Kyc

#1 Jan 14th, 2014, 09:42
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#1
I have had my axis bank account frozen because I didn't have the correct visa. I was going to go to india next year to try and get the money back from the bank.
I have now received an email from them stating I need to send them my KYC details.
Does anyone here know what will happen if I do not submit these documents ? I am thinking they are trying to steal my money?
thanks in advance for any answers.
#2 Jan 14th, 2014, 09:49
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#2
KYC means "Know Your Customer". For a resident it means providing among other things a income tax PAN card. As a foreigner it would mean a few additional things and may include a copy of Passport, Visa and that you are a legal resident here.

No, they won't steal your money. You will only be allowed to transact (or withdraw) after you submit the documents.
#3 Jan 14th, 2014, 17:33
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#3
Sometime people don't do any transaction and the account is made Inactive. KYC is used by banks to collect the updated info about their customers where they ask basic stuff like name,age,gender,address etc stuff and the other details like occupation,income group etc.In other way to know if the person is "alive".

Just make sure you are sending the data to the correct sources since many scams happen where they ask personal data and misuse it.
#4 Jan 14th, 2014, 17:50
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#4
They are not trying to steal your money the RBI has made some mandatory regulations which the banks have to follow!
#5 Jan 18th, 2014, 00:24
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#5
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Originally Posted by Deep s View Post They are not trying to steal your money the RBI has made some mandatory regulations which the banks have to follow!
... also some imaginary ones!

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#6 Apr 25th, 2017, 06:44
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#6
Instead of starting another thread I decided to add my questions to this thread. I have not kept up with banking regulations. I became a US citizen in 1986.

I have an NRO account with HDFC, in which I deposited money given to me by my sister, any Indian currency left over from converting US$, interest income (from Sept 2010 to March 2016) on a loan given with a check drawn on a US bank in US$ and finally, repayment of the principle amount in March 2016.

I am still not sure what documents they need.

I have a scanned copy of the relevant pages of my U.S. Passport.

A scanned copy of my driving license as proof of address.

I was told that I can do it online. It also asks to self attest the photocopies but I have also read that scanned copies are enough. IN order to self attest, I have to print the copies self attest them and then scan the, again.
The ekyc form asks to affix a photograph to the form with signature across the photograph. Is that required or can I upload a photgraph with my signatures on it in additon to the ekyc form. How does one sign the ekyc? DO I have to scan the filled form, sign it and then scan it again?

Extended KYC annexure.

WHat is AOF number?

There is a bunch of items on the second page of the Annexure under FATCA/CRS Indicia observed (1st Column) and Documentaion required for Cure of FATCA/CRS Indicia(2nd column) I am confused about what is or is not needed for the items mentioned in the two columns.

What is certificate of residence issued by an authorized Govt body? Isn't the US Passport sufficient for that?

Since there has been no transaction since March 2016, I was informed by the bank that I need to initiate a transaction to keep the account from going dormant. I had spoken with the branch manager who told me that the account is still active. He gave me no indication that my checks would not be cashed for. I gave a few checks to my brother, who left for India on April 22. Today, April 24th, he presented a check to the branch. The check was cleared for payment, but when he was called to collect the payment, he was told that the payment could not be made as I had not filed my kyc. I know, the check cleared because I received an SMS from the bank stating that the check cleared and the amount and the new balance was reduced by the amount written on the check. I am not worried that the bank would steal my money.

The bank has been deducting TDS since 2011 and also treated the repayment of the principle(INR 500,000) in 2016 as income and deducted TDS. My total TDS is over the last six years is around INR 100k now. I have not been to India since late 2011.

I know it's a mess. Any advice will be greatly appreciated. I would like to fulfil KYC requirements ASAP. I do recall getting e-mail about KYC in the past, but was unable to access my account since I was unable to log in with my password. I kept thinking I would straighten things out on my next trip to India when I was informed about lack of transaction since March 2016.
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#7 Apr 25th, 2017, 07:01
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#7
First of all, when an account is frozen by a bank for lack of activity or KYC requirements, the money is not withdrawn by the bank, but the account is made dormant and it cannot be accessed until it has been re-activated. You still have all right, title and interest in your money.

I use another private bank, but HDFC should also have a personal NRO account relationship manager, who should be able to lead you through the documentary requirements, step-by-step.

'Self-attested' means exactly that. You sign the copies affirming that they are 'true copies'. If you can scan them then you could electronically paste your signature to pdf uploads, but it is hard to describe this if the facility is not supported by the bank. I sign many contracts with suppliers this way.

If the above is too hard, then just take a print-out of the document, sign it, re-scan it and then re-upload it, as you described.

For FATCA (The USA's Foreign Account Tax Compliance Act) etc., the banks need to satisfy themselves about non-US residential status. As a US resident, your paperwork will be different.

See the ICICI notes

http://icicipruamc.com/download/FATCA_CRS.pdf

HDFC notes

http://www.hdfcbank.com/assets/pdf/E...ndividuals.pdf

Get your relationship manager to help you fill in the details and the right forms.
#8 Apr 25th, 2017, 07:17
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#8
You have spoken to the branch manager. You could also speak to the US NRI helpline number (taken from Axis' website) 1855 205 5577 . They may be better geared to help with documentation and procedures from the US.
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#9 Apr 25th, 2017, 07:19
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#9
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Originally Posted by capt_mahajan View Post You have spoken to the branch manager. You could also speak to the US NRI helpline number (taken from Axis' website) 1855 205 5577 . They may be better geared to help with documentation and procedures from the US.
Thanks Captain. I spoke to the branch manager because that's what the NRI helpline suggested.
#10 Apr 25th, 2017, 07:26
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#10
Haha. Also because I posted the number for the wrong bank! Not enough coffee.


PS: If your brother is still there, he could talk to the manager about your questions and confusion. Maybe you have tried that too.
#11 Apr 25th, 2017, 07:29
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#11
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Originally Posted by capt_mahajan View Post Haha. Also because I posted the number for the wrong bank! Not enough coffee.
Captain, you know better than that. It would be funny if I had called that number. I called 1855-999-6061 and had spoken with the HDFC NRI custimer svc nuber in New York.
#12 Apr 25th, 2017, 08:18
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#12
Thanks ViShVa. I am not worried about my money disappearing. I just want to do my Kyc in an expedient and acceptable manner so that my brother can withdraw some money killing two birds with one stone.

So, a scanned photograph is acceptable even though the quality won't be as good.

Why is a deposit being treated as income?
#13 Apr 25th, 2017, 08:49
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Note: If there is no change in the address or contact details, you can send KYC application along with a photograph and other supporting documents via email from your 'Registered Email ID' to your Branch Manager/Relationship Manager or nrirekyc@hdfcbank.com

It seems if I email documents from my e-mail address registered with the bank, there is no need to attest documents? Is that interpretation correct?
#14 Apr 25th, 2017, 12:06
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#14
LMAO kinda reminds me of something , I was at a Domino's pizza in India recently , the guy took my order , at the end asked for my name and phone number . Said he couldn't process my order without it . I couldnt buy a pizza with just paying him for it . The way it should be I give you money you give me pizza . The guy said no you give me name number I process order then you give me money !!!
#15 Apr 25th, 2017, 12:59
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#15
Quote:
Originally Posted by Toro Toro View Post LMAO kinda reminds me of something , I was at a Domino's pizza in India recently , the guy took my order , at the end asked for my name and phone number . Said he couldn't process my order without it . I couldnt buy a pizza with just paying him for it . The way it should be I give you money you give me pizza . The guy said no you give me name number I process order then you give me money !!!
Funny story. Come to think of it my interpretation is rather silly. Strange things happen in India. India shining and rising is expected to use net banking, e-banking, mobile banking, e-money and what not, when only a small percentage of the population have access to internet. The way things are going, don't be surprised if all currency and coins are demonetised to save printing and minting costs.


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