Opening of Bank Accounts for Salaried employees - RBI Notification

The Reserve Bank of India has issued a notification on 26^th October, 2010 where it has given clarification on the documents to be received by the Banks while opening the accounts of the salaried employees. In order to curb the misuse and to fraught with risks, it has clarified that Banks should rely on certifications issued only from reputed corporates or entities and should be aware of the competent authority designated by the concerned employer for issuing such certificates. Further in addition to the Employer’s certificate, Banks should insist on at least any one of the valid documents as provided in the Prevention of Money Laundering Rules i.e. PAN copy, Passport copy, Voter ID etc. or Utility bills for KYC purposes for opening the accounts of the salaried employees.