If you live away from your home town, opening a bank account is now easier as the government permits giving an address other than that on your Aadhaar, to complete KYC procedure.
The government has amended its anti-money laundering rules. Now, when one submits their Aadhaar as identification proof for KYC (Know Your Customer) formalities at a bank, but want their current address on the passbook, they are allowed to do so, without having to change the address on Aadhaar first.
This will be helpful for migrants who have their permanent address on their Aadhaar and are looking to get a new mobile connection of bank account at their place of work.
As per a gazette notification issued by the Ministry of Finance on Wednesday, the Prevention of Money-laundering (Maintenance of Records) Rules have been amended to accommodate this change. It said that a self-declaration of the current address to a reporting entity would be sufficient when a person is using Aadhaar as identification.
"Where a client has provided his Aadhaar number for identification under clause (a) of sub-rule (4) and wants to provide a current address, different from the address as per the identity information available in the Central Identities Data Repository, he may give a self-declaration to that effect to the reporting entity," it said.