KYC simple but necessary for bank accounts, RBI
 Source : News Bharati English  Date : 01-May-2017

Mumbai, May 1: RBI announces KYC as necessary step to maintain a bank account. KYC is a very simple step but should be maintained by customers to open and maintain their bank account.

To prevent any kind of treasury, RBI has given clear guidelines to open a bank account. One proof of identity and one photograph must be produced for a new bank account. This small step is enough as a basic step.

A change in address is also not a problem. If the current address is not same as the address in address proof, a simple declaration of the new address is enough.

Without proof of identity and address, a savings bank account, “small account” can be opened by submitting a recent photograph and signature. But these accounts can have the highest balance of Rs 50000 and maximum Rs 10000.

After 1st KYC, the bank will reconfirm it on a gap of 2,8,10 years depending on customer’s risk profile.

If customers get any trouble during the process, they can contact the nearby branch. If the banks can not satisfy them, they can go to RBI’s Ombudsman.

List of documents serve as both address and identity proof:

  1. Aadhar Card
  2. Driving License
  3. Voter’s identity card
  4. Passport