M, ABIVARTHAN
The Reserve Bank of India announced Know Your Customer ( KYC) Master Directions in 2016. It has been under continuous updation, the recent amendment being in April 2020.
Recently updated KYC Norms prescribe a very simple method to open bank accounts from any place. As per the present norms, people can open bank accounts by submitting:
1. Proof of Identity
If a particular person does not have any of these documents, a Small Account with limitations can be opened.
2. Address Proof
Under the new KYC Norms people who migrate or who move between cities can easily open a bank account in any place of their convenience.
While opening a new bank account you can mention:
Under the New norms there is no necessity to produce separate proof required for current address.
3. A recently taken Passport Size Photograph.
Other Important Points to Remember:
➔ While transferring a bank account from one branch to another, there is no requirement for a separate KYC.
➔ Period of Updation: Low risk customers should update KYC once in 10 Years, while Medium Risk Customers should update once in 8 years & High Risk Customers should update once in 2 years.
➔ During KYC Verification there is some relaxation given to certain customers such as Members of Self Help Group (SHG) who are not required to follow KYC while opening a Saving Account; Only Officials of SHG need KYC.
➔ In case of foreign students, a time period of One Month is granted to update proof of address.
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