That is, you don't have to submit both permanent address and current address proof to open the account. Earlier, to open a deposit account both permanent address and present address were required.
This used to be a problem for someone whose current address was different from permanent address. That is, it affected those who work at a different place away from his / her native and do not have the current address proof.
But now, even if your job takes you to different cities, you can still open deposit account. If you live in a rented house and do not have any proof of your address then you can submit a declaration with the details of your present address will be suffice.
However, if you submitted your permanent address and if you change your place then you must submit fresh documents within six months. In case, you have declaration about your local address and you change your place then you must intimate NBFC within two weeks of changing the address.
NBFCs will now be verifying your mailing address on the acknowledgement of receipt of the letter or bank documents like cheque books, ATM cards other than telephonic conversation and direct visits.
But, for opening the account you need to fill an account opening form as well as submit a photo identity proof such as PAN card, Voter's id card, Driving License, Passport etc. For address proof you can submit either passport or utility bills.
Going one step ahead, RBI has allowed NBFCs to accept e-KYC service as a valid process to verify address and identity of the customer. According to RBI notification, "it has been decided to accept e-KYC service as a valid process for KYC verification under Prevention of Money Laundering (PML) (Maintenance of Records)."
RI also declared to accept Aadhar card or e-Aadhar issued by UIDAI. Rbi also mentioned that NBFCs may revise their KYC policy after these guidelines and they should ensure strict adherence to same.
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The steps have been taken for making it simpler for customers. So now opening a deposit account at any NBFC has now become quite easier.