Know Your Customer (KYC) is a mandatory process required by financial institutions to identify and verify the identity of their customers. It is aimed at preventing money laundering, terrorist financing, and other financial crimes.
KYC is crucial for several reasons:
Indian Bank requires customers to provide the following documents for KYC verification:
Individual Customers:
- Proof of Identity (POI): Aadhaar Card, Voter ID, Passport, Driving License
- Proof of Address (POA): Utility Bill, Bank Statement, Rent Agreement
Non-Individual Customers:
- Certificate of Incorporation
- Memorandum of Association
- Articles of Association
- Proof of Address of Registered Office
- Proof of Identity of Authorized Signatories
The KYC process at Indian Bank can be completed in the following steps:
Completing KYC with Indian Bank offers several benefits:
Failure to complete KYC can result in:
Pros:
Cons:
What is the deadline to complete KYC at Indian Bank?
- Indian Bank follows the RBI guidelines which mandate all banks to complete KYC for their customers by May 31st, 2023.
Can I complete KYC online?
- Currently, Indian Bank does not offer an online KYC facility. You need to visit the nearest branch with the required documents.
What happens if I change my address after completing KYC?
- You must inform Indian Bank about your change of address within 30 days to update your KYC records.
Can I submit my KYC documents through a third party?
- No, you cannot submit your KYC documents through a third party. You must present them in person at the bank branch.
How long does it take to complete KYC?
- The KYC process typically takes 2-3 working days to complete.
What are the consequences of not completing KYC?
- Failure to complete KYC can result in account deactivation and transaction restrictions.
Customer Type | Proof of Identity | Proof of Address |
---|---|---|
Individual | Aadhaar Card, Voter ID, Passport, Driving License | Utility Bill, Bank Statement, Rent Agreement |
Non-Individual | Certificate of Incorporation, Memorandum of Association, Articles of Association | Proof of Address of Registered Office |
Step | Action |
---|---|
1 | Submit required documents at the branch |
2 | Bank verifies the authenticity of documents |
3 | KYC is approved and account is updated |
Benefit | Description |
---|---|
Access to Banking Services | Activation of account and access to all banking products |
Smooth Transactions | Seamless processing of transactions without delays |
Protection against Fraud | Safeguarding of account from unauthorized access and fraudulent activities |
Regulatory Compliance | Adherence to all applicable KYC regulations |
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