Most of us have faced a problem in opening a bank account in the absence of valid know-yourcustomer, or KYC, documents, and wished for a simpler documentation process.
The Reserve Bank of India (RBI), it seems, has finally lent its ear to millions of such prospective account holders. It has simplified the KYC documentation to make account opening less onerous.
Single document for proof of identity and address
Earlier, as part of the KYC process, one had to submit separate proofs for address and identity. The RBI has done away with this. Now, a single document with photograph and address of the applicant will suffice. Among the documents approved for KYC include passport, driving licence, voter ID card, PAN card, Aadhaar and job card.
No separate proof for current address
If you were new to a place and did not have a valid address proof, opening a bank....
