RETAIL ASSET, EEG & CREDIT CARD DEPARTMENT

KNOW YOUR CUSTOMER (KYC) OPERATIONAL GUIDELINES

Sr.No.

Content

I.

Objective

II.

Customer Identification

Page No
1

1. LOAN ACCOUNT OF INDIVIDUALS

2. LOAN ACCOUNT OF NON INDIVIDUAL ENTITIES

III.

Customer Verification

15

IV.

Risk Management

16

V.

Customer Education

16

VI.

Maintenance and Preservation of Records

16

VII.

Monitoring of Transactions and Risk Categorization

16

VIII.

Suspicious Transaction Reports (STR)

16

IX.

Employee Training

20

X.

Annexure

21

I.

OBJECTIVE

The objective of Know Your Customer (KYC) guidelines is to prevent the bank from being
used, intentionally or unintentionally, by criminal elements for money laundering or terrorist
financing activities. KYC procedure also enables banks to know/ understand their customer
and their financial dealings better which in turn help them manage their risk prudently. The
policy would be common to all the Retail Asset, EEG & Credit card products.
Customers are divided into following categories for the purpose of KYC requirement:
1. Individual:
a. Resident Individual
b. Account of Non Resident Indian, PIO and OCI
2. Non-Individuals / Entities
a. Proprietary Firm
b. Partnership Firm
c. Limited and Private Limited Company
d. HUF (Hindu Undivided Family)
e. Limited Liability Partnership( LLP )
Please note that the KYC module is a general requirement of KYC documents and any credit
document over and above the KYC document, may be specified by the policy team in their
respective policy notes.
The entire KYC process broadly comprises of four main parts:

Customer Identification Process

Customer Verification / Acceptance Process

Risk Management

Monitoring of Transactions

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II. CUSTOMER IDENTIFICATION

1. LOAN ACCOUNT OF INDIVIDUALS
a. Resident Individual
For account of individuals, a proof of photo identification and proof of address is to be enclosed
with Application Form. The application form should be signed by the individual and latest
passport size photograph should be affixed.
Name of the applicant on the KYC document should match the name mentioned on the
application form. Photograph of the applicant as seen on the KYC document to be of the same
person whose photograph is affixed on the application form. Applicant to sign such that part
signature is on photograph and part on application form.
Address of the applicant on the KYC document should match the current residence address
mentioned on the application form.
A comprehensive list of documents qualifying as KYC proof (Identity /Address proof) is
mentioned below (Any one document to be obtained)

Passport (valid as on date)

Permanent Driving License, which is valid with the photograph affixed thereon

Permanent Account Number (PAN) card Only Identity Proof

Voters Identity Card (Election card)

Job Card issued by NREGA duly signed by an officer of the State Government

Letter / Card issued by the Unique Identification Authority of India (UIDAI) containing
details of name, photograph, address and Aadhaar number. Accordingly, either the
physical Aadhaar card/ letter issued by UIDAI received through post or the Aadhaar
number validated thorough the e-KYC process is acceptable as an officially valid KYC
document for onboarding the customer and for re-KYC purpose.

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In case the proof of address furnished by the customer is not for the current mailing address
declared in the Account opening form (AOF), the ASC is required to obtain a declaration from
the customer of the mailing address (Refer Annexure I). If proof is submitted for the mailing
address and not for permanent address, the declaration need not be obtained from the
customer in respect of permanent address. It should, however, be ensured that both the address
are captured in the AOF.

In case the declaration is obtained for mailing address, positive

confirmation, through tele-verification or Field investigation, need to be held on record.

The processes defined for validation of Aadhaar to be ensured, if the Aadhaar number is
accepted for KYC (Circular reference Compliance /9/2013-14 dated October 24, 2013 and
Compliance /18/2013-14 dated March 25, 2014)

b. Signature Verification Documents

Signature verification document is to be submitted with all applications. If signature is present on
the KYC documents, the same is acceptable. Any one of the documents mentioned below can
also be accepted as valid signature verification proof

Processing Fee Cheque

Bankers Verification - Letter from the existing banker. Letter to be in original on the
Banks letterhead bearing the authorizing officers name and signature along with the
stamp of the bank. Signature verification letter issued by the customers Bank in the
prescribed format (Refer Annexure II) can also be accepted, provided the specimen
signature number of the certifying authority and stamp of the Bank is affixed on such
letter.
For Axis Bank customers, screen shot of the customer's signature as recorded in Finacle
can be accepted as a signature proof. The employee number and name of the official
verifying the signature from the system to be affixed on the printout of the same.
Applicants signature on the loan documents to match with the signature on any one
KYC document.
For all non-Financial Co-applicants to the loan where signature proof is not available, a
duly notarized affidavit in prescribed format (Refer Annexure III) can be accepted
provided the identity proof and address proof is taken for such non-financial coapplicant.

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c. Mismatch in Signature
In case of a minor difference in the signature consistency / flow in loan agreement with
the document(s) provided for customer identification, the Bank official would have to
obtain the signature mismatch declaration as mention in (Refer Annexure IV).
In case of major changes, like a complete change in the signature of the customer from
the signature appearing on the document for identification, a signature affidavit duly
stamped and notarized has to be obtained.
d. Accounts of Illiterate Persons
A person is said to be illiterate when he is unable to read and write. Given the
operational difficulties and risks involved, the accounts of illiterate persons should be
opened selectively and operated by exercising due caution. Such accounts should be
opened as joint accounts of illiterate person with his/her close blood relative.
Subject to above, for opening the account of illiterate person, thumb impression of the
illiterate person should be obtained on the account opening forms in presence of a Bank
official along with two passport size photographs. The thumb impression should be
followed by a rubber stamp as follows and the name of the person.
Left/right hand thumb impression of Mr. /Mrs./Ms. ___________
The convention of obtaining Left Hand Thumb impression of a male and Right Hand
Thumb impression of a female may be followed.
Accounts of persons signing in vernacular languages should be dealt with similar restraint
and caution.
A Declaration for having explained the contents of the document shall be obtained in
the prescribed format (Refer Annexure V).

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e. Difference in Name
Name of the applicant as mentioned on the loan application form and the name as on KYC
documents submitted is not exactly the same. A notarized affidavit has to be obtained from the
applicant.
f.

Co-applicants

In case of more than one applicant, the KYC documents (as mentioned under Point 1a) are
required for all the applicants. However, in case of husband and wife, address proof of any of
the spouse can be obtained. Similarly, in case of parents, siblings, son, daughter, in-laws address
proof of only one applicant may be obtained if a valid proof is obtained of such relationship. This
valid proof can either be a birth certificate, passport, PAN Card, Certificate from a State/
Central Education Board or from a recognized University, ration card, registered marriage
certificate, a duly notarized affidavit or the six KYC documents (if it contains name of relative
and relationship). A declaration is to be obtained (from the applicant whose address proof is
available) stating that applicant (whose address proof is not provided) is a relative and is staying
with him/her. Positive confirmation (tele-verification/FI) need to be done on address provided.
g. Married Woman with Maiden Name
In addition to the documents taken for proof of identity and address, following should be
ensured:
a) For change in surname after marriage, a copy of registered marriage certificate should
be obtained. In cases where such a certificate cannot be produced, a duly notarized
affidavit can be accepted.
b) For change of name after marriage, we may obtain a copy of the registered marriage
certificate along with a duly notarized affidavit and a copy of the related press
notification published. In some states, it is also the practice to publish such notifications in
the Official Gazette. In these cases, the copy of the Gazette should be produced.
h. Existing Customer
For existing relationship with customer is less than 2 years old / Re-KYC done in last 2 years,
fresh KYC documents are not required, if the Branch Head / Branch Operations Head of the
Branch having original account confirm through mail (in the specified format) that the main
account with them is KYC complaint. Format of KYC Compliance Certificate (Refer Annexure
VI) to be followed OR the Bank officer (mentioning his name, employee number and

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designation) checks the KYC compliance status in banks records and document that the
customer is KYC compliant. The communication address mentioned in the banks record to
match with the current mailing address, mentioned in the application form.
For existing relationship more than 2 years to 10 years, fresh KYC documents are not required
if:
If the customer is categorized as low risk as per internal guidelines and
The Branch Head / Branch Operations Head of the Branch having original account need
to confirm through mail (in the specified format) that the main account with them is KYC
complaint. Format of KYC Compliance Certificate as mentioned in (Refer Annexure VI) to
be followed OR the Bank officer (mentioning his name, employee number and
designation) checks the KYC compliance status in system and document that the
customer is KYC compliant. The communication address mentioned in the banks record
to match with the current mailing address, mentioned in the application form.
Fresh address proof document is required, in case the address mentioned on the Application
form is different from the address appearing in the Banks records.
i.

Low Risk Category

RBI has also advised that in respect of low risk category of customers, banks may accept
any one of the following documents for verifying the identity and address of the individual.
Based on the occupation declared by an individual that is mandated for the risk
categorization of an account at Bank level. A list of such customers classified as low risk is
given in Annexure VII. For this purpose, it needs to be ensured that the correct occupation
code of an individual is captured in the Account Opening Form. The documents listed for
low risk category would not be applicable to the customers, who have availed the
schemes of Priority and above as these are covered under HNI customers.

Identity Card with applicants photograph issued by Central / State Government

Departments, Statutory / Regulatory Authorities, Public Sector Undertakings, Scheduled
Commercial Banks, and Public Financial Institutions.

Letter issued by a Gazetted Officer containing the name, photograph and address of
the individual. The photograph has to be duly attested by the Gazetted Officer. An
indicative list of Gazetted Officers is given in Annexure VIII. ASC / CPC official needs to

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certify that the signing authority is a Gazetted Officer, empowered to issue such a
certificate.
j.

General Covenants: Resident Individual

1. Every KYC document has to be self-attested by the applicant.
2. Every KYC document submitted has to be verified with its original and a stamp Original
Seen and Verified is to be affixed and signed by the verifying official.
3. Every Application Form has to be affixed with the latest passport size photograph of the
prospective customer.
4. Care needs to be exercised by the official to compare the signature on the Application
Form with the signature (if available) appearing on the document submitted.
5. PAN / Form 60 / 61 has to be provided for all applicants. PAN has to be verified from the
Income Tax site and documented on the copy of the PAN mentioning the name of bank
officer, employee number and signature.
1. b. Non Resident Indian / Person of Indian Origin/Overseas Citizen of India
As per the extant KYC policy of the Bank, to the extent applicable to Retail Assets, EEG &
Credit Cards business. (Refer Annexure IX)

2. LOAN ACCOUNT OF NON INDIVIDUAL ENTITIES

The KYC documentation for non-individual entities will depend upon their constitution as a legal
entity and their registration. KYC compliance has to be done for the entity which is the borrower
and for the individuals who are authorized to apply / operate the loan account. Documents for
establishing photo identity and address proof of all the partners should be obtained.
Name of the company and Principal place of business as mentioned on the KYC document to
match with the details on the application form.
Mailing address of the company as mentioned on the KYC document to match with the details
on the application form.
The KYC of the individual has to be as per stipulation given in the Para 1.a. of Resident Individual.

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A) Proof of Identity & Address for limited / private limited companies

Table A
Proof of identity

Table B
Proof of address
(Any one of the following)

By Company:

1. Telephone Bill. The bill date should not be older than 3

months from the application date.

1. Copy of Memorandum

2. Electricity Bill/ Utility Bill. The bill date should not be older

2. Articles of Association
3. Certification

of

3. Shop & Establishment Act Certificate

Incorporation
By

Executing

signatory

Authorized

Director:

Refer

Additional Documents below

1. Passport

which

is

not

expired
License

with

Photograph which is not

expired
4. PAN card.
5. Letter / Card issued by the
Unique
Identification
Authority of India (UIDAI)
containing
details
of
name,
photograph,
address and Aadhaar
number.
Accordingly,
either
the
physical
Aadhaar
card/
letter
issued by UIDAI received
through
post
or
the
Aadhaar
number
validated thorough the eKYC
process
is
acceptable
as
an
officially
valid
KYC
document for onboarding
the customer and for reKYC purpose

KYC POLICY

4. SSI /MSME Registration Certificate

5. Sales Tax /VAT Registration Certificate
6. Current Account Bank Statement including Pass Book.
The latest copy of the statement / passbook should
have transactions which are not more than 3 months
old from the date of application and should contain

2. Voters Card
3. Driving

than 3 months from the application date.

minimum 3 customer induced transactions.

7. Registered lease agreement / Rent agreement only for
ltd/ pvt ltd companies
8. Latest available Income Tax / wealth tax assessment
order (only for Ltd / Pvt companies)
9. Copy of TAN / TIN allotment in the name of company
(only for Ltd / Pvt companies)
10. Address mentioned in Certificate of Incorporation to be
accepted as address proof
11. PAN intimation letter issued by IT authority. It must bear
name, and address of the entity. This should be
accompanied by either (a) print out from the website
confirming the PAN number- Print out to be duly signed
by account opening authority or (b) Copy of the PAN
card in the name of entity

Page 8

Additional Documents for Ltd / Pvt Ltd Company

Certificate of Commencement of Business (for Limited Companies)

PAN

Certified true copy of Board Resolution duly signed by Company Secretary /any director
subject to following:
a) If 2 (two) or more directors are signatories to the account - the BR can be signed by
Company Secretary or any two directors;
b) If only 1 (one) director is an authorized signatory and he has signed the BR singly The
same shall not be permitted. The BR needs to be certified by one more director of the
Company;
c) If only one director is an authorized signatory - the BR can be certified singly by any
another director who is not a signatory;
d) If none of the directors / Company Secretary are signatories to the account - the BR
can be certified singly by one director / Company Secretary;
e) The requirement of ID proof shall also apply to the Director / Company Secretary who
is signing and certifying the BR.

Latest list of all the Directors along with DIN, with their addresses, duly dated and signed
by the Company Secretary / director(s)/ extract from the MCA site. (In case the signatory
is a newly appointed director, form 32 should be taken.)

Latest Shareholding Pattern duly signed by Company Secretary / Director(s).

B) Proof of existence for proprietorship (Any one of the following documents)

Valid Sales Tax Registration Certificate

Valid Shops & Establishment Certificate

Valid Factory Registration Certificate

SSI /MSME Certificate

CST /VAT Certificate

Documents for establishing photo identity and address proof of proprietor, as applicable
for an individual above have to be taken.
Proof of Address for proprietorship as per Table B above.

C) Proof of existence for partnership firm (Any one of the following documents)

Duly stamped Partnership Deed Signed by all partners and PAN card /Form 60 (to be
taken for all cases)

Shops and Establishment Certificate issued by the civic authority.

IT Return in the name of the partnership firm. The IT Return should be acknowledged /
authenticated by the Income Tax Department.

Professional Tax certificate.

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Sales Tax Registration Certificate issued by Sales Tax Department

Intimation of Sales Tax Registration

Trade License issued by Local Authority in the name of the partnership firm

Certificate of enlistment / license / shop allotment letter issued by Municipal Corporation.

Tax receipts for property tax paid to the Municipal Body / Corporations. The tax receipt
should stand in the name of the firm.

License issued by DGFT confirming address

Small Scale Industrial Certificate Trade License issued by Department of Industries and
Commerce.

Drugs Selling license issued by Food & Drug Administration for Medical Dealers

Full Fledge Money Changer (FFMC) License issued by RBI.

Copy of A-1 Form (Application Form for VAT Registration) submitted and acknowledged
by issuing authority along with the copy of VAT Certificate issued. The copy of A1 form will
help in fetching all the necessary details of the partnership firm that are not incorporated
in the VAT Certificate including the name of partners.

Copy of VAT / TIN allotment certificates (as proof of existence of the Firm)

Firms Service Tax registration.

Registration for Fire Goods issued by Municipal Corporations.

Certificate of existence issued by village Administrative Officer / Panchayat Head /

Mukhiya / Village Developmental officer / Block development officer or Equal Rank
officer for customers in rural / village areas. ASC to ascertain and ensure that the official
who has signed the certificate has been empowered to do so.

Certificate issued by Trade/Industrial Associations. The Zonal BB Head would have to

approve the association for its acceptance as a valid association good for certifying the
address/proof of identity of the firm.

Certificate issued by District Industries Centre.

Shops and establishment act certificate issued in vernacular language by local authority
verified by Branch / ASC Head

Trade license from Labour Department. If generated online, the same would have to be
certified by the Municipal Authority.

Any communication/letter issued by a local / State / central govt. authority regarding a

tax acknowledgement / land premises allotment clearly mentioning the name of firm

Certificate Issued by respective government authority for units in SEZ (Special Economic
Zone), STP (Software Technology park), EOU (Export Oriented Unit), EHTP (Electronic

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Hardware Technology Park), DTA (Domestic Tariff Area) and EPZ (Export Processing Zone)
in the name of the entity mentioning the address allotted

Certificate of registration / a letter granting Certificate of Practice issued by professional

bodies such as ICAI (Institute of Chartered Accountants of India) in the name of the
chartered accountant firm. The CPC official to ascertain and verify the fact of the CA
membership online with the Institute of Chartered Accountants of India (ICAI) site).
Accounts can be opened only by those members of the Institute holding full time
Certificate of Practice.

A printout of the verification may be attached with the CA

Certificate to form a part of the Account Opening Form.

Partnership registration certificate if the firm is registered.

Registration certificate of recognized Provident Fund with PF commissioner

IRDA (Insurance Regulatory and Development Authority) license in the name of the
entity with address mentioned.
Proof of Address for partnership firm as per Table B above.

D) Proof of Identity for Hindu Undivided Family (HUF) (All of the following documents is to be
obtained)

Copy of the PAN Card / PAN Intimation letter / Form No. 60 in the name of the HUF

HUF letter with the name and signature of all adult male & female co-parceners /
Declaration from the Karta.

Identity and address proof of Karta to be obtained as per documentation for individual.

E) Limited Liability Partnership( LLP )

Table A
Proof of identity
(ALL the below documents)
1. Limited Liability Partnership
Agreement/ Deed
2. Certificate of Incorporation
3. PAN Card

Table B
Proof of address
(Any one of the following)
1. Telephone Bill. The bill date should not be older than 3
months from the application date.
2. Utility Bill. The bill date should not be older than 3
months from the application date.
3. Shop & Establishment Act Certificate
4. SSI/ MSME Registered Certificate

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5. Sales Tax /VAT Registration Certificate

6. Current Account Bank Statement including Pass Book.
The latest copy of the statement / passbook should
have transactions which are not more than 3 months
old from the date of application and should contain
minimum 3 customer induced transactions.
7. PAN intimation letter issued by IT authority. It must bear
name, and address of the entity. This should be
accompanied by either (a) print out from the website
confirming the PAN number- Print out to be duly signed
by account opening authority or (b) Copy of the PAN
card in the name of entity.

Additional Documents for LLP

KYC identity and address Proof of the designated partners of LLP and authorized
signatories, if different from the designated partners.

The list of all existing designated partners of the LLP along with the designated
partner identification number (DPIN) issued by the Central Government on LLP
letterhead / extract from the MCA site.

Letter of authority in prescribed format passed at the meeting of the Designated

Partners for the applying and opening the account.

F) Identification of Beneficial Owner (BO) for Non Individuals

Rule 9 (1A) of the Prevention of Money Laundering Rules, 2005, requires that every banking
company and a financial institution, shall identify the beneficial owner (BO) and take all
reasonable steps to verify his identity.

The Reserve Bank of India (RBI) has, in accordance

with the said Rule, issued detailed guidelines and has mandated the obtention of details of
beneficial owners for various types of non-individual customers.
As per section 12 of the Prevention of Money Laundering (Amendment) Act (PMLA), 2012,
Banks are required to identify the beneficial owner and also maintain a record of the
documents evidencing the identity of beneficial owners.

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RBI has now prescribed criteria for identifying the beneficial owner based on the customer
constitution as detailed below:

Customer
Constitution
Companies

Controlling Ownership Interest

The beneficial owner is the natural person(s), who, whether
acting alone or together, or through one or more juridical
person, has a controlling ownership interest or who exercises
control through other means.
Explanation.- For the purpose of this sub clause1. "Controlling ownership interest" means ownership of or
entitlement to more than twenty-five percent of shares or
capital or profits of the company;
2. "Control" shall include the right to appoint majority of the
directors or to control the management or policy decisions
including by virtue of their shareholding or management rights
or shareholders agreements or voting agreements;

Partnership Firms

The beneficial owner is the natural person(s), who, whether

acting alone or together, or through one or more juridical
person, has ownership of/entitlement to majority more than
fifteen percent of capital or profits of the partnership;

Un-incorporated
association
or
Body
of
Individuals

The beneficial owner is the natural person(s), who, whether

acting alone or together, or through one or more juridical
person, has ownership of or entitlement to more than fifteen
percent of the property or capital or profits of such association
or body of individuals;

Trusts

The identification of beneficial owner(s) shall include

identification of the author of the trust, the trustee, the
beneficiaries with fifteen percent or more interest in the trust
and any other natural person exercising ultimate effective
control over the trust through a chain of control or ownership;
The author of the Trust has to be identified if the same is
mentioned in the Trust Deed.

(b)

If there exists doubt on whether the individual or natural person with the controlling

ownership interest is the beneficial owner, the identity of the natural person exercising control
over the juridical person by way of voting rights, agreement, arrangements, etc. may be
considered.
(c)

In case no natural person can be identified as stated in the above paragraphs, CPC

may identify the relevant natural person who holds the position of senior managing official.

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(d) If account is opened for Individual, HUF, Sole Proprietorship and Government Entity,
beneficial ownership will not be applicable.
e) Where the client or the owner of the controlling interest is a company listed on a stock
exchange, or is a subsidiary of such a company, it is not necessary to identify and verify the
identity of any shareholder or beneficial owner of such companies.
CPC are therefore required to identify and verify the identity of the beneficial owner in case
of non-individual customers at the on-boarding stage. For this, CPC should obtain a selfdeclaration on beneficial ownership from the prospective non-individual customer in an
appropriate format, as given below, and also obtain identity and address proof documents
of the beneficial owner(s).
Sr. No.
1

BO Declaration
Annexure A

Type of Constitution
Partnership, Limited Liability Partnership (LLP), AOP/Society,
Trust/Club, University, Institution

ANNEXURE-A.doc

Annexure B

Pvt Ltd. Company, Public Ltd. Company, Foreign Ltd.

Company/OCB

ANNEXURE-B.doc

The following officials are authorized to sign the BO declaration:

Constitution
Partnership
Limited Liability Partnership (LLP)
Trust
Association of Persons (AOP),
Society and Club
University and Institutions
Company

KYC POLICY

Authorized Official
Active Partner
Designated Partner
Trustee
Senior member
Member of the Managing Committee
Official authorized to sign the
Resolution

Board

Page 14

III. CUSTOMER VERIFICATION

In addition to the collection of the KYC documents, the customers identity and address to be
confirmed by way of Field Verifications, Telephonic Verifications and sample RCU checks
through third party agencies as prescribed.
Existence of an applicant at the given address to be confirmed by physically visiting the address.
During the physical visit, the person met and his/her relation with the applicant is to be captured.
Mandatory checks to include

Correctness of address

Third party confirmation from either neighbor or security guard of the society.

Tele-verification checks to confirm similar details.

RCU to do a sample check on the KYC documents submitted. This is to establish the authenticity
of the documents submitted. All such documents should mandatorily be stamped as RCU
screened / RCU sampled.
Dedupe check which is incorporated in FinnOne as a stage to be carried out for every
applicant so as to ensure that the identity of the customer does not match with any person with
known criminal background or with banned entities such as individual terrorist or terrorist
organizations. The FinnOne master data is regularly updated with RBI defaulter list, terrorist
organization list, etc.
FI checks, tele-verification checks and RCU checks are only for confirmation of the customers
contact details and cannot substitute KYC documents.

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IV. RISK MANAGEMENT

Concurrent / Internal Auditors should specifically check and verify the application of KYC
procedures at the ASC / CPC and comment on the lapses observed in this regard.
V. CUSTOMER EDUCATION
The KYC information is made available on the Bank Website to educate the customer of the
objective of KYC program.
VI. MAINTENANCE AND PRESERVATION OF RECORDS
For all Retail Asset, EEG & Cards products, the KYC documents along with the file to be retained
at the Bank for a minimum period of 5 years from the date of closure of the account/ date of
last transaction with the customer.
VII. MONITORING OF TRANSACTIONS AND RISK CATEGORIZATIONS
The collection team of the Retail Asset, EEG & Cards department follows up with the customers
which are overdue for the recovery of the amount. Further the department complies with
Income Recognition circular of RBI which requires every Bank to classify the portfolio into
standard assets, substandard assets, doubtful assets and loss asset which indicates the risk
associated with the underlying customer. The above procedures are adequate monitoring of
transactions and risk categorizations.
VIII. SUSPICIOUS TRANSACTIONS REPORTS (STR)
In terms of Prevention of Money Laundering Act (PMLA) Rules, the Bank has to submit
Suspicious Transaction Report in respect of accounts/transactions, as and when detected by the
Bank. Suspicious transaction" means a transaction including an attempted transaction, whether
or not made in cash, which to a person acting in good faith:(a) gives rise to a reasonable ground of suspicion that it may involve proceeds of an offence
specified in the Schedule to the Act, regardless of the value involved; or
(b) appears to be made in circumstances of unusual or unjustified complexity; or
(c)appears to have no economic rationale or bonafide purpose; or
(d) gives rise to a reasonable ground of suspicion that it may involve financing of the activities
relating to terrorism;.

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i.

In case of suspicious transactions, discreet enquires should be made about customers

occupation/ business, confirm the communication address, reason for such conduct in the
account, etc and immediately report to Money Laundering Reporting Officer (MLRO) of the
Bank in case strong grounds of suspicion can be established. The necessary information as
requested by the FCM unit shall be provided by the ASC in the Questionnaire Format.
ii.

It

may

also

be

noted

that

the

background

including

all

documents/office

records/memorandums pertaining to such transactions and purpose thereof should be

examined and the findings at branch/department level should be properly recorded and
preserved for ten years as is required under PMLA, 2002.
iii.

In some cases, where the transaction in a particular account is found to be of unusual

nature that warrants further enquires, it has been observed that the customer has
abandoned/aborted the transactions on being asked to give some details or to provide
documents. All such attempted transactions should also be reported in STRs, even if not
completed by customers, irrespective of the amount of the transaction.
iv.

In case, where there is reasonable ground to believe that the transaction involve

proceeds of crime, an STR should be filed by the Branch, irrespective of the amount of
transaction and/or the threshold limit.
v.

The Branch shall not put any restrictions on the operations in the accounts where an STR

has been made. Further it should also be ensured that there is no tipping off to the customer at
any level. The Branch and its staff should keep the fact of furnishing suspicious transaction
information strictly confidential

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INDICATIVE GROUNDS OF SUSPICION REPORTED IN STR AS PER FIU-IND

No

Suspicion

Summary of detection and review

False Identity

Identification documents were found to be forged during

customer verification process. The account holder was not
traceable

Wrong Address

Welcome pack was received back as the person was not staying
at the given address or address details given by the account
holder were found to be false. The account holder was not
traceable

Doubt over the real

beneficiary
of
the
account

The customer not aware of transactions in the account.

Transaction were inconsistent with customer profile

Account of persons
under investigation

The customer was reported in media for being under investigation.

Account
criminal

Name of the account holder and additional criteria (Date of birth/

Fathers name/ Nationality) were same as a person on the watch
list of UN, Interpol etc.

Account
used
cyber crime

for

Complaints of cyber crime were received against a customer. No

valid explanation for the transaction by account holder

Account
used
lottery fraud

for

Complaints were received against a bank account used for

received money from the victims. Deposits at multiple locations
followed by immediate cash withdrawals using ATMs. No valid
explanation provided by the account holder

Doubtful activity of a
customer from high risk
country

Cash deposited in a bank account at different cities on the same

day. The account holder a citizen of a high risk country with
known cases of drug trafficking

Doubtful investment in
IPO

Large number of accounts involving common introducer or

authorised signatory. Accounts used for multiple investments in
IPOs of various companies

10

Unexplained
between
accounts

transfers
multiple

Large number of related accounts with substantial inter-account

transactions without any economic rationale

11

Unexplained activity in

Sudden spurt in activity of dormant account. The customer could

KYC POLICY

of

wanted

Page 18

dormant accounts

not provide satisfactory explanation for the transactions

12

Unexplained activity in
account inconsistent
with the declared
business

Transactions in account inconsistent with what would be

expected from declared business. The customer could not
provide satisfactory explanation

13

Unexplained
large
value
transactions
inconsistent
with
clients
apparent
financial standing

Large value transactions in an account which usually has small

value transactions. No valid explanation provided by the account
holder.

14

Doubtful source of
payment for credit
card purpose

Credit card topped up by substantial cash first and then used for
incurring expenses. Cumulative payment during the year was
beyond known sources of income.

15

Suspicious use of ATM

Card

Frequent cash deposits in the account followed by ATM

withdrawals at different locations. No valid explanation.

16

Doubtful use of safe

deposit locker

Safe deposit locker operated frequently though the financial

status of client

17

Doubtful source
cash
deposited
bank account

of
in

Frequent cash transactions of value just under the reporting

threshold. Cash transactions split across accounts to avoid
reporting. No valid explanation provided.

18

Suspicious
cash
withdrawals from bank
account

Large value cheques deposited followed by immediate cash

withdrawals

19

Doubtful
foreign
transfers
account

source of
inward
in
bank

Deposit of series of demand draft purchased from Exchange

House abroad. Sudden deposits in dormant account immediately
followed by withdrawals

20

Doubtful remitter of
foreign remittances

Name and other details of the remitter matches with a person on

watch list.

21

Doubtful beneficiary
of foreign remittance

Name and other details of the remitter matches with a person on

watch list.

22

Doubtful utilizations of
foreign remittances

Foreign remittance being withdrawn in cash immediately. No valid

explanation

23

Misappropriation
funds

Reports of misappropriation of funds. Substantial cash withdrawals

in account of a charitable organizations.

KYC POLICY

of

Page 19

IX. EMPLOYEE TRAINING

A training module comprising KYC guidelines is made available to the ASCs & CPCs. It is crucial
that all those concerned fully understand the rationale behind the KYC policy and implement
them consistently.

KYC POLICY

Page 20

Date:

Annexure I
(Specimen of Declaration to be obtained for proof of the mailing address)

To
The ASC Head
___________________ Branch
Axis Bank Limited
_____________________________________
_____________________________________
_____________________________________
Dear Sir/Madam,
My Mailing Address for loan account with Axis Bank
I declare and confirm that for opening loan account with your Branch at Axis Bank, my local
address, which is to be recorded as my mailing address in the account is as follows: _______________________________________________________________________________________
_______________________________________________________________________________________
(Please mention the House No./Flat No./Road No./Street No./Floor No./Department and
Landmark, as applicable)
City ___________________________ State ________________________(India), PIN Code _________
Contact Details Telephone Number (Office / Local / Residence) _________________________
Mobile No. _______________________________Email Address ____________________________
My permanent address is __________________________________________________________________
and towards proof of same, I am enclosing ______________ document
I authorize the Bank to send all correspondence, including all deliverables to me at the aforesaid
mailing address.
I undertake to immediately inform the Bank in case there is any change in my registered
correspondence address, but not later than 2 weeks of such change.
In case the address submitted by me as proof, undergoes a change, I note to submit the fresh
proof of address to the Branch for updation of the records. I hereby agree and undertake to
hold harmless and keep Axis Bank fully indemnified against claims and damages, which may be
made in respect hereof by reason of Axis Bank relying and acting on this declaration.

Yours faithfully,

KYC POLICY

Page 21

Annexure II
SIGNATURE VERIFICATION
[FOR INDIVIDUAL BORROWER]
To
AXIS Bank Ltd
_____________________
_____________________
Dear Sir
Ref: Signature Verification of Mr. /Ms.______________________________________
This
is
to
confirm
that
the
signature,
as
set
out
below,
Mr./Ms.___________________________________________(s/o
or
w/o
or
d/o___________________________________________________________)
residing
____________________________________________________________________________has

of
/
at

been verified as per our records. We also confirm that he/she has been operating and
maintaining account (A/c. No._______________________________________) with our bank
(________________________________________branch) since_____/____/_______.

Signature of
Mr./Ms._________________________________________:____________________________________

Yours sincerely,

_______________________________(Signature of Bank Official who attests the signature)

Name:___________________________
Designation:______________________(either fill in OR affix rubber stamp)
Name and Address of the Bank Branch:____________________________________________________
_____________________________________________________________________________________

KYC POLICY

Page 22

Annexure-III
Affidavit for Non Availability of Signature Verification Document
(to be stamped and notarized)
To,
Axis Bank Ltd
_____________
_____________
Dear Sir/ Madam,
With reference to my application for a _____________________________________ loan, I hereby
affirm that I do not possess any signature proof document.

My signature is as under and I hereby confirm that all actions and transactions
authorized/executed by me using the below signature shall be legally binding on me.

Signature:

Name: ___________________________________________________________________________________

Address: _________________________________________________________________________________
Date:_________________

KYC POLICY

Page 23

Annexure IV
Signature Mismatch Declaration
To,
The ASC Head
_________________ ASC
Dear Sir/ Madam,
With reference to my request for _________________(loan Product). I hereby affirm that my
signature has changed from the one featured in my _______________________(document) over
passage of time. My present signature is as under and I hereby confirm that all actions and
transactions authorized/executed by me using the below signature shall be legally binding on
me.

Previous Signature

Present Signature

Name:
Account no./Customer ID:

(write new if new to the bank customer)

Date:
I agree to indemnify and keep indemnified the Bank at all times from and against all costs,
charges, damages, penalties (including attorney fees) suffered and/or incurred by for any act
done or omitted to be done on account of the above declaration.

Present Signature
-------------------------------------------------------------------------------------------------------------------------------------------Bank Certification (to be certified by the Bank Officer)
I certify that the customer has personally met and has signed in my presence. Kindly process the
request.
Signature:
Name:

Bank Officer

Employee No.

KYC POLICY

Page 24

Annexure V
DECLARATION
(to be obtained in case the executant signs in the language other than English and
Illiterates)
The contents of the Agreement dated ___________________ executed by (1)__________________
(2) __________________ (3)__________________
In favour of Axis Bank Ltd. for the credit facilities / loan of Rs.________________ have been read
over and translated into________________ and explained to Mr./Mrs.______________________ the
Borrowers / Guarantors and he / she / they having understood the contents thereof subscribed
to the Agreement (dated at ___________________ this ____________day of __________________
20____)
Declarants Name & Address

Signature of Declarant

Date

KYC POLICY

Page 25

Annexure-VI
KYC compliance certificate
This is with reference to the application of (Customer Name) for (Product)
We certify that we have collected the KYC documents for the above mentioned customer as
per KYC guidelines of the Bank, for customer ID _______________________ in name of
___________________.
The said account is KYC complaint as per laid down norms.
Date of Account Opening: ________________________
The address as per our records is as under ___________________________________
This is for your information.

Regards,

Name of the Branch Head / Branch Operations Head/CPC Head /Operation Head:
________________________________
Employee No:__________________
Branch: ______________________________

KYC POLICY

Page 26

Annexure-VII
Low Risk Category
OCCUPTIONCODE

OCCUPTION CODE DESCRIPTION

OCCUPTIONRISK

ACCOUNTANT

Low

ADMINSTRATOR

Low

003 - ADVISOR

Low

006 - ATTENDANT

Low

009 - BAKER

Low

10

BANK'S SERVICE

Low

15

CABINET MAKER

Low

16

016 - CARETAKER

Low

17

017 - CARPENTER

Low

19

019 - CLERK

Low

20

COMPANY

Low

21

021 - CONTRACTOR

Low

22

022 - COOK

Low

23

023 - JUDGE

Low

24

024 - CONSULTANT

Low

25

CULTURAL ASSITANT

Low

26

DEPUTY COMMISSIONER

Low

28

DISPENSER

Low

29

029 - DOCTOR

Low

30

030 - DRIVER

Low

31

ECONOMIST

Low

32

ENGINEERING

Low

33

033 - EXECUTIVE ASSISTANT

Low

34

034 - FACTORY WORKER

Low

35

FILL. STA. WORKER

Low

36

FIREMAN

Low

37

037 - FISHERMAN

Low

38

FISHMONGER

Low

39

GANGMAN

Low

40

GARAGIST

Low

41

GENARAL RETAILER

Low

42

GOVERNMENT SERVICE

Low

43

043 - HAIRDRESSER

Low

44

044 - HELPER

Low

45

045 - HOUSEWIFE

Low

50

LABOURER

Low

51

LECTURER

Low

KYC POLICY

Page 27

52

052 - LIBRARIAN

Low

53

LORRY DRIVER

Low

55

MAID

Low

56

MANAGER

Low

57

MANUAL LABOURER

Low

58

MARKET EMPLOYEE

Low

59

MASON

Low

61

MESSENGER

Low

62

MINOR

Low

63

MARKETING ASSISTANT

Low

65

NURSE

Low

66

OFFICER

Low

67

OPERATOR

Low

69

OVERSEER

Low

70

070 - PENSIONER

Low

71

071 - PHARMACIST

Low

72

PLANTER

Low

73

POLICEMAN

Low

74

074 - POSTMAN

Low

75

PRIEST

Low

76

PROOF READER

Low

77

PROGRAMMER

Low

79

PRIVATE TAILOR

Low

80

QUANTITY SURVEYOR

Low

81

RECTOR

Low

83

RELIEF WORKER

Low

84

SECRETARY

Low

87

SALESMAN

Low

88

STOREKEEPER

Low

89

089 - SCHOOL STUDENT

Low

90

SUPERVISOR

Low

91

SYSTEMS ANALYST

Low

92

TAILOR

Low

93

TAXI DRIVER

Low

94

TEACHER

Low

95

095 - TECHNICIAN

Low

96

TIMEKEEPER

Low

97

TRADER

Low

98

098 - TYPIST

Low

99

UNEMPLOYED

Low

100

100 - WAITER

Low

KYC POLICY

Page 28

101

101 - WATCHMAN

Low

102

WATCHMAKER

Low

103

103 - WELDER

Low

104

AGRICULTURIST

Low

105

SERVICE-PUBLIC SECTOR

Low

106

Low

111

SERVICE-PRIVATE SECTOR
111 - SMALL ROAD TRANSPORT
OPERATOR

112

SALARIED

Low

130

SERVICES

Low

133

133 - UNDER GRADUATE

Low

134

134 - POST GRADUATE

Low

135

135 - STUDENT - OTHERS

Low

136

136 - RETIRED

Low

138

138 - SOFTWARE ENGINEER

Low

139

139 - CHARTERED ACCOUNTANT

Low

140

140 - ENGINEER

Low

142

142 - OTHER PROFESSIONAL

Low

143

143 - ARTISAN

Low

145

145 - ARCHITECT

Low

151

151 - PROFESSOR

Low

152

152 - UNEMPLOYED

Low

154

154 - FARM ACTIVITY

Low

155

155 - NON-FARM ACTIVITY

Low

156

156 - OTHERS - AGRI

Low

172

172 - PHARMACIST

Low

112A

SAL(RETIRAL AGE 58)

Low

112B

SAL(RETIRAL AGE 60)

Low

113A

Defence (CO)

Low

113B

Defence (JCO)

Low

113C

Defence (NCO)

Low

KYC POLICY

Low

Page 29

Annexure-VIII

Indicative list of examples of Gazetted Officers, who may attest copies of documents or certify
the bonafides of a customer are as follows:

Officers of the Armed Forces

Principals and Faculty members of Central, State Universities and Government Degree
Colleges
Central and State Government Employees with Group A service rules (IAS, IPS, IFS, IRS,
Geologist of GSI etc.)
Patent Examiner (Government Services)
Scientists (in government funded research organizations)
Vice-Chancellor to Assistant Registrars of Universities
Doctors, Engineers and Drug Controller (central and state services)
Magistrate and above in judicial services
Doctors (state government service)
Drugs Inspector (state government service)
SDO, BDO in State Governments
Secretary Grama Panchayat, Kerala
Circle inspector etc. in State Administration
Principal of Government Lower or Upper Schools
Junior college teachers of Government Colleges
Income Tax and Revenue Officers
Senior and (AAO) Assistant Audit/Accounts Officers of (IA&AD) (CAG) Indian P&T
Accounts and Finance Services and Section Officers
Officers in the grade of Tehsildars and above
Public Works Department Assistant Engineer and Sub-Division Officer
Civil Surgeons and Doctors in Government Hospitals

KYC POLICY

Page 30

Annexure IX
KYC Guidelines for NRI/PIO/OCI and Foreign Nationals
The circular issued by Compliance department for KYC Guidelines for NRI/PIO/OCI and Foreign
Nationals are mentioned below:
Compliance Circular No. 7/ 2013-14 dated 28th August 2013
Compliance Circular No. 10/2013-14 dated 13th November 2013
Compliance Circular No. 11/2014-15 dated 4th July 2014
Compliance Circular No. 13/2014-15 dated 28th July 2014
Please note that the KYC module is a general requirement of KYC documents and any credit
document over and above the KYC document, may be specified by the policy team in their
respective policy notes.
1. Status Determination
As per the Banks Customer Acceptance and Identification procedures, the Officer of the Bank,
who accepts any New to Bank relationship is expected to first determine the status of the
applicant (whether the applicant qualifies to be an NRI / PIO / Resident) and then obtain
relevant documents to verify the basic KYC details that would confirm that the applicants status
as an NRI / PIO / Foreign National.
1.1. Non-Resident Indian (NRI)
RBI Definition: As defined in Regulation 2 of FEMA Notification No 5, dated May 3, 2000, an
NRI is a person resident outside India, who is a citizen of India or is a Person of Indian origin.
An NRI is an Indian Citizen who stays abroad for the purpose of carrying out employment,
studies, business or vocation indicating an intention to stay outside India for an uncertain
duration; posted in UN organizations or officials deputed abroad by the Government or
Public Sector Undertakings on temporary assignment. Indian nationals who may be Mariners/
working on oil rigs / foreign registered airlines are also treated as NRIs.
Please note that the Indian Income Tax act has different definition for NRIs. We may not
consider that definition while considering applicant for opening NRI accounts, which
definition is important for taxation purpose only.
1.2. Person of Indian Origin (PIO)
RBI Definition: As per Regulation 2 of FEMA Notification, a PIO is defined as a citizen of any
country other than Bangladesh or Pakistan, if,
(a) He/ she, at any time, has held an Indian passport, or

KYC POLICY

Page 31

(b) He/ she or either of his/ her parents or any of his/her grandparents was a citizen of India by
virtue of the Constitution of India or Citizenship Act, 1955, or
(c) He/she is a spouse of an Indian citizen or of a person of Indian origin
1.3. Foreign National
A foreign national is a citizen of another country (holding a foreign passport) who may reside
in India for the purpose of employment, studies, business or tourism or any other allowed
purposes.
The following documents should be obtained:
a) A copy of valid foreign passport (pages with applicants name, date of birth, date and
place of issue, expiry date, photograph, signature and observation page, if any. A copy
of valid Indian work visa / work permit / resident permit
b) A copy of valid overseas address proof (As per the acceptable list of address proof)
c) A copy of valid Indian address proof (As per the acceptable list of address proof)
d) Recent passport size photograph
e) Declaration cum Undertaking signed by the Foreign National.
f) The registration certificate obtained from Foreigners Registration Office (FRO) /
Foreigners Regional Registration Office (FRRO).
g) Letter from employer/ contract letter / permission of RBI in case of business, Proof of
Admission in University, as applicable.
1.4. Returned NRI
A returned NRI is a person of Indian nationality or origin, who has returned to India on or after
April 18, 1992 for permanent settlement, after being resident outside India for a continuous
period of not less than one year.
2. Mandatory KYC documents
2.1. For NRIs
a) Recent passport size photograph
b) Copy of Valid Indian Passport (pages with applicants name, address, date of birth, date
and place of issue, expiry date, photograph, signature and observation page, if any).
The passport should be valid for the succeeding complete six months from the date of
application for the opening of the account.
c) Proof of NRI status, by way of valid Employment/Residence/Student/Dependent Visa
copy or Work / Residence Permit (the visa could be either in the passport or given
separately or e-visa) Please refer Section 4 for visa type and validity.
d) Proof of Overseas Address (list of acceptable proofs is given in Point 5)
All the documents should be self-attested by the applicant - customer.
2.2. For PIOs
a) Recent passport size photograph

KYC POLICY

Page 32

b) Copy of Valid Passport (pages with applicants name, date of birth, date and place of
issue, expiry date, photograph, signature and observation page, if any)
c) Proof of PIO status. The list of accepted PIO proof documents is given below
d) Proof of Overseas Address. The list of acceptable proofs is given in Point 5
e) Duly signed and filled-in PIO declaration in the NRI AOF (Account Opening Form)
All the documents should be self-attested by the applicant - customer
List of acceptable documents for PIO proof
a)
b)
c)
d)

PIO Card or OCI Card or

Expired Indian Passport or
Voters ID card or
Recent NRE Bank Account Statement from any scheduled Bank in India (not more than 3
months old) or
e) Copy of Birth Certificate or
f) Copy of Indian Ration Card or
g) Copy of Registered Marriage Certificate or
h) Certificate issued by Indian Embassy or Consulate proving customer PIO status or
i) Existing/ Expired Indian Passport /Voters id card of Spouse/ Mother/ Father/Grand
Parents(In this case a valid relationship proof need to be obtained)
However, no separate proof for PIO status need be insisted upon when the place of birth as
appearing in passport is part of post independent India and the date of birth of the applicant is
on or after 26th January, 1950. The rationale is that any person born in India after 26th January,
1950 automatically becomes citizen of India by birth as per Citizenship Act, 1955.
In case of a person qualifying as PIO by virtue of being a spouse of an Indian Citizen or PIO,
the marriage certificate along with proof of Indian citizenship / PIO status of the spouse should
be obtained. Such bank accounts are to be opened jointly with his / her NRI/PIO spouse.
Note: Indian PAN (Permanent Account Number) card is not an acceptable proof of PIO status.
2.3 For Foreign Nationals
Foreign Nationals coming to India may open and maintain Indian Rupee accounts in India.
Considering that the operations in these accounts are closely regulated, these have to be
monitored regularly.
3. Compulsory Verification of documents:
3. 1. Photograph
Photograph on the AOF should bear a resemblance to the applicants photograph on the
Passport, else a separate photo ID proof to be obtained (mentioning applicants name,
applicants fathers name and applicants date of birth)
3. 2. Name
Name of all the applicants on the AOF should match with the name mentioned on Passport /
PIO Card / OCI Card.

KYC POLICY

Page 33

In case of resident Indian joint holder, name of the joint holder mentioned on the AOF should
match with the given valid photo identity proof (list given below under Point 5).
In case of change of name post marriage, a copy of Registered Marriage Certificate or
Notarized Affidavit mentioning the pre-marriage and post marriage name, may be accepted.
For other cases of difference in name appearing on the passport and the name declared by the
customer on the Account Opening Form, the Branch may obtain a notarized affidavit
confirming the correct name along with an alternate officially valid document, which is in the
name declared by the customer in the Account Opening Form.
3.3. Passport Expiry Date
The passport should be valid for the succeeding complete six months from the date of
application for the opening of the account. Any renewal should be endorsed on the passport.
4. Visa Type and Validity
The Visa should be current and valid Employment/ Residence/ Student or Dependent visa. It
should NOT be a Tourist/ Medical/ Business visa (e.g. B1/B2 of USA) or any other short term
visa (except employment/residence/student visa). The following types of Visa are
acceptable for the opening of accounts, provided the additional conditions as mentioned
for each case are complied with:
1. Entry / Re-Entry Work / Residence Visa accompanied with valid employment
contract/offer letter containing requisite information on Salary, duration of job and place
of posting along with customer signed declaration will be accepted to open an
account. The offer letter should be on company letter head with company seal and
signature.
For students, the university admission letter (mentioning the duration of the course*) and
signed customer declaration along with short term visa will be accepted to open an
account.
The customer has to submit the valid visa before expiry of the Entry
Work/Residence/Student Visa, failing which the account balance would be frozen/
closed.
Re-entry permit of Saudi Arabia where the Iqama number is mentioned on it, is also
acceptable with customer declaration.
* Duration of the program should not be less than 6 months.
2. Bridging Visa for customers resident in Australia can be accepted for account opening.
A copy of the customer passport which bears the original expired Visa, along with the
email regarding issuance of the bridging visa needs to be submitted.

KYC POLICY

Page 34

Branch needs to ensure that the original visa was a valid long term resident/work Visa
and Bridging Visa is issued for the same category.
3. E-Visa for customers resident in Australia can be accepted for account opening. For eVisa, the branch official needs to verify the validity and type of visa by logging on to
http://www.immi.gov.au/e_visa/vevo.htm and providing customers passport number,
Date of Birth and Visa grant number/reference number. The print of the screenshot of the
webpage mentioning the visa details should be attached along with the Account
Opening Form, duly attested by the branch official.
4. I 797A and I 797C be accepted for account opening for customers resident in the USA. A
copy of such a visa, mentioning the date of issue and the date of expiry, along with the
original expired visa needs to be submitted.
5. Resident Permits/Cards, as mentioned below can be accepted as visa
a. USA Green Card
b. USA Employment Authorization Card
c. Singapore Non Resident Card
d. Singapore Employment Pass
e. Singapore Dependent Pass (Should be supported by sponsors valid visa)
f. Malaysian Resident Card
g. Iqama of Gulf Countries
h. Electoral Card of Panama
i. Hong Kong Identity Card
j. Japan Permanent Resident Card
(Many of these cards do not have expiry date mentioned on it because it does not
expire for the duration of residency in that country)
6. Valid Nigerian Temporary Resident Card duly attested by the Immigration officer (with
seal and signature) along with re-entry Visa of Nigeria
7. Short Term IM visa along with the approval copy of Permanent Residency for customer
resident in Canada
8. E-Visa of Canada along with a visa declaration form (part of AOF), provided it is a valid
employment/resident/student/dependent visa,
9. Dependent Visa can be accepted only when submitted along with the Sponsors visa,
provided Sponsors Visa is a valid resident or work visa.
IMPORTANT NOTE: In case the Visa is in a foreign/regional language not familiar to the Bank, the
translated version of the Visa duly attested by a foreign embassy/ consulate / Public Notary
needs to be obtained.
The expiry date of the Visa would be invariably captured in the account details in Finacle. Post
expiry of the Visa, the account balance would be frozen. Branches are advised to ensure that
the updated Visa details are obtained and captured in the account records.

KYC POLICY

Page 35

5. Address
For proof of overseas address, a copy of any one of the following documents duly attested as
per procedure prescribed in point 7 may be obtained. The requirement of overseas address is
not applicable to accounts of mariners / seafarers.
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
m)
n)
o)
p)
q)
r)

Passport
Bank statement (not more than 3 months old from the date of application) of Overseas
or India based bank.
Valid Permanent Overseas Driving License
Credit Card statement (not more than 3 months old)
Company ID card indicating the address
Certificate from Indian Diplomatic Mission stating the contact address
Government ID card (SSN / Green Card / PIO card / OCI card)
Utility bill (electricity/ gas/phone/ water not more than 3 months old from the date of
application)
Appointment letter of overseas Employer Corporate.
Letter from foreign University stating the address (for on-campus lodging)
Registered Purchase / Sale Deed or agreement
Foreign Government issued Identity Card
Lease / Rent / Leave and License agreement indicating the address of the customer
duly registered with Government or similar registration authority.
Valid employment contract letter.
Valid employment offer letter.
Employers certificate for proof of overseas address.
Letter from the government postal services confirming the address of the applicant.
Permanent Resident Permit / Work Permit mentioning the overseas address. Following
are some of the residence permits that have the address mentioned thereon: Kuwait-Bataaka Madaniya (Civil ID), Saudi Arabia-Iqaama (Residential permit), OmanResidence Card, UAE-Labour Card , Bahrain-CPR (Central Population registry) Card and
Qatar-Residence Card, Singapore/Malaysia Permanent Resident Card

Address proof document stating the same P.O. Box number for different customers can be
accepted as overseas address proof. (Applicable for Middle East countries only).

In case the overseas address proof is in a foreign language not familiar to the Bank, a
translated version of the same duly attested by the foreign embassy/ consulate / Public
Notary is required. The document translated by a Government Registered Translator may be
accepted.

If the customer is going abroad for employment/study purpose for the first time, he/she may
provide the company/university address as overseas address. In this case, a letter from the
university confirming the admission, OR valid offer letter from the employer, stating the
company address may be accepted as address proof.

The address proof can be of self or in the name of close relative / spouse only. Close relatives
are defined in Section 6 of the Companies Act, 1956.

KYC POLICY

Page 36

MEANING OF "RELATIVE"
A person shall be deemed to be a relative of another, if, and only if,
(a) They are members of a Hindu undivided family; or
(b) They are husband and wife; or
(c) One is related to the other in the manner indicated in Schedule IA.
Schedule 1A of Section 6 of Companies Act
List of permissible close relatives
1. Father
2. Mother (including step-mother)
3. Son (including step-son)
4. Sons wife
5. Daughter (including step-daughter)
6. Fathers father
7. Fathers mother
8. Mothers mother
9. Mothers father
10. Sons son
11. Sons Sons wife
12. Sons daughter
13. Sons daughters husband
14. Daughters husband
15. Daughters son
16. Daughters sons wife
17. Daughters daughter
18. Daughters daughters husband
19. Brother (including step-brother)
20. Brothers wife
21. Sister (including step-sister)
22. Sisters husband

In case of address proof in the name of close relative / spouse, additional documents need
to be collected:
a) Identity and address proof of close relative/spouse
b) A declaration from the relative that the prospective customer wanting to open the
account is a relative and is staying with him / her.

Important:

Documents for confirming the Indian / Overseas address proof of the applicant / blood
relative should not be more than 3 months old from the date of application (except for
Passport, PIO Card and Government issued identity document).

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6. Valid signature Proof

The following documents can be accepted:
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
m)
n)

PAN Card
Voters ID Card
Aadhaar Card / Letter containing the name, address and photograph of the applicant.
Resident / Work Permit with photograph can be considered as Identity proof if given
separately either as a card/ book or letter. However, temporary / entry work permit doesnt
fall under this purview.
NREGA Job Card
Identity Card issued by the Government / Defense Authority/ Public Sector Undertaking
Malaysia and Singapore Resident Card containing the registration number, photograph and
name of the applicant
Valid visa carrying photo
Continuous Discharge Certificate (CDC) booklet containing photograph, name and
signature
Permanent Resident cards issued in the Country of Origin containing the photograph, name
and signature.
Photo Social Security Card (Smart Card) issued by Central / State Government or Union
Territories
Person of Indian Origin (PIO) Card issued by the Government of India
Overseas Citizenship of India (OCI) Card issued by the Government of India
Residential card with name, photograph and address issued by Union Territories (e.g. Port
Blair).

7. Attestation Formalities
7.1. Accounts with In-Person Verification
Axis Bank Official accepting the KYC documents from the applicant should verify the copies of
the documents with the originals and should attest the same as Verified with Original and affix
his/her signature along with the official stamp.
7.2. Accounts of Non-Face-to-Face customers
For Account Opening Forms (AOF) received by Post / Courier / PO boxes where in-person
verification by Axis Bank official is not possible, the KYC documents should be attested by:
a)
b)
c)
d)

The Indian Embassy or Consulate or

Notary Public or
Existing Banker or
Any branch of an Indian Scheduled Commercial Bank having an overseas branch in the
Country of Origin.

8. General Guidelines
The general guidelines for opening and operating of the accounts of Non Resident Indians are
enumerated below:

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8.1. Account Opening

a) Account Opening Form (AOF) prescribed for accounts of Non-Residents should be
obtained duly completed along with the relevant KYC and other documents
depending on the type of account and the type of account holder.
b) AOF should be signed by all the applicants, who would be holding the account.
c) All the supporting documents have to be self-attested by the customer and in the case
of Non Face-to-Face customers as given in the instructions contained in Point 7.2
above.
d) The photograph of the applicants should be pasted on the AOF and customers
signature should be obtained across the photograph.
e) The Banks seal should be affixed across the photograph
8.2

Onsite Verification
Onsite verification of addresses declared by the customer in the AOF is waived off for NRI
Accounts. However, on site verification is mandatory in case the declaration from the
relative is submitted for proof of Indian address.
Residence Verification - To be conducted at the POA holder's residence & the
applicant's residence in India (if applicant or family members are present in India)

8.3. E-mail address is mandatory for NRI customers. However, ONLY in highly exceptional cases,
the Product Heads can approve the waiver based on the recommendation of the Regional
Sales manager.
8.4. Mandate Agreed POA is required for loan processing
NRI customers can give a letter of authority to relatives or friends (NRIs or Resident Indians) to
operate the account on their behalf. The following documents need to be obtained:
a) Valid KYC proof of the POA holder (as per Point 5 / Point 1.a. of resident individual)
b) Recent passport size photograph of POA
The POA should be signed by all the applicants as well as the POA holder. POA has to be in
original.
Facilities and rights available to the POA Holder
POA Holder CAN
a) Change address for self
b) Activate an inactive / dormant account
c) Conduct any other permissible operation locally
POA Holder CANNOT
a) Change his/her signature available in the banks system without the consent of the
account holder/s
b) Request for duplicate internet banking password or address change, or mobile number
change/update, or email id change/update etc.

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