In accordance with the RBI (Reserve Bank Of India) guidelines on KYC (Know Your Customer) and Risk Categorization norms, Customers are required to complete the KYC formalities periodically.
Refresher of KYC is required for all OUR account holders.We are required to obtain identification documents from all our customers in case of every Individual, every Proprietor, each Joint Account Holder / Partner / Director / Trustee / HUF member, each other authorized signatory as under.
a) Proof of identity: (any one of the following)
b) Proof of current address: (any one of the following)
c) Recent Photograph (Passport size)
The above identification procedure is applicable to all existing and new customers. We, therefore, request all our customers to ensure that the above documents along with the copies of (a) and (b) are provided to the branch where the accounts are maintained, if the same had not been submitted at the time of opening their accounts or later. Documents (a) and (b) will be returned after verification, retaining the copies. To serve you better, it is important that the Bank has record of your current and correct addresses so that Bank communication could reach you. Please ensure your address on our record are current and correct. In respect of accounts other than those of individuals, respective constitutional documents viz, certified copies of Memorandum and Articles of Association, Certificate of commencement of business, Trust Deed, Resolution etc, as the case may be are required to be submitted.
Yes, of course. They are quite safe. Thanks to strong regulation and supervision by Reserve Bank of India and system of internal control of banks, they are well capitalized, well managed and effectively regulated.
Yes, It applies to all the banks operating in India including private sector, co-operative and even branches of foreign banks in India.
But occasionally there is news about some bank or the other being closed down by RBI. But what about my deposit?
Your deposits up to a particular limit (presently l lakh per depositor) are insured and paid back to you in the event of failure of your bank. Your deposits to the above extent are insured, possibly even without your knowledge.
Your deposits are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC), the second oldest deposit insurer of the world, quietly taking care of the interest of depositors, particularly small depositors. It is a wholly owned subsidiary of the RBI, created by an Act of Parliament.
You do not have to pay any premium. However, the DICGC charges a nominal premium from the banks. This premium is not charged to you.
In the case of bank failure , the liquidator would make a claim on your behalf and DICGC is bound to pay the valid insurance claims as soon as possible.
You can find more details at DICGC website www.dicgc.org.in or email at email@example.com or address your queries to
DICGC DEPOSIT INSURANCE AND CREDIT GUARANTEE
( Wholly owned subsidiary of the Reserve Bank of India)