Know Your Customer (KYC) Relaxation
Measures taken for simplification:
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.
- Single document for proof of identity and proof of address
- No separate proof of address is required for current address customers can submit only one roof of address (either current or permanent) while opening a bank account or while undergoing periodic updation.
- No separate KYC documentation is required while transferring accounts from one branch to another of the same bank