In order to prevent identity theft, identity fraud, money laundering and terrorist financing Reserve Bank of India (RBI) had directed all financial institution to put in place a policy frame work to know their customer before opening any account.
Mandatory details required under KYC norms are Proof of Identity and Proof of Address.
Following documents can be accepted as proof of Identity:-
1)Votes's ID card
2)PAN Card
3)Driving Licence
4)Passport
Following documents can be accepted as address proof
1)Electricity Bill
2)Telephone Bill
3)Ration Card
4Letter from the employer or any recognised public authority certifying the address.
KYC Norms are relaxed for No-Frill Accounts . Such a/c would have the characteristic of zero balance with limited transaction facility.
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