Reserve Bank of India (RBI) has notified that the Aadhaar Card is a valid proof for opening of a bank account under the Know Your Customer (KYC) scheme.

RBI vide its circular dated 28.09.2011 has advised banks to accept the Aadhar letter issued by Unique Identification Authority of India (UIDAI) as an officially valid document for opening bank accounts without any limitations applicable to small accounts. Further, the RBI has also advised the banks vide its circular dated 10.12.2012 that if the address provided by the account holder is the same as that on Aadhaar letter, it may be accepted as a proof of both identity and address.

This was stated by Shri Namo Narain Meena, MoS in the Ministry of Finance in written reply to a question in the Lok Sabha.

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PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/2013/11/PDEX/7

May 22, 2013

To,
All POP’s, Aggreators, CRA, Central and State Governments,

Dear Sir Madam,

Sub: 1. KYC documents required for entry & exit of National Pension System – Addendum.
2. Making PAN Card a Mandatory requirement for opening and operation of Tier II account

Pursuant to PFRDA’s earlier circular no PFRDA/2013/1/PDEX/25 dated 11.01.2013 with respect to revised list of Know Your Customer (KYC) documents required for both entry and exit under National Pension System, it has been decided to include below mentioned documents in addition to the acceptable KYC documentation, on the basis of feedback received from various entities registered under NPS:

Identification Proof	Identity card issued by Central/State government and its Departments, Statuary/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions, Colleges affiliated to Universities and Professional Bodies such as ICAI, ICWAI, lCSl, Bar Council etc.
Address Proof	The identity card/document with address, issued by any of the following: Central / State Government and its Departments, Statuary/Regulatory Authorities, Public Sector Undertakings, Schedules Commercial Banks, Public Financial Institution for their employees.

2. It has also been decided to make submission of PAN Card a mandatory requirement for opening and operation of a Tier II account for all sectors under NPS with immediate effect to ensure compliance with AML/CFT guidelines.

CIRCULAR

In pursuance of this, all existing Tier II accounts under NPS need to be made PAN compliant. The subscribers would be given a time period of 3 months from the date of issuance of this circular, after which the operation of such account would be suspended till the requirement is complied with.

This is for the information of all concerned. The circular has also been placed on PFRDA website at http://www.pfrda.org.in and CRA website at http://www.npscra.nsdl.co.in.

Yours faithfully,
Sd/-
Venkateswarlu Peri
General Manager

Source: www.pfrda.org.in

The post Making PAN card mandatory for Tier-II Account and Circular on Addendum to KYC documents for entry and exit of NPS – PFRDA appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.