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RBI’s Full KYC Rule


Opening a new bank account has always been an onerous process in absence of valid Know Your Customer (KYC) documents.The Reserve Bank of India (RBI) finally solved this problem and opened up a cakewalk procedure for prospective account holders.

1) Single document for Identity and Address proof:


The RBI has done away with separate documents for identity and address proof. So, a single document with photograph and address (Aadhaar card/ Voter ID card / Passport / Driving license/ Pan card / Job card) is now enough for one applicant.

2) No separate address proof:

Previously opening a bank account was nearly impossible if a person has shifted to a new place and does not have a valid address proof yet. But now, only one address proof (current/permanent) is enough, with a simple declaration of his/her current address by applicant.

3) Relaxation for low-risk customers:


An applicant without valid KYC documents but considered as ‘low-risk ‘ will be able to open an account on submission of any one of the following documents –

  • An ID card (with photograph of the applicant) issued by departments of the Central/State government , statutory or regulatory authority, public sector undertaking, commercial banks or public financial institutions Or a letter that has been issued by a gazetted officer (with an attested photograph)
  • Also, these customers can submit their genuine KYC documents within 6 months of opening the account.

4) Small accounts if no KYC document:

  • Students living away from home or migrant workers can now avail the facility of a ‘small account ‘instead of a full-service account. To open a small account, applicants need to self-attest a photograph and provide thumb impression on the application in the presence of a bank employee.
  • As the name implies, small accounts will have certain limitations with respect to loan (can be a maximum of 1 lakh per annum) , withdrawals (a maximum of Rs. 10,000 per month) and maximum account balance (Rs. 50,000 at any point of time).
  • These accounts would be functional for only a year, but on providing a valid proof that he/she has applied for a valid KYC document, then the function ability would be extended to another 12 months.

5) Full KYC norms to be met by wallet companies:

The new directive requires online wallet companies like Paytm, Mobikwik, Ola Money, Amazon Pay, Sodexo to submit complete KYC details of every customer on or before Feb 28. This would need customers to submit their photograph (if he/she is not a minor), a copy of an officially valid document with their identity details, address details, and photograph.

But at present most e-wallet users have submitted only minimum KYC obligations, so further wallet loading is restricted until the new rules are met. However, the existing money in the wallet can be used.

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Bryony Jones
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