What is the type of information I need to submit to the Bank at the time of account opening?
You need to submit the information to establish your identity and your address and a copy of your latest photograph. You can choose from the variety of the documents acceptable by the Bank for this purpose. The documents accepted by the Bank are as under:
- Proof of identity: (any one of the following)
2) PAN Card
3) Voters Identity Card
3) Driving License
4) Any other proof acceptable to the bank, as per RBI guidelines.
- Proof of current address: (any one of the following)
1)Telephone bill (Landline)
2)Passport (supported by PAN allotment letter, Mobile Bill, Credit Card Bill)
3)Ration card (supported by PAN allotment letter, Mobile Bill, Credit Card Bill)
4)Latest Bank account statement (2 months transactions) with KYC confirmation remarks and officers signature/designation.
5)Registered leave & license agreement with proof of permanent address or notarized leave & license agreement with police N.O.C. with proof of permanent address.
6)Business proof such as Shop & Establishment, VAT registration, IT return etc.
7)Any other proof acceptable to the bank./ as per RBI guidelines.
- Recent Photograph (Passport size)
Documents required (Partnership)
1)Photographs of all the partners
2) Address proof of all the partners
3) Identity Proof (PAN Card, Passport, Senior Citizen Card) – all partners
4) Introduction is must (usually from a current a/c holder)
5) Partnership deed – duly registered.
6) Stamp of the firm
7) Registration certificate.
8) Telephone bill in the name of firms/partners.
Documents Required( Trust-Clubs Association)
1) A/c opening form
Photos of the office bearers
3)Identity Proof of office bearers(pan Card, Passport, Senior Citizen Card)
4)Address proof of all the office bearers
5)Stamp of the Clubs / Associations
6)Original certificate of registration
7)Certified true copy of memorandum of association
8)Certified true copy of the rules, regulations, bye-laws
9)Resolution of managing committee certified true by the chairman/secretary authorized
10)The type of a/c to be opened should be specified in the resolution11) Resolution should be in terms of rules, regulations, bye-laws of the body and not contrary to them.
I approached the Bank in the status of a legal person such as a company trust etc. and not as a natural person. Do I still need to submit information mentioned above
For legal persons, the Bank is required to obtain the proof of the existence of entity (such as copy of the certificate of incorporation, memorandum/articles of association, trust deed etc. as may applicable) along with a copy of the resolution from the entity's managing body (such as the Board of Directors or the Board of Trustees as may be applicable to it) to open the account. Further, the person interacting with the Bank for operating the account on behalf of the entity needs to obtain a mandate to that effect from the entity and establish his identity (photo identity and photograph of the person is required). Please contact our branch official to assist you in terms of the documents that could be submitted for a legal person.
I am doing a large cash withdrawal (above Rs. 10 lacs) and the cashier is insisting that I should provide him information on the purpose of withdrawal. After all, I am withdrawing money from my own account and therefore, why should I share this information with the Bank?
The extant regulations of RBI require the Banks to closely monitor the large cash transactions and the teller is just discharging his regulatory obligation. Such an information assists the Bank in identifying any unusual transactions that are being routed through it.
You are repeatedly mentioning that the extant regulations of RBI and the rules notified under Prevention of Money Laundering Act, 2002. What do they really talk about and try to achieve?
The regulations and the rules referred to above deal with what is called as an initiative of Anti Money Laundering (AML) and Countering the Terrorist Financing (CTF). These rules and regulations try to prevent the process of money laundering (i.e., the process of dealing with criminal proceeds and projecting it as untainted property through banking channels) and financing of terrorism related activities. The regulations, in the broadest sense, require the banks to know their customers (popularly known as the Know Your Customer or KYC regulations) and to monitor their transactions. Further, specified information under the PMLA about the cash and suspicious transactions need to be submitted to the Financial Intelligence Unit, India (FIU- IND, a Government of India department, which analyses and forwards the intelligence information to the law enforcement agencies). Compliance with AML regulations assists the banks and the society at large in keeping a close watch on the transactions to identify suspicious transactions, if any, and thereby provide intelligence information (through reports to FIU-IND) to the law enforcement authorities to deal with such transactions as per the applicable laws and regulations. Co-operating with the Bank by providing required information, assists the Bank and the society in a long way in their fight against money laundering and terrorist financing.