RBI’s KYC guidelines: You can now open a bank account with just one document
The latest RBI KYC guidelines for opening new bank accounts make it a lot easier for common man as only one document would suffice as proof of identity and proof of residence
Following are major modifications introduced in the KYC guidelines:
One document to be accepted as Proof of Identity and Proof of Residence: As per the circular, if a customer submits a document which has his identity details as well as address details, the bank should not insist on two separate documents for POA (Proof of Address) and POI (Proof of Identity). The circular says, “If the address on the document submitted for identity proof by the prospective customer is same as that declared by him/her in the account opening form, the document may be accepted as a valid proof of both identity and address”. This is indeed a significant change as customers will not be required to carry two sets of documents if one single document like passport has both address and identity details.
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