KYC norm is simplified by RBI to open new account
KYC norm is simplified by RBI to open new account. A bank account can be opened with one documentary proof of address either current or permanent. It will be very helpful for migrant workers and transferred employees. If consumer has no proof of local or mailing address, no problem will occur because from now no local or correspondence proof is required. Bank will be verifying consumer mailing address by sending acknowledgment of receipt of letter, cheque books, ATM cards.
In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within a period of six months.