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Bank Deposit Account Opening

BC Agents undertake the following activities to bring larger number of people under the Banking fold in furtherance of achievement of Financial Inclusion objectives:

♦  Creating awareness about savings and other products, educating and advising the rural people for the management of money.
♦  Enrolment of customers - Collection of information about identity, address and other profile of prospective customers desirous of
    opening deposit accounts with Bank, as required under bank’s “Know Your Customers’ policy”.


♦  The following types of deposit accounts are opened at the BCA outlets:


     ● Saving Bank accounts, particularly, Basic Savings Bank Deposit (BSBD) accounts and other Small accounts.
     ● Term Deposit accounts
     ● Recurring Deposit accounts

♦ Account opening process for new customers through e-KYC


     ● Deposit accounts are opened instantly in online mode through the simplified e-KYC process where depositor’s identity is verified by
        biometric authentication linked to Aadhar database.
     ● Automatic seeding of Aadhaar with PALAM (as primary account) and account is enabled for DBT benefits and AePS transactions.
     ● Account is opened in Debit Freezed mode but Customer can initiate Credit transactions immediately after opening the account.
     ● Customer is enabled for Alerts immediately
     ● Customer’s request is submitted for Debit Card.
     ● In respect of a customer who is minor of 10 years and above, guardians’ customer id is required to be filled in while opening
        of account. In case, guardians’ customer id is not available, the same can also be created through e-KYC process.
     ● As per the updated process flow, debit transactions will not be allowed in the account till the time duly signed Account Opening
        Form (AOF) is not received by the base branch and branch validates the account details with the AOF/documents received from BCA.
         After checking/validation, Bank branch official will unfreeze the account in CBS
     ● In case of Fixed deposit, BC agent collects the actual Fixed Deposit Receipt from the Base Branch of the Bank and delivers the same
        to the customer against receipt.