Who is a customer of the Bank?

For the purpose of KYC policy, a ‘Customer’ is defined as:

• A person or entity that maintains an account and/or has a business relationship with the Bank;
• One on whose behalf the account is maintained (i.e. the beneficial owner);
• Beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers, Chartered Accountants, Solicitors etc. as permitted under the law; and
• Any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, say, a wire transfer or issue of a high value demand draft as a single transaction. and

The Bank before establishing any banking relationship will carry out due diligence as required under "Know Your Customer" (KYC) guidelines issued by the Reserve Bank of India (RBI) and or such other norms or procedures adopted by the Bank.

What is Due Diligence?

The Due Diligence process that the Bank follows, includes obtaining your recent photographs, verifying your identity, verifying your address, and other information on your occupation or business and source of funds including beneficial owner. The nature and extent of due diligence will depend on the risk perceived by the Bank.

What is Re-KYC?

Reserve Bank of India has prescribed that customer identification data, including photograph shall be updated and kept on record duly verified at least once in ten years in case of Low Risk Customer, once in Eight years for Medium Risk customer and once in two years in case of High Risk Customers. Such verification shall be done irrespective of whether the account has been transferred from one branch to another branch.