Forex kyc

It is a process by which banks obtain information about the identity and address of the customers. The KYC procedure is to be completed by the banks while opening accounts. You need to submit any one of these documents as proof of identity. If the document submitted by you for proof of identity does not contain address details, then you will have to submit another officially valid document which contains address details. Such accounts remain operational initially for a period of twelve months and thereafter, for a further period of twelve months if the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents within twelve months of the opening of such account.

A normal account can be opened by submitting a copy of any one of the following documents as Proof of Identity PoI:. Utility bill, which is not more than two months old, of any service provider electricity, telephone, post-paid mobile phone, piped gas, water bill. Pension or family Pension Payment Orders PPOs issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address.

Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies.

Similarly, leave and license agreements with such employers allotting official accommodation; and. Documents issued by Government departments of foreign jurisdictions or letter issued by Foreign Embassy or Mission in India. This, however, is not a general rule and it is left to the judgement of the banks to decide whether this simplified procedure can be adopted in respect of any customer.

If my name has been changed and I do not have any OVD in the new name, how can I open an account? If I refuse to provide requested documents for KYC to my bank for opening an account, what may be the result? If you do not provide the required documents for KYC, the bank will not be able to open your account. Yes, Aadhaar card is accepted as a proof of both identity and address. The UIDAI then kyc your data comprising your name, age, forex, and photograph electronically to the bank.

If I am staying in Chennai but if my proof of address shows my address of New Delhi, can I still open an account in Chennai? In such case, you can submit the officially valid document kyc your New Delhi address, together with a declaration about forex Chennai address for communication purposes.

Can I transfer my existing bank account from one place to another? Do I need to undergo full KYC again? It is possible to transfer an account from one branch to another branch of the same bank. There is no need to undergo KYC exercise again for such transfer. However, if there is a change of address, then you will have to submit a declaration about the current address. In case of opening an account in another bank, however, you will have to undergo KYC exercise afresh.

Do I have to furnish KYC documents for each account I open in a bank even though I have furnished the documents kyc proof of identity and address? PAN number needs to be quoted for transactions such as account opening, transactions above Rs. A full list of transactions where PAN number needs to be quoted can be accessed from website of Income Tax Department at the following URL: Since debit cards are issued only to account holders and accounts are opened only after the KYC procedure is completed, there is no need for separate KYC kyc issuing debit card.

I do not have a bank account. But I need to make a remittance. Is KYC applicable to me? KYC exercise needs to be done for all those who want to make domestic remittances of Rs. Do I need to submit KYC documents to the bank while purchasing third party products like insurance or mutual fund products from banks? Yes, all customers who do not have accounts kyc the bank known as walk-in customers have to produce proof of identity and address while purchasing third party products from banks if the transaction is for Rs.

My KYC was completed when I opened the kyc. Why does my bank insist on doing KYC again? Banks are required to periodically update KYC records. This is a part of their ongoing due diligence on bank accounts. The periodicity of such updation varies from account to account depending on its risk categorisation by the bank. Periodic updation of records also helps prevent frauds in customer accounts. Different periodicities have been prescribed for updation of KYC records depending on the risk perception of the bank.

KYC is required to be done at least once in two years for high risk customers, once in eight years for medium risk customers and once in ten years for low risk customers. This exercise would involve all formalities for KYC normally taken at the time of opening the account.

Physical presence of such low risk customer is not required at the time of periodic updation. If you do not provide your KYC documents at the time of periodic updation, bank has the option to close your account. Later, even credits also would not be allowed. Skip to main content. Search the Forex Search. Home About Us Notifications Press Releases Kyc Publications Annual Half-Yearly Quarterly Bi-monthly Monthly Weekly Forex Reports Lectures Statistics Data Releases Database on Indian Economy.

Why is it required? What are the KYC requirements for opening a bank account? A normal account can be opened by submitting a copy of any one of the following documents as Proof of Identity PoI: For Proof of Address PoAyou may submit forex following documents: Utility bill, which is not more than two months old, of any service provider kyc, telephone, post-paid mobile phone, piped gas, water bill ; Property or Municipal Tax receipt; Bank account or Post Office savings bank account statement; Pension or family Pension Payment Orders PPOs issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address; Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies.

Similarly, leave and license agreements with such employers allotting official accommodation; and Forex issued by Government departments of foreign jurisdictions or letter issued by Foreign Embassy or Mission in India. Are banks required to categorise their customers based on risk assessment? Do banks inform customers about this risk categorisation? Can I open a bank kyc with only an Aadhaar card? Is it compulsory to furnish Aadhaar Card for opening an account?

How does e-KYC work? Is introduction necessary while opening a bank account? No, introduction is not required. For forex banking transactions do I need to quote my PAN number? What are the rules kyc periodic forex of KYC? Customers who are minors have to submit fresh photograph on forex major. What if I do not provide the KYC documents at the time of periodic updation? How is partial freezing imposed? Partial freezing is imposed in the following ways: After that a reminder for further period of three months will be issued.

Meanwhile, the account holders can revive accounts by submitting the KYC documents. Events Public Speaking Engagements RBI Clarifications Right to Information Act Related Links.

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KYC and AML Guidelines 1