For the purpose of KYC policy, a ‘customer’ is defined as :

• A person or entity that maintains an account and/or has a business relationship with the bank
• One on whose behalf the account is maintained (i.e. The beneficial owner)
• Beneficiaries of transactions conducted by professional intermediaries, such as stock brokers, chartered accountants, solicitors etc. As permitted under the law
• Any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank e.g. A wire transfer or issue of a high value demand draft as a single transaction.

The bank before establishing any banking relationship will carry out due diligence as required under "know your customer" (KYC) guidelines issued by the Reserve Bank of India (RBI) and or such other norms or procedures adopted by the bank.

• The due diligence process that the bank follows, includes obtaining your recent photographs, verifying your identity, verifying your address, and other information on your occupation or business and source of funds including beneficial owner. The nature and extent of due diligence will depend on the risk perceived by the bank.

• Reserve Bank of India has prescribed that customer identification data, including photograph shall be updated and kept on record duly verified at least once in ten years in case of low risk customer, once in eight years for medium risk customer and once in two years in case of high risk customers. Such verification shall be done irrespective of whether the account has been transferred from one branch to another branch.

“Officially valid document” (OVD) means the passport, the driving license, proof of possession of aadhaar number, the voter’s identity card issued by election commission of India, job card issued by NREGA duly signed by an officer of the state government and the letter issued by the national population register containing details of name and address or any document as notified by the central government in consultation with the regulator. Provided that,

• Where the customer submits his/her proof of possession of aadhaar number as an officially valid document, he/she may submit it in such form as are issued by the unique identification authority of India.
• Where officially valid document (OVD), furnished by the customer does not contain updated address, the following documents or their equivalent e-documents thereof shall be deemed to be officially valid documents for the limited purpose of proof of address:-
  • Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill)
  • Property or municipal tax receipt
  • Pension or Family Pension Payment Orders (PPOS) issued to retired employees by government departments or public sector undertaking, if they contain the address
  • Letter of allotment of accommodation from employer issued by state government or central government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and license agreements with such employers allotting official accommodation

where a customer has provided his/her aadhaar number for identification under above said clause and wants to provide a current address, different from the address as per the identity information available in the central identities data repository, he/she may give a self-declaration to that effect to the bank.

Explanation :- for the purpose of this clause, a document shall also be deemed to be an OVD even if there is a change in the name subsequent to its issuance provided it is supported by a marriage certificate issued by the state government or gazette notification, indicating such a change of name.

Where a customer is permitted to act on behalf of another person/entity in conformity with the established law and practice of banking as there could be occasions when an account is operated by a mandate holder or where an account is opened by an intermediary in fiduciary capacity, in such cases KYC checks shall be performed on the beneficial owners or mandate holder also, as the case may be.

In case of opening of account in the name of minor, KYC procedure on guardian shall be performed. Minor, on becoming major, shall be allowed to operate the account on completing KYC procedure.

1. Individuals

• Identification and address proof (list mentioned below)
• One recent passport size photographs

Sr.No.	KYC documents	Identity proof	Address proof
1	PAN (Permanent Account Number)	Yes	No
2	Aadhar	Yes	Yes
3	Passport	Yes	Yes
4	Driving license	Yes	Yes
5	Voters’ id card	Yes	Yes
6	Job card by NREGA duly signed by an officer of the state govt.	Yes	Yes

Note :

1. Provided where customer submits his/her proof of possession of aadhaar number containing aadhaar number, branches shall ensure that such customer to redact or blackout his/her aadhaar number through appropriate means where the authentication of aadhaar number is not required.

2. For Address : It is implied that proof of address also follows from the above documents only if OVD other than aadhaar number furnished by the customer does not contain updated address, then deemed OVDs or the equivalent e-documents thereof for limited purpose of address :-

• Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas , water bill);
• Property or municipal tax receipt;
• Pension or Family Pension Payment Orders (PPOS) issued to retired employees by government departments or public sector undertakings, if they contain the address;
• Letter of allotment of accommodation from employer issued by state or central government departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation; and provided that the customer shall submit updated OVD with current address within a period of three months of submitting the above documents. Further, in such a case, if customer wants to provide a current address, different from the address as per the identity information available in the central identities data repository, he/she has to mention their address in respective annexure in customer information form that effect to the bank.

2. Joint individuals : As mentioned above for individuals for each of the joint individuals.

3. Proprietary concern :
Apart from customer identification procedure as applicable to the proprietor any two of the following documents in the name of the proprietary concern would suffice.

• Identification and address proof of proprietor
• Copy of PAN of proprietor
• Registration certificate (in the case of a registered concern)
• Certificate / license issued by the municipal authorities under shop & establishment act,
• Sales tax and income tax returns
• CST/VAT/GST certificate (provisional / final)
• Certificate/ registration document issued by sale tax/ service tax/ professional tax authorities/GST.
• IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT/ license/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute.
• License (certificate of practice) issued in the name of proprietary concern by any professional body incorporated under a statute -
  • Institute of chartered accountants of India,
  • Institute of cost accountants of India,
  • Institute of company secretaries of India,
  • Indian medical council,
  • Food and drug control authorities, etc. or any other professional body incorporated under a statue
• Complete income tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated / acknowledged by the income tax authorities.
• Utility bills such as electricity, water, and landline telephone bills not older than two months. In cases where the branches are satisfied that it is not possible to furnish two such documents, they would have the discretion to accept only one of those documents as activity proof. In such cases, the branches, however, would have to undertake contact point verification, collect such information as would be required to establish the existence of such firm, confirm, clarify and satisfy itself that the business activity has been verified from the address of the proprietary concern.
• Identity and address proof of individual as mentioned above in respect of the person authorized/holding an attorney to transact on its behalf. It is implied that proof of address also follows from the above documents only.
• Recent passport size photographs of the proprietor.

4. Hindu undivided family : As mentioned above for individuals for each of the joint individuals.

• Copy of PAN of HUF
• Prescribed Joint Hindu Family letter signed by all the major coparceners. Declaration form from the Karta.
• Identity & address proof of individual as mentioned above of the Karta and each of the major coparceners as applicable to individuals.
• Recent passport size photographs of Karta & all major coparceners.

5. Partnership firms :

• Identification and address proof of partners
• Copy of PAN of partners
• Registration certificate
• Partnership deed
• Permanent Account Number (PAN) of the partnership firm
• For identification of the firm’s partners/power of attorney holder, beneficial owner, managers, officers or employees and their address, documents shall be obtained as specified for individuals herein above.

6. Companies :

• Copy of PAN of company
• Certificate of incorporation
• Certificate of commencement of business (for public ltd. Company)
• Memorandum and articles of association
• Board resolution for opening and operating the account
• Current list of directors
• List of authorized signatories with their signature
• Identification and address proof of directors having authority to open and operate the acoount.

7. Trusts :

• Copy of PAN of trust
• Registration certificate with a copy certified by the trustees
• Trust deed
• Identification and address proof of trustees