Corporate Salary
Facilities In Salary Accounts
• ZERO BALANCE SALARY ACCOUNT.
• FREE ADD-ON INDUS YOUNG SAVER ACCOUNT with no
minimum or Average Balance
Requirement for employee’s children. An Ideal combination of
Savings Account, Flexi-Recurring Deposit and knowledge
based features.
• FREE cash withdrawals from ANY VISA ATM across the
GLOBE.
• FREE International Visa ATM cum Debit Card.*
• FREE Demand Drafts from Salary account of IndusInd Bank.
Facilities In Corporate
Salary
Preferential Loan rates will be offered from Bank to Eligible
Employees.
• Same day Salary Credit to the accounts will happen.*
• FREE Multicity (At-Par) Cheque books.
• FREE Internet Banking /FREE FUND Transfer/FREE Visa
Money Transfer.
• Priority Banking Service offers for Senior Employees.
• 3 in 1 Account (De-mat & Trading Account) –De-mat and
Trading Account facility for the
Employees of your company.
Why KYC?
To establish the identity of the client:
For individuals: To verify the identity of the customer, his address/
location and also his recent photograph. (This will be done for the
joint holders and mandate holders as well.)
For non-individuals: Bank will obtain identification data to:
– verify the legal status of the legal person/ entity
– verify identity of the authorized signatories and
– verify identity of the Beneficial owners / controllers of the
account
To ensure that sufficient information is obtained on the nature of
employment/ business that the customer does / expects to
undertake and the purpose of the account
Are KYC requirements new?
• KYC requirements have always been in place and Banks
have been taking KYC documents in accordance with the
guidelines issued by RBI from time to time.
• RBI has revisited the KYC guidelines in the context of
recommendations made by the Financial Action Task Force
(FATF) on Anti Money Laundering standards and on
Combating Financing of Terrorism and enhanced the KYC
standards in line with international benchmarks.
Is KYC mandatory?
Yes. It is a regulatory and legal requirement.
• Regulatory: RBI guidelines on KYC – AML Measures -
all banks are required to put in place a comprehensive
policy framework.
• Legal: The Prevention of Money Laundering Act, 2002
(PMLA) which came into force from 1st July, 2005
When does KYC apply?
• Opening a new account
• Opening a subsequent account.
• Opening a Locker Facility.
• Information from existing customers based on
conduct of the account.
• When there are changes to signatories, mandate
holders, beneficial owners etc.
• To non-customers, when we extend any services.
Core elements of KYC
• Customer Acceptance Policy
• Customer Identification Procedure - Customer
Profile
• Risk classification of accounts - risk based
approach
• Risk Management
• Ongoing monitoring of account activity
• Reporting of cash and suspicious transactions
(CTR and STR)
Advantages of KYC Norms
Sound KYC procedures have particular relevance
to the safety and soundness of banks, in that:
1. They help to protect banks’ reputation and the
integrity of banking systems.
2. Reduces the risk of banks becoming a vehicle
for or a victim of financial crime and suffering
consequential reputational damage;
KYC Does Not Mean
• KYC should always be viewed beyond documentation
• Denial of Service to the Common Person
• Intrusive Behaviour
• Harassment of customers - threatening to close down
the accounts arbitrarily
Documentation
• Individuals – Photograph, PAN card or F-60, proof of identity and proof of
address
• Companies – Latest photographs, copy of PAN/allotment letter of directors
and authorised signatories, Certificate of Inc. MOA, Board resolution, proof
of existence, Regd address and KYC for all authorized signatories
• Partnership firms – KYC of all partners, registration certificate, proof of
existence and address, Letter / Mandate Signed by all partners authorising
the signatories.
• Sole proprietorship / HUF – photograph of proprietor / Karta, PAN or F
60/61,address proof, addl document to establish the firms identity
• Trust/Fiduciary – Trust deed, PAN card of Trust,Cert of registration,KYC of
all authorized signatories with photographs
• Societies/Clubs/Assn – Society by-laws, PAN card in Society’s / Club’s
name, KYC of all auth. signatories, Permission from Registrar of Co-
operative Societies to open the account.
High Risk Customers
• NBFC, money changers, brokers, dealers etc
• Travel agencies/ Property Dealers/ Builders
• Cash intensive business
• NGO/ Charitable organizations
• PEP / Negative List
• Wire transfers
• Services offered through internet, credit card etc.
Deviation/ Deferrals
• Non submission of adequate documents –
Bank can refuse to open
• Existing customers – Discontinue
relationship citing non submission of
information/ documents
• Mandatory Documents – No deviation
• Can be opened with deferral (as per
deviation matrix).
Thank You
