New Rules for Salary Account Opening

Currently the easiest way to open a bank account is opening a Salary Account through the Company. Just fill the form, give a photo and company gives a letter and presto the account is openned.

But finding fault in this process of opening accounts without proper KYC norms, RBI has asked banks to ensure that they collect additional documentation like passport/ driving licence, PAN Card, Voter’s ID Card or latest Utility bills for KYC verification in addition to the letter from the corporate. Further it has also asked banks to verify the letter issuing authority in the corporate.

Circular can be read here.