Know Your Customer

The RBI as part of Know Your Customer (KYC) policy has issued several guidelines relating to identification of depositors precautions to be to be exercised while opening the accounts for new customers and scrutiny/monitoring of large value cash transactions. In the process, customers are advised to submit any one of the following OVD as a proof of identity and as a proof of address.

1. Passport.
2. The Driving License.
3. Proof of procession of AADHAR.
4. Voter Identity Card.
5. Job Card issued by NREGA.
6. Letter issued by National Population Register containing details of name and address.

Please note: PAN is mandatory for all new accounts except Basic Savings Deposit account.

Where the OVD furnished by the customer does not have updated address, the following documents or the equivalent e-documents thereof shall be deemed to be OVD’s for the limited purpose of proof of address :-

a) Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill)

b) Property or Municipal tax receipt

c) Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address.

d) Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and license agreements with such employers allotting official accommodation.

The customer shall submit OVD with current address within a period of three months of submitting the documents specified from point “a” to “d”.