Can You Open Bank Account If Proof Of Address Is Different From Place Of Residence?

Posted By:
Subscribe to GoodReturns

Individuals always relocate from one place to the other, after a job switch or on transfer or any other reason. They may not always have the residence proof of the place where they have shifted.

Can You Open Bank Account If Proof Of Address Is Different From Residence?
Let us give an example. Let us say Mr Kumar, has just moved from Amritsar to Bengaluru for a job and needs to open a bank account. Will his address proof (say a passport) be enough to open a bank account in Bengaluru?

According to the Reserve Bank of India, you must submit the Amritsar address with a declaration of the Bengaluru address for communication purposes.

We have often seen in the last that banks insist in supplying a proof of address of the place where the bank account is being opened. This is extremely difficult for a person who has just relocated and needs to open a bank account.

The only alternative is to furnish the rental agreement, but, if the company has provided the accommodation, you cannot lay your hands on the same. This is one concern that most individuals have, especially those getting frequently transferred but, the RBI had made it abundantly clear.

Can you transfer you account from one place to the other?

Yes, you can transfer an account from one branch to another branch of the same bank. In this case, there is no need to undergo "know your customer requirements all over again".

However, it is important to note that if there is a change in address, you need to submit a declaration about the current address.

It is also important to note, that in all cases you need to have a PAN card, without which you cannot open a bank account.

Read more about: bank account
Story first published: Thursday, October 13, 2016, 9:56 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'