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Customer Identification and Introduction: Opening of Accounts

Know Your Customer (KYC) Norms:
Customer Identification Procedure

Features Documents ( latest / valid )
Accounts of individuals
- Legal name and any other names used (i) Passport (ii) PAN card
(iii) Voters Identity Card (iv) Driving
Licence (v) Identity Card (subject to
the banks satisfaction) (vi) Letter
from a recognized public authority or
public servant verifying the identity
and residence of the customer to the
- Correct permanent address
satisfaction of bank.
(i) Telephone bill (ii) Bank account
statement (iii) Letter from any
recognized public authority (iv)
Electricity Bill (v) Ration Card (vi)
Letter from employer (subject to
satisfaction of the bank) (any one
document which provides customer
information to the satisfaction of the
bank will suffice).
Accounts of companies
(i) Certificate of incorporation and
- Name of the company

Memorandum & Articles of Association

- Principal place of business

n of the Board of Directors to
- Mailing address of the company

open an account and identification of

- Telephone / Fax number

who have authority to operate the account
(iii) Power of Attorney granted to its
Managers, officers or employees to
transact business on its behalf (iv) Copy of
PAN allotment letter (v) Copy of the
telephone bill.

Accounts of partnership firms
- Legal name (i) Registration certificate, if registered
- Address (ii) Partnership Deed (iii) Registered
- Names of all partners and their Power of Attorney granted to a partner
addresses or an employee of the firm to transact
- Telephone numbers of the firm
business on its behalf (iv) Any
and partners valid document identifying the partners
and the persons holding the Registered
Power of Attorney and their addresses
(v) Telephone bill in the name of
Accounts of Trusts & Foundations
(i) Certificate of Registration, if
registered (ii) Registered Power of

- Names of Trustees, Settlers,

Beneficiaries and Signatories
Attorney granted to transact business on

its behalf (iii) Any officially valid

- Names and addresses of the
Founder, the Managers/ Directors document to identify the Trustees,

and the Beneficiaries
Settlers, Beneficiaries and those holding

Power of Attorney,
- Telephone / Fax numbers

Founders/Managers/Directors and their
addresses (iv) Resolution of the managing

body of the foundation/association
Telephone bill.

The original documents are to be verified, copies taken and duly authenticated by the officer of
the Bank stating verified with the original.

obtaining introduction
The bank must insist that the Introducer must come to the Bank in person and sign the
document before the Officer.
Verification of Introduction

a. It is to be clearly understood that introduction is treated as a substantive step having real
significance and not merely as a formality and any lapse in this regard will be viewed
seriously. Hence, proper care is to be exercised in obtaining and verifying the introduction.
Establishing the bonafides of a new customer is the main purpose of introduction and is to
be handled accordingly.

Opening of Accounts

i. All new Current Accounts (C.A.), Savings Bank Accounts (S.B.), Fixed Deposits (FD), Term
Deposits and Recurring Deposit Accounts (R.D.) shall be opened only with the
authorisation of authorized officers in the branch.
ii. All applications for opening Current Accounts, Savings Bank Accounts, Term Deposits and
R.D. Accounts etc. must be made in writing in the Banks printed application forms only.
iii. There is a provision in the system to generate, print out and send to the customers and
also to the introducers, an acknowledgement or a letter of thanks for having opened /
having introduced the account, which must be sent.
iv. The requests of the customer for issue of cheque book, ATM card must be recorded in the
relevant form and authorized. Whenever Cheque Books are issued, the details must be
recorded in the system and duly authorized. The account number of the customer must be
written / stamped on each cheque leaf and on the cheque requisition slip in the cheque

Eligibility to open accounts:

1 Individuals in single name.
2 Two or more persons in joint names
3 In the names of Sole Proprietary Concerns, Companies, Associations, Partnership firms,
Clubs, Religious & Charitable Institutions, Educational Institutions, Social Organizations,
Co-operative Society etc.
4 Minor above 14 years can open and operate Savings Bank account. However, Minor
student (i.e. literate) of age 12 years and above can open Savings Bank account and
operate by himself.
5 Bank should not open more than one Savings Bank account for the same person in his
individual name

Prohibition against opening of Savings Bank accounts in the name of certain
Bodies / Organizations

Conversion of Accounts Single into Joint and Joint into Single:

i. To convert an existing single account into a joint or E or S account, a
letter from the existing account holder attesting the specimen signature of the new
person(s) has to be obtained and attached to the Account Opening Form. Specimen
signatures of existing as well as the newly added person(s) have to be obtained in a fresh
specimen signature card and maintained in the specimen signature card rack or in the
specimen signatures loose leaf binder. All the changes have to be properly recorded duly
authenticated by an authorized officer with dates of changes.

ii. In case the customer having a joint account with the Bank intends to convert the same
into a single account, it is desirable to close such account by getting necessary instructions
from the existing account holders and then open a new account in the name of the person
in whose name the account is to be continued.

Opening and operating of Accounts under different categories:
a. Minor:
b. Guardians:
c. Illiterate Persons:
d. Blind persons
e. Sole Proprietorship:
f. Executors / Administrators
g. Hindu Undivided Family (HUF) Account:

h. Power of Attorney:

Funds Transmission
-Outline clearing system example,-Development of e-learning and its advantages
-Value v fate of a cheque
-Meaning of nostro and vostro accounts

Retail of consumer banking
-Products, savings, credit cards, mortgages, loans etc
-Deposits: type and structures: call, demand/notice loan and product pricing

Commercial banking
-Typical products: loans, deposits, funds transmission commercial lending and credit analysis
in some detail commercial banking fees and profits
Client records and account maintenance
-What information is needed on an account
-Type and structure of charges

Capital markets & treasury
-What are the capital markets: products and services offered?
-What is the role of treasury: products and services offered?
-Dealing desk structure
-Agent v market making or oa/propiertary dealings
-Trading principles: long and short positions
-Role of front, middle and back office
-Stp, what it means and why is it important
-Base2 effect

-Money market products and operations
-Fixed income products outlined
-Forwards, futures and options explained as treasury products
-Swaps, fras, explained
-Repos and their use expanded

Capital markets
-Loan sydication explained
-Flotations, ipo's, right issues explained
-Mergers and acquisitions outlined

Foreign exchange
-Why fx requirements arise, size and nature of the markets. Main currencies involved
-Spot and cross rates
-Forward rates and how calculated
-Trading and settlement of fx deals

Swift outline & funds transfers
-What is swift? Example messages
-Iso 15022 and swiftnet explained
-Meaning of bic and iban

Trade finance
-What is trade finance? Use of correspondent banks
-Types of trade finance: l/cs and their varieties meaning of confirmation, clean payment etc
-How a bank makes money out of trade finance

Private banking & wealth management
-What is private banking? Market size and players.
-Products offered and their attraction.
-Needs of a private banker
-Jargon explained: discretionary, advisory and execution.
-Outline of portfolio management.