What is KYC of the parent?

What are KYC documents and why is it required to be submitted? KYC means “Know Your Customer”. KYC is a set of documents which are required to establish the identity of a person.

What are the documents required to open SBI bank account?

Savings Bank Account

• (a) Proof of identity (any of the following with authenticated photographs thereon): (i) Passport. (ii) Voter ID card. (iii) PAN Card. (iv) Govt./Defence ID card.
• (b) Proof of current address (any of the following) (i) Credit Card Statement. (ii) Salary slip. (iii) Income/Wealth Tax Assessment Order.

What happens if I don’t do KYC in SBI?

The RBI has asked banks not to freeze the bank accounts till December 31, 2021, if the KYC has not been updated. Further, in relief for the State Bank of India (SBI) account holders, the bank has allowed account holders to send the KYC documents even by post or through registered email for updation of their account.

What documents are required for KYC Updation in SBI?

For individuals

• Passport.
• Voter’s Identity Card.
• Driving License.
• Aadhaar Letter/Card.
• NREGA Card.
• PAN Card.
• Any one document towards proof of identity and proof of address (permanent or current).

How to open a minor account in SBI?

The SBI has offered two different types of minor accounts known as ‘Pehla Kadam’ and ‘Pehli Udaan’. The ‘Pehla Kadam’ type of account can be opened by a minor of any age jointly with his/her parents. For opening such account the date of birth document of the minor and KYC documents of the parent is required.

What is the difference between Pehli Udaan account and minor account?

While in Pehli Udaan account, the chequebook will be in the name of the minor. The minor account holder needs to be able to sign uniformly. Photo ATM cum debit cards and mobile banking facility is also available for both the accounts. Both these accounts can be opened online.

What is the difference between Pehli Udaan and peerpehla Kadam?

Pehla Kadam is the type of account where it will be opened along with the parents joint nominee name. The transactions will be performed by both parents and the minor. In case of Pehli Udaan, the account opened is purely on the name of the minor. Both these type of accounts do not require any minimum balance.

What is the difference between Pehla Kadam and internet banking?

Internet banking facility is allowed with a limit of Rs. 5000 per day transaction. Unlike the Pehla Kadam account, the re is no overdraft facility provided. The rate of interest is 4 percent. Both the account types allow you to use internet banking and mobile banking facilities. Cheque books are provided for both the accounts.