RBI FURTHER SIMPLIFIES THE BANK KYC GUIDELINES You may recollect that about a month back, I had discussed how the simplified Bank KYC makes aam aadmis life simple [blog.wealtharchitects.in/2014/09/simplified-bank-kyc-makes-aam-aadmis.html]. This is a work-in-progress as people continue to face needless difficulties while complying with the Know Your Customer (KYC) guidelines; both at the time of opening a bank account and again every time it is due for KYC updation. Accordingly, RBI has now proposed additional relaxations... for the low risk customers, at the time of periodic updation of their KYC details. These include: a) You need not be physically present at the bank branch b) If there is no change, banks should not ask for a fresh copy of the proof of identity / address c) Henceforth, even self-certified documents would be accepted by the banks d) Moreover, you can send these self-certified documents by post e) No fresh documentation is necessary if you wish to open another account with the bank While banks should ensure completion of the KYC process for everyone (even for the old accounts of low risk customers), the documentation sought should be restricted to what is strictly required. Banks can partially freeze the account where the customers do not comply even with these minimum stipulations within a reasonable time. Credits (i.e inflows) to such KYC non-complaint accounts would continue, but debits (i.e. outflows) would not be permitted. The customer, however, has the option to close the account and take his money back.
Posted on: Mon, 06 Oct 2014 05:19:25 +0000
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