Banking News

KYC norms-Additional Documents for limited purpose of ‘Proof of Address’


The Government of India has provided additional relaxation for the purpose of address in addition to the relaxation in proof of identity under simplified measures of PML rules. Accordingly RBI has notified that the following additional documents are deemed to be Officially Valid Documents (OVD) for proof of address.

  1. Utility bill which is not more than two months old of any service provider (electricity, telephone, postpaid mobile phone, piped gas, water bill).
  2. Property or Municipal Tax receipt;
  3. Bank account or Post Office savings bank account statement;
  4. Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address;
  5. 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;
  6. Documents issued by Government departments of foreign jurisdictions and letter issued by Foreign Embassy or Mission in India.

The additional documents mentioned above shall be deemed to be OVDs under ‘simplified measure’ for the ‘low risk’ customers for the limited purpose of proof of address where customers are unable to produce any OVD for the same.

All Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks/ All India Financial Institutions/ all NBFCs/ All Primary (Urban) Co-operative Banks /State and Central Co-operative Banks (StCBs / CCBs) /All Payment System Providers/ System Participants and Prepaid Payment Instrument Issuers/ All authorised persons including those who are agents of Money Transfer Service Scheme are advised to revise your KYC policy in the light of the above instructions and ensure strict adherence to the same.

Related article for identity proof: KYC/AML guidelines for opening bank account made simple

 

 

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