Dear members,
I have been meaning to change my communication address in my bank for which I do not have proof, i.e., newly rented. I want to keep the permanent address unchanged which was added via KYC proof during account opening.
I spoke to two banks one PSB and one pvt both said standard proof required for communication address change.
However I have come across this RBI circular dated June 9, 2014 here
which says in paragraph 2.b. "In case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, the bank may take a declaration of the local address on which all correspondence will be made by the bank with the customer. No proof is required to be submitted for such address for correspondence/local address. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc. In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the bank within two weeks of such a change."
Please advice what does this mean, are the banks playing safe by not following it?
I think a solution to these will help many who have move around frequently.
Thank you.
I have been meaning to change my communication address in my bank for which I do not have proof, i.e., newly rented. I want to keep the permanent address unchanged which was added via KYC proof during account opening.
I spoke to two banks one PSB and one pvt both said standard proof required for communication address change.
However I have come across this RBI circular dated June 9, 2014 here
which says in paragraph 2.b. "In case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, the bank may take a declaration of the local address on which all correspondence will be made by the bank with the customer. No proof is required to be submitted for such address for correspondence/local address. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc. In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the bank within two weeks of such a change."
Please advice what does this mean, are the banks playing safe by not following it?
I think a solution to these will help many who have move around frequently.
Thank you.
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