KYC NORMS - GIST OF SB ORDER NO. 8 / 2010

                                   

             All post offices has to follow following guidelines for Customer Due Diligence, Record Keeping and Reporting in respect all types of accounts/certificates.

               Customer Due Diligence /Know Your Customer(KYC) norms

Following CDD/KYC norms should be strictly followed in case of accounts/certificates fallen under the different categories:-

Category	Documents to be obtained while opening the accounts or issuing certificate
Category 1 Account opened or certificates issued with amount below Rs.50,000/-	1.Recent Photograph:- Three copies of Photograph       should be taken. 2.Identity Proof: Copy of any one of the documents i.e,    Electrical Photo Identity card, Ration Card,     Passport, Identity card from Central/State Government or    PSU, POSB Identity card, Post Office Identity Card. 3. Address Proof: Copy of any one of the documents i.e.    Electrical Photo Identity Card, Bank or Post Office    Passbook, Current Electricity Bill, Current Telephone      Bill or letter from any recognized authority.
Category 2 Account opened or certificates issued with amount between Rs.50,000/- and Rs.10 Lakh	1.Recent Photograph :- Three copies of Photograph       should be taken. 2.Identity Proof: Copy of PAN card and copy any one of    the documents i.e, Electrical Photo Identity card, Ration    Card, Passport, Driving License and Identity card from    Central/State Government or PSU. 3. Address Proof: Copy of any one of the documents i.e.    Electrical Photo Identity Card, Bank or Post Office    Passbook, Current Electricity Bill, Current Telephone      Bill.
Category 3 Account opened or certificates issued with amount above Rs.10 Lakh	1.Recent Photograph :- Three copies of Photograph       should be taken. 2.Identity Proof:-Copy of PAN card and copy any one of    the documents i.e, Electrical Photo Identity card, Ration    Card, Passport, Driving License and  Identity card from    Central/State Government or PSU. 3. Address Proof:- Copy of any one of the documents i.e.    Electrical Photo Identity Card, Bank or Post Office    Passbook, Current Electricity Bill, Current Telephone      Bill. 4.Source of Funds:- Copy of the document proving source     from which funds received. 5.Physical verification of address:- Address of all such     customers should be got verified from state govt/gram    panchayat/ postman of that area before opening of    account. This should also be followed in case of opening       of account by transfer from other office.

Note:- In case  where the account/ certificate holder is a minor, the norms shall be applicable to the guardian. In case of joint account, the norms will be applied for all the joint account/certificate holders.

 (For Full details please refer SB ORDER NO. 8 / 2010 dated 23.04.2010)