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The UCBs would be free to evolve other requirements including pricing structure for additional value-added services beyond the stipulated basic minimum services on reasonable and transparent basis and applied in a non-discriminatory manner.
The ‘Basic Savings Bank Deposit Account’ would be subject to RBI instructions on Know Your Customer (KYC) / Anti Money Laundering (AML) for opening of bank accounts issued from time to time. No.16 //2014-15 dated July 1, 2014 on KYC Norms /AML Measures /CFT /Obligations of banks under PMLA, 2002.
Considering the fact that opening of an account is the first entry point for any person to become a customer of the bank, utmost vigilance in opening of accounts and operations in the accounts is called for.
Even the legal protection under the Negotiable Instruments Act, 1881 which governs payment and collection of negotiable instruments and provides certain rights, liabilities (obligations) and protections to the issuers/drawers, payees, endorsees, drawees, collecting banks and paying/drawee banks, will be available, only if the bank makes the payment or receives payment of a cheque/draft payable to order in due course.
In many banks, obtaining of introduction for opening of accounts is still a mandatory part of customer acceptance policy even though documents of identity and address as required under our instructions are provided.
This poses difficulties for prospective customers in opening accounts as they find it difficult to obtain introduction from an existing account holder.
Therefore, banks should obtain full and complete address of depositors and record these in the books and the account opening forms so that the parties could be traced without difficulty, in case of need.
Independent confirmation of the address of the account holder should be obtained in all cases.
2.1 Introduction not Mandatory for opening accounts Before implementation of the system of document-based verification of identity, as laid down in PML Act / Rules, introduction from an existing customer of the bank was considered necessary for opening of bank accounts.
The account-opening bank should obtain No-objection Certificate from such banks.
However, in case no response is received from the existing bankers after a minimum period of a fortnight, banks may open current accounts of prospective customers.
The applications for different types of deposit accounts should be properly referenced. (v) The banks should also obtain photographs of Non-Resident (External) (NRE), Non-Resident Ordinary (Rupee) (NRO), Foreign Currency Non-Resident (FCNR) account holders.
(iii) Photographs of persons authorised to operate the deposit accounts viz. For operations in the accounts, banks should not ordinarily insist on the presence of account holder unless the circumstances so warrant.
(ii) The photographs need not be obtained for borrowal accounts viz. (iii) The banks may not insist for photographs in case of accounts of staff members (Single/Joint).