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(Precious) Words of Wisdom : "Beware of little expenses. A small leak will sink a great ship." ~ Benjamin Franklin

One big hurdle in opening Bank A/cs abolished

People with transferable jobs, migrant workers and such other persons who frequently move to different cities very well know the pain of opening a bank account every time they shift. 

One of the key documents that is difficult to obtain is the proof of their new local address.

In order to mitigate the difficulty faced by such class of itinerant persons, RBI has decided to relax the norms with regards to the proof of address to be furnished at the time of opening a new bank account.


Accordingly, from now onward
-  You can submit only one proof of address... either permanent or local... when opening a bank account
-  Whenever this particular address, for which is the documentary proof has been furnished, undergoes a change, you are required to notify the bank and submit the new proof of address within 6 months
-  If the above address as per the documentary proof is not your local address or you are not currently residing there, then only a "declaration" of the current address will suffice
-  Banks will send all their communication to this current address of yours
-  Instead of asking for a documentary proof, banks will verify your current address by way of personal visit, telephonic conversation or acknowledgment of receipt of any letter, chequebook, ATM card. 
-  If you relocate from the said current / correspondence address, you must intimate the new address of correspondence within 2 weeks

This simplification in the KYC norms for Bank Accounts would come as huge relief to a large section of the so-called nomadic population.

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