To establish the identity of the client. This means identifying the customer and verifying his/her identity by using reliable, independent source/ documents/ data or information.

For individuals, Bank will obtain identification data to verify the identity of the customer, his/her address/location and also his/her recent photograph. This will be done for the joint holders and mandate holders, as well.

For non-individuals, Bank will obtain identification data to

Is KYC mandatory? Yes.

Regulatory:
 

The compliance of KYC norms will also be carried out in respect of non-account holders approaching the bank for high value one-off transactions

Who is the contact person in the Bank for KYC purposes?

Information related to customers’ occupation, professions, net worth, annual income, turn over, source of income, educational qualification etc. is required while opening the account. Such mandatory information is necessary for maintaining risk profile of a customer and needs to be obtained periodically. As per Prevention of Money Laundering Act, 2002, Banks are under obligation to monitor transactions in customer accounts. This information is only helpful in prevention of money laundering/terroist financing, no commercial usage of this information is intended.

The customer profile shall be updated, on a periodical basis, as under:

For low risk customers - Once in ten years

For medium risk customers – Once in eight years

For high risk customers – Once in two years

Note: However, these periodicities are only indicative and wherever warranted, the updation exercise may be done by the Bank even at lesser frequencies taking into account the activities, conduct of operations, etc.

Accounts of Individual

Proof of Identity   

List of Valid Documents

Proof of Address  

Who will sign Master for Customer

Accounts of Companies
Name of the company
Principal place of Business
Correspondence Address
Contact Numbers
Who will sign Master for Customer

Accounts of Partnership Firms
Legal Name
Address
Name and all partners and their addresses
Contact Numbers of the firm and partners
Who will sign Master for Customer

All the Partners except minor partner / Power of Attorney holders / Person authorized to operate the account will sign including sleeping partners.

Accounts of Trusts and Foundations
Names of trustees,settlers,beneficiaries and signatories

Names and addresses of the founder, the managers/directors and the beneficiaries
Contact Numbers
Who will sign Master for Customer

All the persons of managing body / Power of Attorney holders / Persons authorized to operate the account will sign.

While tendering applications for opening SB/Current accounts in the names of Individuals/Sole Proprietary concerns, two copies of latest passport size photographs (not more than 6 months old) should be furnished.
In case of joint accounts, Accounts of Partnerships, Limited Companies, Clubs, Associations, Societies, Trust, Institutions, etc. the photographs of person(s)/official(s) who are authorised to operate the account and in case of HUF, the photograph of the Karta should be furnished.
In case of Term Deposits, one copy of photograph shall be furnished provided the depositor does not have a Savings or Current account with the branch.

Introduction of accounts to the Bank

Who can introduce an account

It is essential that the introducer should know fully well the prospective account holder whom he/she is introducing for a sufficiently long time. The introducer should be in a position to identify or be able to give more particulars about the

account holder from his personal knowledge, when there arises any occasion at a later date.

In respect of accounts introduced by employees of other branches or where the introducer was not present while introducing the customer at the time of opening the account, no cheque/draft shall be collected till a confirmation of being introduced the account is received.

Introduction from an existing customer, who has been subjected to full KYC procedures and is having satisfactory account with the Bank for not less than six months or from any respectable person in the locality known to the Bank.

Introduction from existing customer of the Bank is not mandatory when document of identity and address are provided.

As per  Income Tax Requirements, it is mandatory for the customers to submit copy of  the PAN (Permanent Account Number) or GIR (General Index Register) Number for the opening of all type of accounts and in case the person is not an Income Tax assessee, a declaration in Form No.60 or 61, as the case may be, should be given to the Bank in respect of all account holders (for every joint account holder / Power of  Attorney / Authorised Signatories / All partners including Sleeping Partners etc.)

Issue and payment of travelers cheques, demand drafts, pay order, mail transfers, telegraphic transfers, electronic funds transfers and other remittances of Rs.50,000 and above could be made only by debit/credit to customers' accounts or against cheques and not against cash.

Further, the applicants (whether customers or not) for the above transactions for amount of Rs.50,000 and above should furnish copy of  PAN (Permanent Account Number allotted by Income Tax Authorities)  along with application / pay in slip.