Mumbai, Jun 9 (KNN)  Having received representations from migrant workers and transferred employees regarding problems faced in submitting a proof of current/permanent address while opening a bank account, the Reserve Bank of India has simplified the requirement for submission of ‘proof of address.’
 
“Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation. 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,” RBI said in a notification today.
 
In case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, the bank may take a declaration of the local address on which all correspondence will be made by the bank with the customer.
 
“No proof is required to be submitted for such address for correspondence/local address. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc. In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the bank within two weeks of such a change,” the notification said.
 
The decision was taken after the matter was examined in the light of amendment to the Prevention of Money Laundering Rules (Maintenance of Records), 2005.
 
The apex bank has asked all banks to revise their KYC policy in the light of the above instructions and ensure strict adherence to the same.  (KNN/ES)