Know your customer or KYC has become an important part of the banking system. Ever since the formalisation of the banking sector and proper segregation of customer’s profile in the directory of the bank, the customers are required to complete
their KYC for hassle free banking experience. The same is needed for all commercial banks, cooperative banks, non-banking financial companies (NBFCs) and other microfinance lenders. To complete the process, customers need to provide select documents with their bank or financial institution.
their KYC for hassle free banking experience. The same is needed for all commercial banks, cooperative banks, non-banking financial companies (NBFCs) and other microfinance lenders. To complete the process, customers need to provide select documents with their bank or financial institution.
State Bank of India, the country’s largest lender by the number of customers, allows several documents which can be used by different individuals for the purpose of KYC. SBI has mentioned the list of documents that are required to be submitted for completing the know your customer (KYC) norms on its official website - onlinesbi.com. The website offers several other features like bank transactions, PPF account opening and international banking, among others.
The individual account holders can submit any one of these documents as proof of identity and proof of address - passport, voter's identity card, driving licence, Aadhaar card, NREGA Card and PAN card. According to onlinesbi.com, ID proof of the person who will operate the account is required to be submitted to the bank, if the holder is below the age of 10 years. "In cases where minor can operate the account independently, KYC procedure for identification/address verification as in the case of any other individuals would apply," the website says.
It adds that Non-resident Indians (NRIs) can present a passport or residence visa copies. This has to be attested by foreign offices, notary, Indian Embassy, officers of correspondent banks whose signatures are verifiable through an authorized branch of the SBI.
The bank has relaxed norms for small accounts as holders need to submit self-attested photograph and affixation of signature or thumb impression before the authorised officer to open the account. "A small account can also be opened with any one of the following documents which are deemed as ‘Officially Valid Documents' - 1. Identity card with applicant's photograph issued by Central/State Government Departments, Statutory/Regulatory 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," onlinesbi.com says.
Small accounts are the ones that have cumulative credits in one fiscal below Rs 1 lakh. Also, the total withdrawal and transfer remain under Rs 10,000 in a month and balance at any point of time does not exceed Rs 50,000.
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