KYC (Know your Customer) is used for customer identification process that enables a banker to determine true identity and beneficial ownership of accounts, source of funds, the nature of customer’s business etc. Its objective is to prevent banks being used by criminal elements for money laundering.
KYC has two components:
Address of a customer may change so banks are required to periodically update their records.
|Legal name and any other names used||(i) Passport|
|(ii) PAN card|
|(iii) Voter’s Identity Card|
|(iv) Driving licence|
|(v) Identity card (subject to the bank’s satisfaction)|
|(vi) Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of bank|
|Correct permanent address||(i) Telephone bill|
|(ii) Bank account statement|
|(iii) Letter from any recognized public authority|
|(iv) Electricity bill|
|(v) Ration card|
|(vi) Letter from employer (subject to satisfaction of the bank)|
|(any one document which provides customer information to the satisfaction of the bank will suffice)|
Passport and ADHAR card alone may be accepted, when the address on the passport & ADHAR card is the same as the address in the account opening form. Any other document from each of the undernoted two lists for a photo ID and proof of residence.