Single address proof enough to open new bank account

Single address proof enough to open new bank account
Single-address-proof-enough-to-open-new-bank-account

Single address proof enough to open new bank account: RBI People wanting to open a bank account will now just need to submit a declaration detailing their current address, the Reserve Bank of India (RBI) said on Monday, a move that will benefit millions living in rented accommodation. “No proof is required to be submitted for such address for correspondence.

This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc.,” RBI said in a notification. The regulator asked banks to revise their know-your-customer (KYC) rules with immediate effect. “Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation,” the central bank said.

“In case the address mentioned as per proof of address undergoes a change, fresh proof of address may be submitted to the branch within a period of six months.” Current RBI norms mandate that customers who want to open a bank account should submit an identity proof like a PAN card, voter’s ID, driving licence or any other identity, along with utility bills that detail the permanent address of a customer such as a telephone bill, electricity bill or ration card.

RBI clarified that in case a customer is staying away from his permanent residence, a simple declaration by the customer detailing his or her local address will suffice to open a new bank account. Any change in the local address of the customer should be intimated to the bank “within two weeks of such a change”, RBI said.

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