Account Opening and KYC
Q. What is KYC?
Know Your Customer - KYC enables banks to know/ understand their customers and their financial dealings to be able to serve them better and manage its risks prudently.
Q. Why KYC?
To establish the identity of the client : This means identifying the customer and verifying his/ her identity by using reliable, independent source documents, data or information. For individuals, bank will obtain identification data to verify the identity of the customer, his address/ location and also his recent photograph. This will be done for the joint holders and mandate holders as well. For non-individuals, bank will obtain identification data to:
- verify the legal status of the legal person/ entity
- verify identity of the authorized signatories and
- verify identity of the Beneficial owners/ controllers of the account
Q. Are KYC requirements new?
No, KYC requirements have always been in place and Banks have been taking KYC documents in accordance with the guidelines issued by RBI from time to time. RBI has revisited the KYC guidelines in the context of recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering standards and on Combating Financing of Terrorism and enhanced the KYC standards in line with international benchmarks
Q. Is KYC mandatory?
Yes. It is a regulatory and legal requirement. Regulatory: In terms of the guidelines issued by the Reserve Bank of India (RBI) on 29th November 2004 on Know Your Customer [KYC] Standards – Anti Money Laundering [AML] Measures, all banks are required to put in place a comprehensive policy framework covering KYC Standards and AML Measures.
Legal: The Prevention of Money Laundering Act, 2002 (PMLA) which came into force from 1st July, 2005 (after “rules” under the Act were formulated and published in the Official Gazette) also requires Banks, Financial Institutions and Intermediaries to ensure that they follow certain minimum standards of KYC and AML as laid down in the Act and the “rules” framed there under.
Q. When does KYC apply?
KYC will be carried out at the following stages:
KYC will also be carried out in respect of non-account holders approaching the bank for high value one-off transactions.
Q. Who is my contact point in the Bank for KYC purposes?
Your contact point in the Bank will be the Relationship Manager or the officer who opens your account and who is in touch with you for your transactions.
Q. What will happen if I do not provide the required KYC information / documents to the Bank?
The Bank will be entitled to refuse to open the account (if you are a prospective customer) or discontinue its relationship with you citing non-providing of KYC information / documents (if you are an existing customer).
However, for certain categories of customers who are not able to provide the necessary documents, the Bank will open the account as per the flexibility provided vide RBI DBOD circular no. AML.BC.28/14.01.001/2005-06 dated 23rd August, 2005.
| Accounts of individuals
||(i) Passport (ii) PAN card (iii) Voter’s Identity Card (iv) Driving license (v) Job card issued by NREGA duly signed by an officer of the State Government (vi) UIDAI (Aadhaar) Card
(i) Property or Municipal Tax receipt (not more than 1 year old) (ii) Pension or family pension payment orders (iii) Letter issued by Foreign Embassy or Mission in India certifying/mentioning customer's current residential address. (iv) Any Identity Document issued by Government department or agency of foreign jurisdiction (v) Identity card with applicant's Photograph issued by Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions (vi) Letter issued by a gazetted officer (with a duly attested photograph of the person containing name, current address, permanent address, nationality and DOB of the customer;) (vii) Utility bill (electricity, telephone, postpaid mobile phone, internet, piped gas, water bill) (viii) Bank account statement or Post Office savings bank account statement (Statement should not be more than two months old & Bank account shall be of any scheduled commercial Bank) (ix) Letter from employer Please Note: Acceptance of above documents are subject to satisfaction of the bank.
| Accounts of companies
|Accounts of partnership firms
|Accounts of trusts & foundations
Updating KYC for your account just got simple!
No more hassles of submitting multiple document proofs. Your account can be KYC compliant with just a phone call. We will be shortly calling you from
+91 44 4954 9115 / 044-30449115 to complete the KYC formalities for your account. We request your assistance to complete the formalities. Thank You.
Standard Chartered Bank (the “Bank”) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in this regard can be raised. Members of the public can securely raise Speaking Up concerns through this hyperlink, which is hosted on behalf of the Bank by a third party ‘InTouch’. Examples of concerns that can be raised through this website are concerns that relate to accounting, internal accounting controls or auditing matters and concerns relating to bribery or banking and financial crime. Concerns received will be forwarded to the Bank’s investigations team for review. Complaints relating to SCB banking services should not be raised through this site in the first instance, but through the SCB branch network, contact centres, Relationship Managers or the ‘Contact Us’ webpage.