Customer Induced Transaction – Account Opening

Process
Version 1.0
Date 01-03-2024
Version 1.0
Author Ravi Jaiswal
Designation Head-Operations

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The list of entities / person who can open the Saving and Current
Account listed below: -
Individual customers: Saving Account
(i) Saving Account
(ii) Minor Account Operated by Self
(iii) Minor Account Operated by guardian

Individual customers: Saving Account

i. Account Opening Form.
ii. Proof of Identity
iii. Proof of address
iv. Proof of Signature (Self Sign cheque of Initial funding, Driving License ,Passport
,Pancard, Election card ,Banker Signature Verification letter )
Customer Sign in my presence with BM/BOM (or any equivalent designation)
authentication will also be accepted as signature proof)
v. Initial Payment cheque/Cash deposit slip
vi. Customer Profile sheet is mandatory
vii. Form 60/61 or Copy of PANCARD or PAN NO
viii. Field Verification Sheet (only if applicable EDD)

2A. Minor Self operated account (Points to be noted):

ix. Guardian should have existing CIF ID.
x. Relationship proof required between minor & guardian
xi. Minor age should be above 10 years
xii. Guardian consent require in minor self-operated account (Guardian & Minor both
has to sign) refer the attached format
xiii. To OPEN MINOR SELF OPERATED SB a/c, GUARDIAN should have EXISTING CIF and
same need to mention on MINOR CIF 2nd page under guardian details and in MINOR
SELF OPERATION Declaration.
xiv. Guardian cannot be a nominee ( i.e Guardian and nominee should not be same
person ) exception cases will be handled separately

2B. Minor account operated by Guardian:

I. A/C Title should be written as MINOR NAME U/G GUARDIAN NAME
II. Relationship proof required between minor & guardian
III. Guardian has to sign on behalf on Minor under 1st applicant signature stating
MINOR BY GUARDIAN
IV. MOP should be Operated by Guardian
V. Guardian has to sign in his individual capacity under 2nd applicant signature field &
under Guardian Details on form. (Without minor by guardian)

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 VI. For minor address – we can consider as per Guardian existing customer id or valid
OVD proof required for minor address
VII. If minor NAME is not available in BIRTH certificate, pls fill ANNEXURE 4
Guardian details need to mentioned under CO-Applicant field

*For MINOR RD Can be open with guardian

*For MINOR FD can be open with guardian only

1. Below are the list of documents to be collected for Current Accounts

Individual customers:
a. Proof of Identity
b. Proof of address
c. Initial Payment cheque/Cash deposit slip
d. Customer self-declaration for opening current account with line of activity & proof of
business.
Customer self-declaration has to be obtained that the “Customer doesn’t enjoy any credit facilities
“with any other bank. Also, to cheque whether the Initial payment cheque submitted by the
customer has transaction code 13 or 30. If yes, this denotes customer enjoying credit facility with
other bank, hence we cannot open current account.

Non-Individual Customers:
(iv) Hindu Undivided Family (HUF)
(v) Sole Proprietorship Firms
(vi) Partnership Firms
(vii) Limited Liability Partnership Firms
(viii) Companies (Public / Private)
(ix) Trust, Associations, Societies and Clubs (TASC)
(x) Banks & Insurance Companies and other Financial Institutions
(xi) Government and Semi Government Departments.

2. Below are the list of documents to be collected for non-individual customers:

a. Hindu Undivided Family (HUF) :

i. PAN Copy of the HUF
ii. Address Proof: (Individual address proof of Karta or PAN intimation letter)
iii. Enhanced Due Diligence of non-individual form.
iv. Non individual FATCA form
v. HUF declaration without for-seal signed by all coparceners on AOF
vi. CIF & KYC documents of Karta

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 vii. IP Cheque
viii. Credit facility check on AOF. (i.e declaration should be tick either Yes or NO)

b. Sole proprietorship Firms:

i. Two documents for establishing proof of existence and proof of address of the
firm. (Any two documents from category A (or) any one document from category
A and one document from B (or)Bank can accept only one of the documents as
proof of existence, if bank get satisfy that it is not possible to furnish two
documents subject to approval from ROM and above from Operations and as
authorised under delegation of authority matrix) along with positive FVR
Category A:

• Registration certificate / License issued by Municipal authorities.

• Shop & Establishment certificate
• Trade License
• License issued by the registering authority in the name of practicing firm
like Certificate issued by Institute of Chartered Accountants of India,
Institute of Cost Accountants of India, Institute of Company Secretaries
of India.
• License issued under Indian Medical Council.
• License issued by Food and Drug Control Authorities.
• IRDA (Insurance Regulatory and Development Authority) license issued
in the name of entity with address mentioned.
• License issued under Contract Labour (Regular & Abolition) Act 1970.
• GST registration certificate. i.e. GST-06 (We cannot accept provisional
GST registration certificate i.e. GST-25 as valid existence proof)
• Registration certificate of recognized Provident Fund with PF
commissioner

• Factory registration certificate issued by state/ central government

• Udhyam registration certificate
• Import – Export Certificate
• RBI/SEBI registration certificate.
Category B:
• Latest & complete Income TAX Return in the name of sole proprietor
where the firm’s income reflected.
• Utility bills such as Electricity, water and landline telephone bill in the
name of entity.

• Latest property tax receipt in the name of firm issued by local

government authorities.

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 ii. PAN copy of the proprietor
iii. Enhanced Due Diligence of non-individual form.
iv. Individual FATCA form
v. Sole Proprietorship declaration without for-seal signed by proprietor on AOF.
vi. IP Cheque from existing CA (or) IP cheque from proprietor savings account along
with customer declaration for not having any current account with other bank
vii. Proprietor KYC documents & individual CIF form
viii. Credit facility check on AOF. (i.e declaration should be tick either Yes or NO)
ix. 2nd entity proof waiver declaration or signature and seal, and sign verified at the
time of FVR & BM authentication.

c. Partnership Firms:
i. PAN Copy in the name of Partnership entity
ii. Address Proof in the name of entity
(Latest and complete ITR / Certificate of registration / PAN intimation letter /
Property ownership document in the name of entity/ latest telephone
bill/electricity bill in the name of entity)
iii. Partnership deed (if registered, registration certificate to be obtained).

Points to be checked in a partnership deed:

• Deed needs to be executed on valid stamp paper or deed to be franked
• Value of stamp paper as it will vary from state to state
• Execution date to be on or after the stamp purchase date/franking date.
• There need to be minimum two major partners.
• Maximum number of partners can be up to 20 partners if the firm is into
non-banking activity and 10 partners if the firm into banking activity.
• A partnership firm cannot be a partner in another partnership firm.

• NBFC/Trust / HUF / Karta of HUF cannot be a partner in a partnership firm.

• Deed has to be signed by all partners.
• Date of incorporation may be prior to the execution of latest partnership
deed.
iv. MOP letter on letterhead signed by all partners.
v. List of partners on letterhead
vi. Enhanced Due Diligence form
vii. Beneficiary Ownership declaration on letterhead (UBO Declaration)
viii. FATCA (Non individual) declaration

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 ix. CIF & KYC of Authorised signatories
x. KYC of persons with shareholding of 15% and above
xi. IP Cheque with appropriate approvals if routed from savings account of
partners.
xii. Credit facility check.
xiii. List of shares holding pattern

d. Limited Liability Partnership (LLP)

i. PAN Copy in the name of Partnership entity
ii. Address Proof in the name of entity
(Latest and complete ITR / Certificate of registration / PAN intimation letter /
Property ownership document in the name of entity/ latest telephone
bill/electricity bill in the name of entity / GST-06)
iii. Partnership deed
Points to be checked in partnership deed:
• Deed needs to be executed on valid stamp paper or deed to be franked
• Value of stamp paper as it will vary from state to state
• Execution date to be on or after the stamp purchase date/franking date.
• There need to be minimum two major partners.
• Maximum number of partners can be up to 20 partners if the firm is into
non-banking activity and 10 partners if the firm into banking activity.
• Partnership firm cannot be a partner in a partnership firm

• NBFC/Trust / HUF / Karta of HUF cannot be a partner in a partnership firm.

• Deed has to be signed by all partners.
• Date of incorporation may be prior to the execution of latest partnership
deed.
iv. Certificate of Incorporation
v. MOP on letterhead signed by all designated partners.
vi. List of partners along with DPIN on letterhead (Designated partner details should
match with MCA site)
vii. Enhanced Due Diligence form
viii. Beneficiary Ownership declaration on letterhead
ix. FATCA (Non individual) declaration
x. CIF & KYC of Authorised signatories

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 xi. KYC of persons with shareholding of 15% and above
xii. IP Cheque with appropriate approvals
xiii. Credit facility check on AOF. (i.e declaration should be tick either Yes or NO)
xiv. List of share holding pattern
xv. Board resolution signed by all designated partners

e. Companies (Public / Private):

i. PAN Copy of the Company
ii. Address Proof in the name of Company
(Latest and complete ITR / Certificate of registration / PAN intimation letter /
Property ownership document in the name of entity/ latest telephone
bill/electricity bill in the name of entity / GST-06/ Certificate of Incorporation /
MCA website Company master data page)
iii. Certificate of Incorporation
iv. Memorandum of association (MOA) & Articles of association (AOA) with site
verification
v. Board resolution on letterhead duly signed by directors
vi. List of Directors with DIN number.
vii. If directors differ from Articles of Association (AOA) and List of directors, to
enclose the Appointment proof required (MCA site signed by any director or
form 32/12 along with ROC receipt)
viii. In case of listed companies, Security exchange etc, then SEBI approval is
required for change in list of directors from AOA.
ix. Board resolution should not be older than 3 months from the date of opening
the account.
x. Enhanced Due Diligence form
xi. Beneficiary Ownership declaration on letterhead (UBO Declaration)
xii. FATCA (Non individual) declaration
xiii. CIF & KYC of Authorised signatories
xiv. KYC of persons with shareholding of 25% and above
xv. IP Cheque with appropriate approvals
xvi. Credit facility check on AOF. (i.e declaration should be tick either Yes or NO)
xvii. List of share holding pattern

f. Trust, Associations, Societies and Clubs (TASC)

i. PAN Copy of the Trust/Association/Society/Club

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 ii. Address Proof in the name of Trust/Association/Society/Club
(Latest and complete ITR / Certificate of registration / PAN intimation letter /
Property ownership document in the name of entity/ latest telephone
bill/electricity bill in the name of entity)
iii. Certificate of Registration (If deed registered other than sub registrar office)
iv. In case of TASC savings account, Complete income TAX exemption letter like
80G, 12A, 12AA certificate is mandatory.
v. Trust deed (or) Bye laws of Association/society/club:
Points to be noted while checking the deed / Byelaws:
• Name of Trust/Association/Society/Club

• Registered address of Trust/Association/Society/Club

• Banking clause
• Activity of the Trust/Association/Society/Club

• Deed stamp purchase date and execution date.

vi. In case of public / Charitable trust - registration certificate required
vii. Board resolution on letterhead
viii. List of Trustees / Members on letterhead
ix. Non individual Enhanced Due Diligence form
x. Beneficiary ownership declaration on letterhead (UBO declaration)
xi. FATCA (Non individual)
xii. FCRA declaration required (in case of charitable trust)
xiii. CIF & KYC of Authorised signatories
xiv. KYC of persons with shareholding of 15% and above
xv. IP Cheque with appropriate approvals
xvi. Credit facility check on AOF. (i.e declaration should be tick either Yes or NO)
Xvii. List of share holding pattern

g. Banks & Insurance Companies and other Financial Institutions :

i. Copy of pancard
ii. Address Proof in the name of Company
(Latest and complete ITR / Registered Bye laws / PAN intimation letter /
Property ownership document in the name of entity/ latest telephone
bill/electricity bill in the name of entity / GST-06)
iii. RBI / IRDA license copy
iv. Registered Byelaws copy

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 v. Board resolution on letterhead duly signed by Company secretary / directors
vi. List of Directors
vii. Enhanced Due Diligence form
viii. Beneficiary Ownership declaration on letterhead (optional)
ix. FATCA (Non individual) declaration
x. CIF & KYC of Authorised signatories
xi. KYC of persons with shareholding of 25% and above
xii. IP Cheque with appropriate approvals
xiii. Credit facility check on AOF. (i.e declaration should be tick either Yes or NO)
xiv. List of share holding pattern
h. Government and Semi Government Departments
i. PAN copy or Form 60
ii. Address proof
iii. Government order/ Gazette notification for current account opening with bank
name
iv. Government order/approval letter for opening and operating the account
v. Authorized signatory CIF and KYC document.
vi. Initial Funding cheque

In case of Customer enjoying credit facilities:

No bank shall open current accounts for customers who have availed credit facilities in the form of
cash credit (CC)/ overdraft (OD) from the banking system and all transactions shall be routed
through the CC/OD account only.
AND
In case of customers who have not availed CC/OD facility from any bank, banks may open current
accounts as under:
Therefore, where customers – be it individuals or entities have availed CC/OD limits from any banks,
then we cannot open current accounts.
However, if the customer has not availed CC/OD limits but has availed other facilities like Working
Capital term loans, term loans, Housing loan etc., then the conditions specified under limits like less
than 5 crores, 5 crores to 50 crores and More than 50 crores etc., will be applicable.

Exposure Remarks

No CC/OD Can continue with the CA

exposure

<5Cr Can continue with the existing CA by taking an undertaking/declaration, that

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 he /entity will intimate us whenever the exposure crosses 5 Cr.

5Cr-50Cr If we are not a lender , we should convert the existing CA into collection
account by issuing due notice to the customer . In case of these collection
accounts, we can only allow only credits & debits to be by way of credit to
Escrow account managing ( main) bank for the borrower

5Cr-50Cr If we are a lender, we can continue with the existing CA

>=50Cr If we are a lender, we should open collection account only by closing the
existing CA with due notice.
In the scenario of we being the escrow managing bank (main bank) continue
the account under escrow mechanism

Important Notes & Exception Handling:

1. PIN declaration if address proof does not have the PIN code- BOM/BM and above to do the
validation online and check if the PIN code is correct and should authenticate on the
declaration stating” Declared PIN code validated and found correct” and sign with emp no
and name.
2. NOC from guardian for self-operated account-
3. IP cheque transaction code to be checked, if the same is no 13 or 30, then the current
account opening to be rejected upfront stating that the account belongs to CCOD and hence
the account cannot be opened at any of our Bank branches.
4. Rent agreement is accepted for communication address proof with electricity bill along with
declaration from landlord for using the address.
5. OVDs are accepted for both POI & POA as per KYC checklist
6. Deemed Officially Valid Documents, In case OVD does not contains current/ updated
address. (At least one document from the list is required.)
7. If Customer doesn’t have complete address than full address must be mentioned on AOF
along with customer declaration
8. Sole prop- if cheque taken from individual account, then declaration from customer to be
attached along with AOF
9. For Rural areas /branches Gram Panchayat letter (Parwana letter) will be considered as
entity proof on case-to-case basis with proper due diligence and RH (CASA) & above
Approval
10. FVR and CPS is mandatory for all current accounts
11. For Saving account only CPS is mandatory and FVR is required only for EDD purpose.

Sheets Points Remarks

Signature of
Field Verification Checker for FV Only TL, ABM,BOM,BM,COM,ADH,DH,ARM,RM,SRM,AZM Sign
Sheet Reports would be consider
Declaration By
Customer Profile the branch offi- Only TL,ABM,BOM,BM,COM,ADH,DH,ARM,RM,SRM,AZM Sign
Sheet cials would be consider
Note - Above both sheets should be filled by the "Sourcing officials only" and sourcing officials'
signature will not be considered on " Signature of checker for FV Reports" and "Declaration by the
branch officials"
Supporting or Additional Requirements

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1) GPS Photo 2) Sourcing officials should provide additional proof for Saving and Current accounts.
Live locations 1. Communication Address or Residence address
3)Photo 2. Business Premises
Sourcing official should attach the same proof with Account Opening form and
other documents.

12. FVR is applicable for Saving Account only where annual deposit is more than 10 lakh during
the FY. with DH/COM and above approval
13. RH and above approval require where annual business turnover is above 50 lakh during the
FY during the account Opening process
14. Product Head /Business Head Approval require where annual business turnover is above 1
crore during the FY during the account Opening process
15. Customer Cash deposits (Base or Non -base branch) 10 lakh and above customer declaration
is required for the source of fund with RH and above approval
16. Customer cash withdrawal (Base branch) 5 lakh and above RH and above approval require
17. Customer cash withdrawal (non-base branch) should be allowed only up to 25 k . Any
exceptions will be taken care separately and approved by Head of Operations /HO
18. Any waiver of charges or any changes in the product will be approved by Product Head
/Business Head
19. Any exceptions regarding process /policies, KYC etc will be approved by Head of Operations
/HO
20. Account opening beyond the geography limit( i.e outside the city ,district ,or region )
Under district requires approval from RM/DH and under region and zone, and state requires
approval from ZH and above

Level Required Approval

District RM/DH
Region and Zone ZH and above
State ZH and above

21. Due Diligence Report for High-Value Transactions:

If any high-value transaction is identified in the below 6-month period, account scrutiny and
required approval are necessary. It is also applicable for any suspicious activity identification
on account

Transaction Amount Required Approval

10 lakhs to 50 lakhs DH/COM
Above 50 lakhs to 1 crore RM/AZM/ZM
1 crore and above Business Head

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