KNOW YOUR CUSTMERS NORMS
Reserve Bank of india has directed all the Banks to implement Know your client (KYC) procedures, It is the process by which Banks obtain information about the identity and address of the custmers.This process helps to ensure the Bank’s services are not misused and to prevent fraudsters using the name address and forged signature of others for doing fraudulent transactions; benami transactions; en-cashment of stolen cheques, drafts dividend warrants etc. For this purpose, the customer has to submit the following documents / details according to his/her profile:The KYC procedures is to be completed by Bank while opening accounts and also periodically update the same from time to time.
- Identity Proof.
- Address Proof.
- Recent Photograph.
- Customer Profile.
For Identity Proof - Passport / Driving Licence / PAN Card / Voter's Identity Card / AADHAAR Letter / NREGA Job Card duly signed by an officer of the State Government. For Address Proof - Passport / Driving Licence / Voter's Identity Card / AADHAAR Letter / NREGA Job Card duly signed by an officer of the State Government.
Due Diligence Checklist
||Non Resident Indian
|Basic Due Diligence
|Enhanced Due Diligence
- Full legal name
- Date of birth
- Address in India
- Product type or account type applied for
- Country of residence
- Visa type for the country of residence
- Current residential address
- Introducer information
- Source of funds
- Anticipated account activity
||Additional Documentary Verification
- Obtain a copy of passport page containing photograph to serve as photo identity
- Obtain a copy of passport page containing address to serve as address proof. If the address does not match address in India, proof can be provided by establishing relationship using the documents listed in Appendix II, Chapter 8
- Obtain a copy of a valid visa granted for the current country of residence
- Obtain an additional photo identity document from list provided in Appendix II, Chapter 8
- Obtain additional address proof document from list in Appendix II, Chapter 8