Customers holding KYC accounts will not be questioned on the deposition of demonetized notes till December 30
The Reserve Bank on Wednesday made it clear that there will be no questions asked either in case of one -time or repeat deposits if a person holds a know your customer account.
Notably, the customers with know your customer account will not be questioned by bank officials on why they had failed to deposit the old notes earlier. But on the other hand, customers with non -KYC accounts will be subject to stiff conditions imposed by RBI on December 19.
What is know your customer account (KYC)
“Know Your Customer”, it is a process by which banks can get the identity and address of a customer
Why KYC process is preferred?
1KYC process helps bank to keep their safe and helps to ensure that their services are not misused.
2 KYC procedure should be completed by the banks while opening bank accounts
3 Notably, banks are required to update their customers KYC details periodically
What all is required?
For opening a KYC account, you need to submit a proof of address , proof of identity all together with a recent photograph.
What all documents to be given as proof of identity and Address
Passport , Driving Licence , Voters’ identity card , PAN card, Aadhaar card. One needs to submit any one of these documents as proof of identity . If any of these documents has address details , it will accepted as your address proof .
