Know Your Customer

Reserve Bank of India has advised banks to make the Know Your Customer (KYC) procedures mandatory while opening and operating the accounts. This is in the interest of customers to keep safe their hard earned money and their reputation.

At the time of opening an account Bank has to ensure that the prospective customer is the person who he/she claims to be. This is to prevent fraudsters using the name address and forged signature of others for doing fraudulent transactions; benami transactions; encashment of stolen cheques, drafts dividend warrants etc. For this purpose, the customer has to submit the following documents / details:

 

  • Identity Proof
  • Address proof
  • Recent photograph
  • Customer profile

 

We require only certain commonly available documents for identity proof and address proof so as not to cause any inconvenience to the customers, as detailed below:

 

  • For identity proof - Passport, PAN Card, Voter’s Identity Card, Driving Licence, Identity Card / Confirmation from employer (to the satisfaction of the Bank), Letter from a public authority or public servant verifying the identity and residence of the customer to the satisfaction of the bank.
  • For address proof - Passport, Voter’s Identity Card, Driving Licence, Telephone Bill, Electricity Bill, Bank account statement (opened subject to KYC compliance)

 

Bank requires the photocopy of the documents only; however, the originals shall be brought for the proper verification at the time of submitting the documents.

  • Customer profile – Bank requires more details about the customer like social/financial status, nature of business activity, information about his clients’ business and their location, the purpose and reason for opening the account, the expected origin of the funds to be used within the relationship and details of occupation/employment, sources of wealth or income, expected monthly remittance, expected monthly withdrawals etc. When the transactions in the account are observed not consistent with the profile, bank may ask for any additional details / documents as required. This is just to confirm that the account is not being used for any Ant-Money Laundering activities

 

Periodical updating: To ensure the latest details about the customer is available with the Bank, we have introduced a system for periodical updating of Identity proof, Address proof, Photograph and Profile. Even the documents are submitted at the time of opening of the accounts; customers may be required to submit the documents/details as and when called for at frequent intervals. This is in the interest of customers to weed out the chances of frauds happening in the accounts.