In a bid to enable the migrating persons to open bank account without local address proof, the Reserve Bank of India (RBI) has altered KYC norms.
Accordingly, the customers need to submit only one documentary proof of address — either current or permanent — while opening a bank account, the RBI said.
“In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within six months,” it added.
Following representations from various quarters, the banking regulator has decided to help the migrant workers and employees who are in transferable jobs in opening the bank account at their place of work, without much of hassle. However, the regulator said those employees who opened the bank account using their permanent address, need to submit their local address proof within six months.
And in case the permanent address proof, the bank may take a declaration of the local address on which all correspondence will be made by the bank and it need not have proof. But the bank may verify the address and satisfy to send Cheque books, ATM cards, telephonic conversation etc.
“In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the bank within two weeks of such a change.”
