KYC Compliance

KYC is an acronym for "Know Your Customer", a term used for customer identification process.
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KYC Compliance

KYC DOCUMENTS

A. Accounts of Individuals

  1. Passport
  2. Driving Licence
  3. Permanent Account Number (PAN)
  4. Voter’s Identity Card issued by Election Commission of India
  5. Jobcard issued by NREGA duly signed by an officer of the State Government
  6. Letter issued by the Unique Identification Authority of India containing details of name, address and Aadhar number.
  7. Any one of the document from the above
    It is implied that proof of address also follows from the above documents only, subject to the document containing the address as given in the Account Opening Form (permanent or current).

‘Low Risk’ Customers :

Where simplified measures are applied, it would be sufficient to obtain any of the following documents for the purpose of Proof of Identity and Proof of Address.

  1. Identity card with applicant’s photograph issued by Central / State Government Departments, Statutory /Regularatory Authorities, Public Sector undertakings, Scheduled Commercial Banks and Public Financial Institutions.
  2. Letter issued by a Gazetted Officer, with a duly attested photograph of the person.
SBH SAHAJ (SMALL ACCOUNT) :
These accounts can be opened on production of self-attested photograph and affixation of signature or thumb impression on the Account Opening Form in the presence of an authorised official.
In case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, the branch may take a declaration of the local address on which all correspondence will be made by the branch with the customer. No proof is required to be submitted for such address for correspondence / local address. This address has to be verified by the branch through ‘positive confirmation’ such as acknowledgement of receipt of

  1. letter, cheque books, ATM cards
  2. telephonic conversation
  3. visits etc.
B. Accounts of companies :

  1. Certificate of Incorporation.
  2. Memorandum and Articles of Association.
  3. A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf.
  4. An Officially Valid Document in respect of managers, officers or employees holding an attorney to transact on its behalf.
C. Accounts of Partnership firms :

  1. Registration Certificate
  2. Partnership Deed
  3. An Officially Valid Document in respect of the person holding an attorney to transact on its behalf.
D. Accounts of Trusts and Foundations :

  1. Registration Certificate
  2. Trust Deed
  3. An Officially Valid Document in respect of the person holding a power of attorney to transact on its behalf.
E. Accounts of unincorporated Association or body of individuals :

  1. Resolution of the managing body of such association or body of individuals
  2. Power of Attorney granted to him to transact on its behalf.
  3. An Officially Valid Document in respect of the person holding an attorney to transact on its behalf.
  4. Such information as may be required by the bank to collectively establish the legal existence of such an association or body of individuals.