NRIs: update info or bank account frozen
30 days being given by banks in India to receive updates from Indian expats
Published Sunday, March 27, 2011
Non-resident Indians have been warned that they will have their bank account in India frozen if they fail to update their personal details with their bank. (FILE)
Non-resident Indians (NRIs) have been warned that they will have their bank account in India frozen if they fail to update their personal details with their bank.
In an email sent by HDFC Bank to its NRI customers, the bank said: “As per RBI [Reserve Bank of India] guidelines, banks are required to periodically update customer identification documents, including photographs. Therefore, we request you to complete and submit the know your customer [KYC] documents listed below along with a duly filled customer update form.”
An NRI has to submit his current passport and visa copy, address proof (Indian or overseas address, whichever is available), a recent passport-sized photograph along with the customer update form.
The bank adds: “The above documents need to be submitted within 30 days of date of this intimation. The bank reserves the option to freeze the account in case of non-submission of the said documents.”
S Madhu, who works as a manger in a real estate company, told Emirates 24|7: “I have two NRE accounts. Yesterday I got this email and fortunately I opened to read it… they have asked me to update my details and failure could result in bank freezing my account.”
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