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This document outlines the customer identification policy for Non-Resident Indians (NRI) and Persons of Indian Origin (PIO) at AXIS Bank, detailing the required documentation to establish identity,
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How to fill out customer identification policy
How to fill out CUSTOMER IDENTIFICATION POLICY - NRI/PIO
01
Gather required identification documents for the customer, such as passports, visa, and proof of address.
02
Ensure that the customer fills out the Customer Identification Form accurately.
03
Verify the authenticity of the identification documents provided by the customer.
04
Check the customer's background and status (NRI or PIO) according to relevant laws.
05
Store the completed Customer Identification Form and supporting documents securely and in compliance with applicable regulations.
06
Regularly update and review the information as necessary to ensure continued compliance.
Who needs CUSTOMER IDENTIFICATION POLICY - NRI/PIO?
01
Non-Resident Indians (NRI) looking to open bank accounts or invest in India.
02
Persons of Indian Origin (PIO) who wish to avail banking services in India.
03
Financial institutions that provide services to NRIs and PIOs to comply with regulations.
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People Also Ask about
What is Pio in RBI?
'Person of Indian Origin' (PIO) means a citizen of any country other than Bangladesh or Pakistan, if: He at any time held an Indian passport; He or either his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.
Who gets Pio?
(i) the person at any time held an Indian passport; or (ii) the person or either of his/her parents or grand parents or great grand parents was born in, and was permanently resident in India, provided further that neither was at any time a citizen of any of the aforesaid excluded countries; or (iii) the person is the
Who are NRI and Poi?
NRIs are people who are citizens of India who live abroad whereas PIOs are people who have Indian parents, grandparents or an Indian spouse. An individual who spent 182 days in India for one year will be known as an Indian resident whereas PIO cardholders can visit India at any time and stay for 180 days in India.
What is NRI and poi?
Persons of Indian Origin (PIOs) refers to foreign citizens who have ancestral ties to India. Unlike non-resident Indians (NRIs), PIOs hold the citizenship and passport of their country of residence, not India. As foreign nationals, PIOs require a valid Indian visa for visiting the country.
Is OCI better than Pio?
An Overseas Citizen of India (OCI) is a foreign citizen of Indian origin who holds an OCI card. This category offers more long-term privileges compared to the previous PIO scheme. OCI status is not equivalent to dual citizenship, but it provides many benefits akin to those of Indian citizens.
What are KYC documents for NRI?
Documents needed to complete a KYC procedure include a recent photograph, documents to prove NRI/PIO status, PAN card copy, Aadhaar card copy, Indian and overseas address proof. For proof of NRI/PIO status, you can submit: Copy of passport. Copy of visa or work/residence permit.
What is the customer identification policy?
The purpose of CIPs is to establish a reasonable belief that the institution knows the identity of the customer, thereby preventing identity theft and fraud.
What is the meaning of poi in passport?
PERSON OF INDIAN ORIGIN (PIO) CARD. A Person of Indian Origin (PIO) means a foreign citizen (except a national of. Pakistan, Afghanistan Bangladesh, China, Iran, Bhutan, Sri Lanka and Nepal) who at any time held an Indian passport.
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What is CUSTOMER IDENTIFICATION POLICY - NRI/PIO?
The CUSTOMER IDENTIFICATION POLICY - NRI/PIO is a framework designed to verify the identity of Non-Resident Indians (NRI) and Persons of Indian Origin (PIO) opening accounts or conducting financial transactions. It ensures compliance with regulatory requirements to prevent fraud and money laundering.
Who is required to file CUSTOMER IDENTIFICATION POLICY - NRI/PIO?
Financial institutions, banks, and other entities that engage with NRIs and PIOs must file the CUSTOMER IDENTIFICATION POLICY - NRI/PIO when they begin a business relationship with these customers.
How to fill out CUSTOMER IDENTIFICATION POLICY - NRI/PIO?
To fill out the CUSTOMER IDENTIFICATION POLICY - NRI/PIO, individuals need to provide personal information such as name, date of birth, nationality, passport details, present address, and permanent address in India, along with relevant identification documents for verification.
What is the purpose of CUSTOMER IDENTIFICATION POLICY - NRI/PIO?
The purpose of the CUSTOMER IDENTIFICATION POLICY - NRI/PIO is to ensure transparency in the identification process of NRIs and PIOs, to mitigate risks related to money laundering and financial fraud, and to comply with international and local laws.
What information must be reported on CUSTOMER IDENTIFICATION POLICY - NRI/PIO?
The information that must be reported includes the individual's full name, date of birth, nationality, passport number, date of issue and expiry of the passport, addresses (both residential and permanent), contact information, and any other relevant identification documents.
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