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Opening of saving bank account becomes easier with RBI's new KYC norms
Opening a new bank account is more easier than before. Now one can open a bank account anywhere in India with one address proof, either current or permanent.

An RBI decision says a bank account can be opened with just one address proof, permanent or local advocating that it will help migrant works and employees with transferable jobs to easily access banking facility.

In a notification on Monday the RBI said, "Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or undergoing periodic updation."

"In case the address mentioned as 'proof of address' undergoes a change, fresh proof of address may be submitted to the branch within a period of six months," RBI added.

The notification said that migrant workers and transferred employees were facing a lot of problems in submitting an address proof while opening a bank account and RBI was receiving representations and references from various quarters about the issue.

To make the procedure more easier the RBI made it clear that if the customer fails to furnish a local proof of address, the bank may take a declaration of the local address on which all correspondence will be made by the bank with customer. Such address may be verified by bank through positive confirmation such as acknowledgement of receipt of letter, cheque books, ATM cards, telephonic conversation.

It further cleared that in case of a change in address, customer may intimate the new address for correspondence to the bank within two weeks of such a change. The RBI has asked the banks to revise their KYC policy and ensure strict adherence to the revised guidelines.

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