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    September 5, 2019

    Document Required for Opening SBI Bank Account KNOW YOURS CUSTOMER-KYC - INDIVIDUALS

    KNOW YOURS CUSTOMER-KYC

    INDIVIDUALS


    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.

    https://www.sbicustomer-care.co.in

    For Individuals Documents Required:

    • Passport
    • Voter's ID
    • Aadhaar Card
    • NREGA Card
    • PAN Card
    • Driving Licence
    •  Any one document towards proof of identity and proof of address (either permanent or current )

    Individuals Minors:

    • If minor is less than 10 years of age, ID proof of the person who will operate the account to be submitted.
    • In cases where minor can operate the account independently, KYC procedure for identification/address verification as in the case of any other individuals would apply.

    Non Resident Indian(NIRs):

    Passport and Residence Visa Copies, duly attested by

    • Foreign offices
    • Notary Public
    • Indian Embassy
    officers of correspondent banks whose signatures are verifiable through an authorized(A/B category Forex handling branch) branch of the Bank

    Small Accounts:

    Small account' means a savings account in a banking company where

    ·         the aggregate of all credits in a financial year does not exceed rupees one lakh;

    ·         the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and

    ·         the balance at any point of time does not exceed rupees fifty thousand)

    Submission of self-attested photograph and affixation of signature or thump impression before the officer of the Bank who is authorized to approve opening of accounts who will certify under his signature that the person opening the account has affixed his signature or thumb impression, as the case may be, in his presence.
    (small account shall 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 before the Bank of having applied for any of the officially valid documents within twelve months of the opening of the said account, with the entire relaxation provisions to be reviewed in respect of the said account after twenty four months)
    A small account can also be opened with any one of the following documents which are deemed as ‘Officially Valid Documents'

    ·         Identity card with applicant's photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;

    letter issued by a gazeted officer, with a duly attested photograph of the person.
    Eligibility:
    As applicable to regular Savings Bank Account.

    KYC requirement:
    Liberalised (Submission of self-attested photograph and affixation of signature or thumb impression before the officer of the Bank who is authorized to approve opening of accounts).

    Mode of Operation:
    Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc facility.
    Available at
    All branches except specialised branches e.g. Personal Banking Branches (PBBs)/ Special Personalize Banking (SPB)/ Mid Corporate Group (MCG)/ Corporate Account Group (CAG) branches.
    Minimum balance amount : Nil
    Maximum balance /amount : Rs. 50,000/-
    Rate of Interest: As applicable to Savings Bank Accounts.
    Operations in the Account:
    Using withdrawal form or through ATM. Basic RuPay ATM-cum-debit card will be issued.

    Service Charges
    Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied.
    Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.
    Deposit/ collection of cheques drawn by Central/State Government will be free.
    No Account closure charges.

    Most Important Terms & Conditions:
                    Balance at any point of time should not exceed Rs 50,000/-.
    Aggregate of all withdrawals and transfers in a month should not exceed Rs 10,000/-.
    Aggregate of all credits in a Financial Year should not exceed Rs. 1.00 lac.
    If the balance exceeds Rs. 50,000/- or total credit in the account exceeds Rs. 1,00,000/- in a year, no further transaction will be permitted until the full KYC procedure is completed
    Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits would be allowed during the month.
    Foreign Remittances are not allowed to be credited into a Small Account unless the identity of the client is fully established through the production of officially valid documents.
    A Small Account shall 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 before the Bank of having applied for any of the officially valid documents within twelve months of the opening of account, with the entire relaxation provisions to be reviewed in respect of the said account after twenty four months.
    If KYC documents are not submitted to the Bank within 24 months of opening of the account, no further transaction other than for closure of account will be permitted.
    Conversion of Small account to regular Savings Bank account or BSBD account (at the option of the customer) would be done by the home branch manually on full compliance with KYC requirement. After such conversion, the same account number will continue. 


    For Download More Important Documents:

    https://www.sbi.co.in/portal/web/personal-banking/download-forms



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