Intra-bank Deposit Accounts Portability
RBI/2011-12/528
DBOD.AML. BC. No.
97/14.01.001/2011-12
April 27, 2012
The Chairmen/Chief Executive Officers,
All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks
All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks
Dear Sir,
Intra-bank Deposit Accounts
Portability
It has been brought to our notice that some banks
are insisting on opening of fresh accounts by
customers when customers approach them for transferring their account from one
branch of the bank to another branch of the same bank. Such insistence on
opening of fresh account or making the customer undergo full KYC process again
causes inconvenience to them resulting in poor customer service. It is not reasonable in view of the fact
that most bank branches are now on CBS and
KYC records of a particular customer can be accessed by any branch of the bank.
2. Banks are advised that KYC once done by one
branch of the bank should be valid for transfer of the account within
the bank as long as full KYC has been done for the concerned account. The
customer should be allowed to transfer his account from one branch to another
branch without restrictions. In order to comply with KYC requirements of correct
address of the person, fresh address proof may be obtained from him/her upon
such transfer by the transferee branch. It may be noted that instructions
regarding periodical updation of KYC data in terms of para 2.4(e) and those on
maintenance of records of identity and transaction in terms of para 2.21(iii) of our Master circular DBOD.AML.BC. No.2/14.01.001/ 2009-10 dated
July 01, 2011 remain unchanged and banks will be required to carry out the
updation at prescribed intervals as also maintain records of transactions and
verification of identity as prescribed.
3. Please acknowledge receipt.
Yours faithfully,
(Sudha Damodar)
Chief General Manager
Chief General Manager
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