New Delhi: With the formalisation of the banking sector and proper segregation of customer’s profile in the directory of the bank, all the scheduled commercial banks, cooperative banks, non-banking financial companies (NBFCs) and other microfinance lenders are religiously incorporating know your customer (KYC) norms. State Bank of India, the country’s largest lender by the number of customers, allows several documents which can be used by different individuals for the purpose of KYC.
Individual account holders are eligible to submit anyone document towards proof of identity and proof of address from passport, voter’s identity card, driving licence, Aadhaar card, NREGA Card and PAN card. For the minor applicants below the age of 10 years, the ID proof of the person who will operate the account is required to be submitted to the bank.
Minors operating the bank account themselves can produce any of the aforementioned KYC documents for identification/address verification.
Non-resident Indians (NRIs) can present a passport or residence visa copies. The residence visa copies should be duly attested by foreign offices, notary, Indian Embassy, officers of correspondent banks whose signatures are verifiable through an authorized branch of the SBI.
For small accounts, SBI has slightly relaxed KYC norms. Small accounts refer to accounts where cumulative credits in one fiscal stay below Rs 1 lakh, total withdrawal and transfer remain under Rs 10,000 in a month and balance at any point of time does not exceed Rs 50,000.
According to State Bank of India, self-attested photograph and affixation of signature or thumb impression before the authorised officer of SBI can be submitted for opening the account.
A small account can also be opened with any one of the documents deemed as officially valid documents including identity card with applicant’s photograph issued by government departments, statutory/regulatory authorities, PSUs, SCBs, and letter issued by a gazetted officer, with a duly attested photograph of the person.