SB order 2/2012, Taking of KYC Documents for SB accounts opened without KYC

SB order 2/2012, Taking of KYC Documents for SB accounts opened without KYC

SB Order No.02/2012

No.113-23/2005-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001.

Date: 10.02.2012

To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.


Subject:- Taking of Know Your Customer(KYC) documents at the time of credit of maturity value and cash withdrawal from savings account opened without KYC documents.

Sir / Madam,
The undersigned is directed to say that after removal of ceiling of maximum deposit in Post Office Savings Account, it has been observed that the possibility of fraud is more due to the fact that so far, KYC norms are not applied to Savings Accounts opened prior to introduction of AML/CFT norms in Small Savings Schemes. In order to curtail this possibility, following guidelines are being issued:-

1. In case, any depositor/holder/subscriber desires to credit maturity value of his Savings Instrument into a Post Office Savings Account opened prior to introduction of AML/CFT Norms i.e,without taking prescribed KYC documents, full KYC documents are to be obtained as per Risk Categorization (based on the amount being credited) before allowing credit of maturity value into savings account. Similarly, if a new Savings Account is opened to facilitate credit of maturity value,KYC documents are to be taken as per Risk Categorization based on the maturity Value being credited.

2. In case, an amount of Rs.50,000/- or above is withdrawan by cash from any savings account,full KYC Documents are to be taken as per Risk Categorization (based on the balance in Savings Account at the time of withdrawal) if the account was opened without taking any KYC documents. In case the account was opened with KYC documents prescribed for lower category of accounts and the balance in the account at the time of withdrawal is more than the amount prescribed for that category,additional KYC documents should be obtained as per the revised category of account.

3. It is requested that necessary instruction may be issued to all field units as well as inspecting/
visiting officers to implement the fresh guidelines.

4. This issues with the approval of DDG(FS)...

Yours faithfully,

(Kawal Jit Singh)

Assistant Director (SB)