Your identity proof is not the first thing anyone asks for, when you meet unknown people for the first time. You say your name and start exchanging words, but this is not so simple if you had to open a bank account in your country. The need of permanent address and its verification created an end number of tasks. But, you may see- off that paperwork, as the new and easy service is here for your relief. The bank has initiated a new plan, where they require only one current address. It can either be a permanent address or a local address.
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Problems faced
You have faced this initial crisis, when you shifted yourself to a new city. The address proof becomes the headache as; the banks would not entertain any current address which was not the permanent one. People, who plan to open a new account, will not have to face these hassles anymore as the banks have made the work easy by just a single address proof irrespective of current or permanent. This new plan will benefit millions of people across the world. It will not matter at all, if you are staying in a rented place due to work change.
Procedures to open the account
The process is quite simple. You need to submit the declaration by providing all the details of your current address. The best part is, you do not need to submit any proof for the purpose of correspondence. The banks verify the address by doing positive confirmation. They acknowledge the receipt of cheque books, ATM Cards, telephonic conversation and visits. Then, the regulator advises the bank to revise the KYC (Know Your Customer) rules as soon as possible. In case, there is a change of addresses, then you may submit a fresh proof within six months of time frame.
Life made easy
Migrant workers and transferred employees has no worry to face now at the time of opening a bank account. The banks will cooperate with them as they just need to submit one documentary proof. This change has made the citizen’s life easier as they have two addresses. The first one is their permanent address and the second one is the current residence, where they are currently residing. It may be a rented accommodation or a paying guest residency. They may also have to stay at a friend’s place till the time they manage to search a rented house of their own. Be it any case, the bank has shaken hands with the citizens to be by their side while opening the bank account.
The new regulation just works fine for every class of people. If you are staying in a rented residence, then the rent agreement which hold’s the customer’s name has to be duly registered with the State Government or it can be a similar registration authority. This proof will be enough to open a bank account in the new area. It has also been said that if the proof of address is not the same place of the customer’s current resident, they will take a declaration of the local address, where all the bank communication will be made by the bank with the customer.
