Now, citizens without having permanent address proof can open a bank account by submitting only one document as current proof of address, according to the Reserve Bank of India.
Taking note of citizens who are migrant workers and transferred employees who do not possess permanent address documents, the central bank eased the Know Your customer (KYC) documentation ruleRBI vide notification no. RBI/2013-14/634 DBOD.AML.BC. No. 119/14.01.001/2013-14 dated June 9, 2014 has stated that “Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation. In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within a period of six months.”
The RBI further added that in case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, 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 the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc,” it said.
In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the bank within two weeks of such a change, RBI added.
Taking note of citizens who are migrant workers and transferred employees who do not possess permanent address documents, the central bank eased the Know Your customer (KYC) documentation ruleRBI vide notification no. RBI/2013-14/634 DBOD.AML.BC. No. 119/14.01.001/2013-14 dated June 9, 2014 has stated that “Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation. In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within a period of six months.”
The RBI further added that in case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, 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 the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc,” it said.
In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the bank within two weeks of such a change, RBI added.
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