A single address-proof sufficient for starting savings account in banks!
Posted on: 15/Oct/2014 3:54:10 PM
Reserve Bank of India has emphasized that the rule of one address-proof being sufficient for opening savings accounts should be followed strictly.
Up till now, proof of temporary residence address, permanent residence address, photograph, etc was required for opening a savings account.
However, especially the people who are on transfer find it difficult to provide address proofs. In order to help such cases and to simplify the process, the Reserve Bank of India introduced new rules during July.
As per the changed rules, it is sufficient to give either temporary address or permanent address. However, complaints are being received about some banks insisting on providing both temporary & permanent address proofs.
Following RBI has again emphasised that the new rules should be followed strictly.
Employees who are on transfer face the hardship unable to provide these 2 proofs. The new rules have been made to avoid this difficulty.
Banks should encourage more individuals to open accounts. Hence, it is easier to obtain single address proof and open the account.
RBI has ordered that all the banks should circulate this to all their branches to strictly follow single address proof.
