Common information provided in series of FAQ's(Frequently Asked Questions)
What is the type of information I need to submit to the Bank at the time of account opening?
You need to submit the information to establish your identity and your address and a copy of your latest photograph. You can choose from the variety of the documents acceptable by the Bank for this purpose. The documents accepted by the Bank are as under:
b) Proof of current address: (any one of the following)
|i) Passport ||iii) Voters Identity Card |
|ii) PAN Card ||iv) Driving License |
c) Recent Photograph (passport size)
|i) Telephone bill(Landline) ||iv)Latest Bank Statement (2 months transactions) with KYC Confirmation remarks and Officers signature/designation |
|ii)Passport(supported by Pan allotment Letter, Mobile Bill,Credit Card Bill ) ||(v). Registered Leave & License Agreement with proof of permanent address or Notarised Leave & License Agreement with Police N.O.C. with proof of permanent address. |
|iii)Ration Card(supported by Pan allotment Letter, Mobile Bill,Credit Card Bill ) || |
Please find given below documents to be submitted while opening various type of deposit accounts
Documents required (For Individuals)
Identity Proof-(Pan Card,Passport,Senior Citizen Card)
Introduction is must
Completion of form
Initial deposit in cash
Completion of slip book
A/c no: is either Computer generated or manually given.
Photographs of all the partners
Address proof of all the partners
Identity Proof--(Pan Card, Passport, Senior Citizen Card)
Introduction is must (usually from a current a/c holder)
Partnership deed – duly registered
stamp of the firm
Completion of form
Initial deposit in cash
Completion of slip book
Documents Required( Trust,Clubs Association)
A/c opening form
Photos of the office bearers
Identity Proof of office bearers(Pan Card, Passport, Senior Citizen Card)
Address proof of all the office bearers
Stamp of the Clubs / Associations
Original certificate of registration
Certificate true copy of memorandum of association
Certificate true copy of the rules, regulations, bye-laws
Resolution of managing committee certified true by the chairman/secretary authorised
The type of a/c to be opened should be specified in the resolution
Resolution should be in terms of rules, regulations, bye-laws of the body and not contrary to them.
2.)I approached the Bank in the status of a legal person such as a company,trust etc. and not as a natural person. Do I still need to submit information mentioned above?
For legal persons, the Bank is required to obtain the proof of the existence of entity (such as copy of the certificate of incorporation, memorandum/articles of association, trust deed etc. as may applicable) along with a copy of the resolution from the entity's managing body (such as the Board of Directors or the Board of Trustees as may be applicable to it) to open the account. Further, the person interacting with the Bank for operating the account on behalf of the entity needs to obtain a mandate to that effect from the entity and establish his identity. Please contact our branch official to assist you in terms of the documents that could be submitted for a legal person.
3) I am doing a large cash withdrawal (above Rs. 10 lacs) and the cashier is insisting that I should provide him information on the purpose of withdrawal. After all, I am withdrawing money from my own account and therefore, why should I share this information with the Bank?
The extant regulations of RBI require the Banks to closely monitor the large cash transactions and the teller is just discharging his regulatory obligation. Such an information assists the Bank in identifying any unusual transactions that are being routed through it.
4) You are repeatedly mentioning that the extant regulations of RBI and the rules notified under Prevention of Money Laundering Act, 2002. What do they really talk about and try to achieve?
The regulations and the rules referred to above deal with what is called as an initiative of Anti Money Laundering (AML) and Countering the Terrorist Financing (CTF). These rules and regulations try to prevent the process of money laundering (i.e., the process of dealing with criminal proceeds and projecting it as untainted property through banking channels) and financing of terrorism related activities. The regulations, in the broadest sense, require the banks to know their customers (popularly known as the Know Your Customer or KYC regulations) and to monitor their transactions. Further, specified information under the PMLA about the cash and suspicious transactions need to be submitted to the Financial Intelligence Unit, India (FIU-IND, a Government of India department, which analyses and forwards the intelligence information to the law enforcement agencies). Compliance with AML regulations assists the banks and the society at large in keeping a close watch on the transactions to identify suspicious transactions, if any, and thereby provide intelligence information (through reports to FIU-IND) to the law enforcement authorities to deal with such transactions as per the applicable laws and regulations. Co-operating with the Bank by providing required information, assists the Bank and the society in a long way in their fight against money laundering and terrorist financing.
1(a) What care should be taken while submitting the account opening form to the Bank?
1) Ensure that the Account Opening Form (AOF) and the additional information sheets are duly signed and complete in all respects.
2) Kindly tick the option for availing Visa Debit Card and Cheque book facility on AOF and also register yourself for free SMS Banking, free Internet Banking by filling the requisite forms available on the website or at your nearest branch.
3) Submit Pan Card or Form 60 of all Account Holders
4) One Coloured Passport size recent photograph of all account holders is necessary.
5) Introduction of any account holder having satisfactory banking relations with Saraswat Bank (any branch) at least for last 6 months. In case of current account, introduction is required from current account holder having satisfactory banking relations with Saraswat Bank (any branch) at least for last 6 months.
6) Carry all your original documents for verification.
7) Self attestation is required on all documents attached to the account opening form (signature of all account holders is required on all their respective documents)
8) Alteration on the account opening form requires customer’s authentication.
9) Please remember to complete the nomination details included in AOF.
In case of any further clarification please call our Customer Service Centre on
26464013/26464019/26464022 or contact our nearest branch.