Big news for those opening an account in the post office… Important information given about KYC
KYC is a way to identify the customer, for which some necessary documents have to be submitted.
India Post has informed its customers that a customer does not need to provide KYC documents again after the account is completed. This information has been given by India Post when a customer had lodged a complaint in this regard on Twitter. Let us tell you that KYC is required to open an account in any bank. This has been made mandatory by the Reserve Bank. Apart from this, KYC is required to open mutual fund accounts, bank lockers, buy mutual funds online and invest in gold. KYC is a kind of customer identification process for which certain documents have to be submitted.
Through KYC, the bank gets an opportunity to know its customer. Knowing here means that the customer has the facility to verify. The bank wants to know whether there is any mistake in the transactions done through it.
If the customer has to take any kind of financial facility from the bank, then the bank verifies its customer through KYC. KYC builds trust between the bank and the customer and the bank has no hesitation in giving loans etc.
Not only this, if you have to invest somewhere, then KYC is also necessary for this and without it the customer cannot invest.
It is not easy to open a bank account without it. Through KYC, it is decided whether someone is misusing banking services.
KYC documents were asked from the customer
A customer from Rajasthan, tagging India Post, said that the KYC form was demanded from the postmaster of his district even after the account was completed. They were told that it is mandatory to apply KYC form. All the documents were given by this customer at the time of account opening. In response from India Post, it has been said that if any customer has been inconvenienced, then strict instructions have been given to the Deputy Postmaster regarding this. Also, KYC documents have been demanded again on completion of the account.
Account can also be opened from mobile app
India Post Payments Bank (IPPB) also allows its customers to open a digital account through the IPPB mobile app. This account allows third party transfers, opening of recurring deposits and making contributions to PPF or Sukanya Samriddhi account at post office. To open a digital savings account through the IPPB app, the account holder must be above 18 years of age and must also be an Indian citizen. Apart from this, he should have Aadhaar number, PAN and mobile number linked to Aadhaar.
In order to keep the digital savings account active and convert it into a regular savings account, the account holder has to complete the KYC certification process at the concerned post office branch within one year of its opening. If you want to open an IPPB account, you can download the IPPB app.
What is India Post Payments Bank
India Post Payments Bank (IPPB) was set up under the Department of Posts, Ministry of Communications, in which the Government of India was the owner of 100% equity. Through a channel of 650 IPPB branches/control offices that work on a core model, IPPB has expanded its reach across India by covering Post Offices. Regular Savings Account, Digital Savings Account and Basic Savings Account are the three forms of savings accounts offered by IPPB.