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BANK ACCOUNT

Aaaaaa (student) (186 Points)

20 September 2017

form 60 submitted for opening account during year 2005.Whether its valid for 6 years.or its even valid today

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8 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 20 September 2017

In my view it's not valid. Bcoz, after the years bank laws are amended KYC documents...

Futher way you can check it in Bank

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Abisheik (Articled Clerk) (173 Points)
Replied 20 September 2017

As per existing KYC norms followed by banks, all KYC documents of a low risk profile customer is to be updated once in 10 years and so Form 60 given in 2005 is not valid now as it should have been reobtained in 2015 from the customer.

Aaaaaa (student) (186 Points)
Replied 20 September 2017

But customer not submitted form 60 or pan card in 2015 rather he updated aadhar card for gas subsidary

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 20 September 2017

Originally posted by : Aaaaaa
	But customer not submitted form 60 or pan card in 2015 rather he updated aadhar card for gas subsidary

Yeah... The bank is satisfied with Aadhaar then no need worries

Abisheik (Articled Clerk) (173 Points)
Replied 20 September 2017

It is mandatory to obtain PAN or Form 60 from all customers as per KYC norms and if the bank has failed to do so, you may report the account as non KYC complied in the concurrent audit report, if you are doing the concurrent audit of that bank.