Know Your Customer (KYC)

Reserve Bank of India has advised banks to make the Know Your Customer (KYC) procedures mandatory while opening and operating the accounts. This is in the interest of customers to keep safe their hard earned money and their reputation.

At the time of opening an account Bank has to ensure that the prospective customer is the person who he/she claims to be. This is to prevent fraudsters using the name address and forged signature of others for doing fraudulent transactions; benami transactions; en-cashment of stolen cheques, drafts dividend warrants etc. For this purpose, the customer has to submit the following documents / details according to his/her profile:

For Individuals :

● Identity

● Address Proof

● Recent Photograph

● Customer Profile

	For Identity Proof
1	Passport
2	Driving Licence
3	Voter`s Identity Card
4	AADHAAR Letter
5	NREGA Job Card duly signed by an officer of the State Government

	Correct permanent address (Any One)
1	Passport
2	Driving Licence
3	Voter`s Identity Card
4	AADHAAR Letter
5	NREGA Job Card duly signed by an officer of the State Government

	Legal Name & Any Other Name Used (Any One)
1	Letter from recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the bank
2	Job cards issued by NREGA duly signed by an officer of the State Government
3	The letter issued by the Unique Identification Authority of India containing details of Name, Address, and Aadhar Number or Any other document as notified by the Central Government in consultation with the Reserve Bank of India or any other documents as may be required by the banking companies or financial institution or intermediary.

For Companies :

Name of company, Principle place of Buisness, Mailing address of the company, Telephone/Fax Number

● Certificate of incorporation

● Memorandum and Articles of Association

● A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf

● An officially valid document in respect of managers, officers or employees holding an attorney to transact on its behalf

● Financial statements (P/L and Balance Sheet) for past three years.

For Partnership Firms :

Legal name , Address , Names of all partners and their addresses , Telephone numbers of the firm and partners -

● Registration certificate*

● Partnership deed

● An officially valid document in respect of the person holding an attorney to transact on its behalf.

● Financial statements (P/L and Balance Sheet) for past three years

For sole proprietorship:

Any two documents issued by Government authorities in the name of the proprietary firm, such as
- Certificate/licence issued by the Municipal authorities under Shop & Establishment Act
- Sales and income tax returns
- CST/VAT certificate
- Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities
- Licence issued by the Registering authority like Certificate of Practice issued by 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, registration/licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/ Department, etc. Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of the bank account etc.
- The 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 in the name of the proprietary concern.

For trusts and foundations:

- Registration certificate

- Trust deed

- An officially valid document in respect of the person holding a power of attorney to transact on its behalf.

For Unincorporated association or body of individuals

- Resolution of the managing body of such association or body of individuals

- Power of attorney granted to him to transact on its behalf

- An officially valid document in respect of the person holding an attorney to transact on its behalf

- Such information as may be required by the bank to collectively establish the legal existence of such an association or body of individuals.

* Includes constitution & tax certificates