Question: Which Of The Following Documents Cannot Be Accepted As Officially Valid Documents?

What is EDD in KYC?

Enhanced due diligence (EDD) is a KYC process that provides a greater level of scrutiny of potential business partnerships and highlights risk that cannot be detected by customer due diligence.

EDD goes beyond CDD and looks to establish a higher level of identity assurance by obtaining the customer’s identity and ….

Is Aadhaar card mandatory for KYC?

The Reserve Bank of India (RBI) has made linking of national biometric ID Aadhaar to bank accounts mandatory as part of its updated ‘Know Your Customer (KYC)’ guidelines. This, however, will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory.

Is Aadhaar proof of citizenship?

NEW DELHI: Top government officials on Friday clarified that Aadhaar, voter ID card and passport are not citizenship documents. … The MHA spokesperson said, “Citizenship of India may be proved by giving any document relating to the date of birth or place of birth or both.

How many types of KYC are there?

two typesThere are two types of KYC: Aadhaar-based KYC. In-Person-Verification (IPV) KYC.

Is KYC mandatory in SBI?

Did You Know? SBI; India’s largest lender is making KYC compulsory for all bank accounts otherwise the accounts will be freezed! … Additionally, SBI has also stated that the customers who don’t do KYC (Know Your Customer) or submit their documents before 28.02. 2020 will have their bank accounts with SBI freezed.

What is KYC as per RBI?

As part of ‘Know Your Customer’ (KYC) principle, RBI has issued several guidelines relating to identification of depositors and advised the banks to put in place systems and procedures to help control financial frauds, identify money laundering and suspicious activities, and for scrutiny/monitoring of large value cash …

What are officially valid documents?

Officially valid documents (OVDs) for KYC purpose include: Passport, driving licence, voters’ ID card, PAN card, Aadhaar letter issued by UIDAI and Job Card issued by NREGA signed by a State Government official.

Which is not official KYC document?

A person without valid KYC documents but categorised as ‘low-risk’ can open an account by submitting any of the following-identity card with applicant’s photograph issued by a central/state government department, statutory/regulatory authority, public sector undertaking, scheduled commercial bank or public financial …

What are the documents accepted for KYC as name proof in India?

KYC documents for Identity Proof The UID or unique identification number that comes with one’s Aadhar card. One can also use their voter ID, passport, or driving license. An identity card or essential document bearing the photo of the applicant.

Is Aadhaar Ovd?

The Central bank has also said that proof of possession of Aadhaar number has been added to the list of officially valid documents (OVD).

What are KYC requirements?

KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud. KYC compliance responsibility rests with the banks.

What is Nrega for address proof?

Job cards provided under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) will also act as a valid document for opening a normal account, RBI said. … “If the address provided by the account holder is the same as that on the Aadhaar letter, it may be accepted as a proof of both identity and address.”

What is KYC verification?

Know Your Customer (KYC) refers to the process of verifying the identity of your customers, either before or during the time that they start doing business with you. The term “KYC” also references the regulated bank customer identity verification practices to assess and monitor customer risk.

What are the KYC documents for companies?

1) Registration certificate 2) Certificate/licence issued by the municipal authorities under Shop and Establishment Act. 3) Sales and income tax returns. 4) CST/VAT/GST certificate (provisional/final). 5) Certificate/registration document issued by Sales Tax/Service Tax /Professional Tax authorities.

Which document is not acceptable as an officially valid document OVD?

Officially Valid documents (OVDs): The Passport • The Driving Licence • The voter identity card issued by the Election Commission of India • Job card issued NREGA duly signed by an officer of the State Government • Letter issued by the National Population Registrar containing details of name and address.

What is KYC document in SBI bank?

i) Passport ii) Credit Card Statement- not more than 3 months old iii) Salary slip iv) Income/Wealth Tax Assessment Order v) Electricity Bill- not more than 6 months old vi) Landline Telephone Bill – not more than 3 months old vii) Bank account statement viii) Letter from reputed employer ix) Letter from any recognized …

What are the three 3 components of KYC?

The 3 Components of KYCThe first pillar of a KYC compliance policy is the customer identification program (CIP). … The second pillar of KYC compliance policy is customer due diligence (CDD). … The third pillar of KYC policy is continuous monitoring. … We can help protect your customers and your institution.

Which one of the following is a valid document available to the bank for customer identification?

“Officially valid document” (OVD) for KYC means the a) Passport b) Driving licence c) Permanent Account Number (PAN) Card d) Voter`s Identity Card issued by the Election Commission of India e) Job card issued by NREGA duly signed by an officer of the State Government.

Are Aadhar centers open during lockdown?

Synopsis. Unique Identification Authority of India has permitted Common Service Centres to offer Aadhaar update services. Aadhaar updation and enrolment centres are closed due to the nationwide lockdown. … You can visit the nearest Common Service Centre (CSC) to update the details in your Aadhaar.

Is masked Aadhaar card valid?

This is digitally signed and can be used where you have to provide Aadhaar only as an identity proof. However, masked Aadhaar cannot be used for govt welfare schemes such as LPG subsidy, Pradhan Mantri Ujjwala Yojana scheme as these require full Aadhaar details of the beneficiaries.

What are all KYC documents?

KYC Documents IndividualsPassport.Voter’s Identity Card.Driving Licence.Aadhaar Letter/Card.NREGA Card.PAN Card.