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A OPENING ACCOUNTS OF VARIOUS TYPES OF CUSTOMERS
What is the first step a bank must follow before opening any type of account?
The bank must complete the Know Your Customer (KYC) process, which includes verifying the identity and address of the prospective customer using Officially Valid Documents (OVDs).
What is the minimum age for a minor to independently operate a bank account in India?
Minors above 10 years can operate accounts independently.
Which document is considered an Officially Valid Document (OVD) under RBI KYC norms?
OVDs include Aadhaar, Passport, Voter ID card, Driving Licence, NREGA Job Card, and the letter issued by the National Population Register.
What is the term for a joint account mandate where any one holder can operate the account?
'Either or Survivor' or 'Anyone or Survivor' mandate.
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