Single Document Enough to Open New Bank Accounts : RBI

Good news! RBI has made it easier for the customers to open new bank accounts. Now, banks can accept documents of customers such as Aadhar letter, PAN card, driver’s license, passport as proof of identity as well as address for opening new bank accounts.

However, the address on the documents submitted by him/her for identity proof should be same as declared in the account opening form.

So far, banks have been calling customers for submitting separate documents for verification of identity and address. But it is observed that, the documents of identity proofs also carry the address of the individual concerned. The move is aimed at easing the burden on the customers regarding KYC (Know-Your-Customer) requirements for opening new accounts.

Source: The Hindu Business Line