Know Your Customer (KYC)

Guidelines governing opening of Branch Account & transactions

I. New customers – Proper Introduction of accounts/obtaining photographs etc

II. Documents that are normally relied upon as proof of customers’ address.

In case of need, Branch staff may visit the account holder the given address to satisfy about the genuineness of the address.

Guidelines for proprietary concerns accounts

Apart from following the extant guidelines on customer identification procedure as applicable to the proprietor, following documents are made available before opening of accounts in the name of a proprietary concern

III. Adherence to Foreign Contribution Regulation Act [FCRA], 1976

A certificate to the effect that the association is registered with the Government of India need to submit by the concerned associations at the time of opening of the account or collection of cheques.

IV. In case of joint accounts

V. Ceiling for and monitoring of large value cash transactions

Issue and payment of demand drafts for Rs. 50,000 and above

VI. Prevention of Terrorism Ordinance, 2001 – Implementation thereof

VII. Compliance to AML guidelines.