemed to be OVDs for the limited purpose of proof of address.

    i. Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);

     ii. Property or Municipal tax receipt;

    iii. Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertaking, if they contain the address;

   iv. Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and license agreements with such employers allotting official accommodation;

Provided further that the customer shall submit Aadhaar or OVD updated with current address within a period of three months of submitting the above documents.

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.

Relaxation of KYC in Small Savings Bank Deposit Accounts:

If an individual does not possess Aadhaar/enrolment number and PAN and desires to open a bank account, Bank shall open ‘Small Accounts’ subject to following:

   a. Customer may be allowed to open such an account, on production of a self-attested photograph and fixation of signature or thumb print, as the case may be, on the account opening form.

   b. The designated officer of the bank certifies under his signature that the person opening the account has affixed his signature or thumb impression in his presence.

  c. These accounts opened with relaxation provisions shall remain operational for a period of twelve months and thereafter for a further period of twelve months if the holder of such an account provides evidence before the bank of having applied for any of the officially valid documents within first twelve months of the opening of the said account.

   d. The entire relaxation provisions shall be reviewed after twenty four months.

  e. Foreign remittance shall not be allowed to be credited into the account unless the identity of customer is fully established through the production of an OVD and Aadhaar Number or the enrolment number which is not more than six months old, where the person is eligible to enroll for Aadhaar number has not been assigned an Aadhaar number. Provided that if the customer is not eligible to be enrolled for the Aadhaar number, the identity of customer shall be established through the production of an OVD.

   f. If at any point of time, the balance in all his/her accounts with the bank (taken together) exceeds Rs.50,000/-or the aggregate of all credits in a financial year exceeds Rs.1,00,000/- in a year or the aggregate of all withdrawals and transfers in a month exceeds Rs.10,000/-, no further transactions will be permitted until full KYC procedure is completed. KYC must be submitted otherwise operations in the account will be stopped on crossing the limit.

 

Re - KYC

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