Wednesday, October 15, 2014

Know Your Customer (KYC) Relaxation

Measures taken for simplification:

  • 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

  • Small 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.

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