KNOW YOURS CUSTOMER-KYC
KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks' services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically update the same.
Bank norms to get the KYC process done is generally in person. Any one can’t submit KYC documents through online, for KYC documentation you need to visit the bank and submit the documents to the concern person. But you can update your pan card and Aadhar card through SBI Online.
KYC Documents - Non Personal:
Proof of name, address and activity of the institution
• Registration certificate (in case of registered establishment)
• Certificates / licenses issued by the Municipal Corporation Authority beneath the retailers and institutions Act.
• Sales and tax Returns, Central Time / VAT Certificate, excise tax / Service Tax Certificate / Registration Document issued by Business Tax Authorities.
• Licenses issued by registration authorities, like Certificate of apply issued by chartered Accountants, Institute of Caste Accountants of Asian nation, Institute of Company Secretaries of Asian nation, Indian Medical Council, Food and Drug management Authority. Registration / license document issued by Central or regime authority / department.
• Banks also can settle for IEC Code (Importer / businessperson Code / businessperson / businessperson Code) issued by the DGFT workplace to the proprietary institutions, within the sort of associate degree positive identification, to open associate degree account.
• Full copy (not simply acknowledgment) of the tax come back issued within the name of the $64000 owner, showing the financial gain of the shape and verified / echt by the tax Authority.
• Bills for daily use things like electricity, water and line telephones within the name of proprietary institution.
Any 2 of the on top of documents can answer. These documents ought to be within the name of the proprietary concern.
Proof of identity and address proof of the owner.
Accounts of partnership companies:
o Legal name
o Names and addresses of all partners
o Firm and partners phonephone numbers
o If registered, registration certificate
o Partnership deed
o Power of professional person given to a partner or worker to run the business of the firm.
o Any formally valid document confirming the identity of the partners and also the person receiving the facility of professional person and their addresses.
o Telephone bill within the name of the firm / partner.
o Participation letter
Proof of identity and address of all partners / beneficiary holders and if the beneficiary holder is non-individual (holding V-day capital or entitled to fifteen profit).
o name of the corporate
o Place of business
o Correspondence address with company
o Telephone / fax range
o Certificate of Incorporation and memorandum & Articles of Association
o Resolution of Board of administrators to open account and determination of person in operation the account.
o Power of professional person given to managers, officers and workers for transacting on behalf of the corporate.
o Copy of PAN allotment letter.
o Copy of invoice.and with
Certificate of identity and address of the account operator and beneficiary holder (if the beneficiary holder isn't a natural person). (In respect of firms unlisted on stock exchanges - twenty fifth holding of shares or capital or twenty fifth in profit). (In respect of firms listed on stock exchanges, a certificate of identity and address of the account holder and beneficiary holder (if the beneficiary isn't someone - natural person) isn't needed. it's additionally not needed within the context of these firms Most of whose shares area unit with the listed company.)
Trust and Institution Accounts:
o Names of Trustees, Intermediaries, Beneficiaries and Signatories
o Name of founder, manager, director and beneficiary
o Certificate of registration if registered.
o Trust deed
o Power of professional person in favor of the trustee doing the business dealing.
o Any formally valid document confirming the identity and addresses of the trustees, arbitrators, beneficiaries and also the person receiving the facility of professional person. Address / phonephone / fax range of founder, manager and director
o Resolution of the management cluster of the institution / association
o Telephone bill
Certificates of identity and address of trustees, executives and directors etc. (Natural Persons)
Society / Association / Club:
o Resolve to open associate degree account
o Copy of by-law (bye-laws)
o Copy of Certificate of Registration if the Society / Association / Club is registered.
o Identity card of the officers gap and in operation the account
Undivided Hindu Family:
o Declaration by the topic
o Identity card of the topic
o Signed by all associates - Prescribed Hindu Family Papers
o Identity card of all associates.