Relaxed KYC Procedure
Relaxed KYC procedure refers to acceptance of an introduction in lieu of full KYC procedure subject to certain conditions prescribed. This relaxation is applicable for Low Income Group customers, individuals falling under the ‘No frill’ category, persons affected by natural calamities like floods, cyclone, tsunami, etc. Low Income group customers are those who keep balances not exceeding Rs. 50000 in all their accounts (FDR / CA / SB) taken together and the total credit summation in all the accounts taken together is not expected to exceed.
The officer responsible for opening of accounts should scrutinize the originals of the photo ID/address documents and satisfy himself / herself about the prima facie authenticity of the same. Photocopies of these documents should be authenticated by the officer and kept along with the account opening form.