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Home News RBI simplifies KYC norms for opening of bank accounts Local Residence Proof Not Required
RBI simplifies KYCnorms for opening of bank accounts Local
ResidenceProof Not Required
Posted by: Vivek Jain June 11, 2014 in News Leave a comment
329 views
RBI has now relaxed the Address proof
requirements for opening Bank Account.
Now, a bank account can be opened with
just one address proof, permanent or local. This will help migrant workers and employees
with transferable jobs who at present face cumbersome procedure to access banking
services.
RBI said that only one documentary proof of address (either current or permanent) will be
required while opening a bank account or while undergoing periodic updation.
In cases where customer is not able to furnish local proof of address, the bank may take a
declaration of the local address on which all correspondence will be made by the bank with
the customer. No proof is required to be submitted for such address for
correspondence/local address. This address may be verified by bank through positive
confirmation such as acknowledgment of receipt of letter, cheque books, ATM cards,
telephonic conversation.
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About Vivek Jain
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RBI Circular No RBI /2013-14/634 DBOD.AML.BC. No. 119/14.01.001/2013-14 DATED June 9,
2014 http://www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=8931
If you have any queries related to this article or any other personal finance query (
Investment, Taxation etc), please ask in our Wealth18.com forum
http://wealth18.com/forum/index.php
Vivek is a Chartered Accountant with 13+years of Global Experience. He loves to write about Personal Finance, Wealth
Management, Taxation etc.
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