KYC Policy

 

 


The purpose of this document is to establish Know Your Customer (KYC) documentation policy for the India Infoline Finance Limited (IIFL).All the loans originated by IIFL would follow this KYC documentation policy.

All products of IIFL have same KYC documentation policy defined in their respective manuals. In case of any change floated by regulator, the required changes were required to be done separately in each manual.

This document will enable us to make changes in only one document which will be followed by all products/businesses and will standardize the KYC documentation policy throughout the organization.

Sr. No.KYC Document (Officially valid Documents)Id ProofAddress Proof
1PAN CardAcceptableNot Acceptable
2Driving licenseAcceptableAcceptable
3Valid PassportAcceptableAcceptable
4Voter's ID Card issued by the Election Commission of IndiaAcceptableAcceptable
5Job card issued by NREGA duly signed by an officer of the State GovernmentAcceptable (If carries Photograph)Acceptable (If carries Photo & Address)
6The letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar numberAcceptableAcceptable

Customers, at their option, shall submit one of the six OVDs for proof of identity and proof of address.

Note:
  1. Provided that where 'simplified measures' are applied for verifying the identity of the customers the following documents shall be deemed to be OVD:
    • Identity card with applicant's Photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions.
    • Letter issued by a gazetted officer, with a duly attested photograph of the person.
  2. Provided further that where 'simplified measures' are applied for verifying, for the limited purpose of, proof of address the following additional documents are deemed to be OVDs :
    • Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, Water bill);
    • Property or Municipal tax receipt;
    • Bank account or Post Office savings bank account statement;
    • Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address;
    • Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation; and
    • Documents issued by Government departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India.

Submitting 'Officially Valid Documents' - Change in name on account of marriage or otherwise:

A document shall be deemed to an "officially valid document" even if there is a change in the name subsequent to its issuance, provided it is supported by a marriage certificate issued by the State Government or a Gazette notification, indicating such a change of name".

Accordingly a copy of marriage certificate issued by the State Government or Gazette notification indicating change in name together with a certified copy of the 'officially valid document' (as indicated above) in the existing name of the person while establishing an account based relationship or while undergoing periodic updation exercise may be accepted

[Simplified procedure" means the procedure for undertaking customer due diligence in respect of customers, who are rated as low risk by the Company and who do not possess any of the six officially valid documents, with the alternate documents as prescribed above]

KYC Document for Proprietorship

Any two of the following documents in the name of the proprietary concern needs to be obtained if the loan is in the name of Proprietorship Firm (Main Applicant)

  1. Registration certificate
  2. Certificate/licence issued by the municipal authorities under Shop and Establishment Act.
  3. Sales and income tax returns.
  4. CST/VAT certificate.
  5. Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities.
  6. Licence/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute.
  7. Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/acknowledged by the Income Tax authorities.
  8. Utility bills such as electricity, water, and landline telephone bills.
Note:
  1. In case one document is collected as activity proof for proprietorship concerns instead of two; then Contact Point Verification (CPV) is mandatory and cannot be waived.

KYC Document for Companies

One certified copy of each of the following documents shall be obtained:

  • Certificate of incorporation;
  • Memorandum and Articles of Association;
  • A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf; and
  • An officially valid document in respect of managers, officers or employees holding an attorney to transact on its behalf.

KYC Document for Partnership Firms

One certified copy of each of the following documents shall be obtained:

  • Registration certificate;
  • Partnership deed; and
  • An officially valid document in respect of the person holding an attorney to transact on its behalf.

KYC Document for Trusts and Foundations

One certified copy of each of the following documents shall be obtained:

  • Registration certificate;
  • Trust deed; and
  • An officially valid document in respect of the person holding a power of attorney to transact on its behalf.
Note:
  1. The e-KYC service of Unique Identification Authority of India (UIDAI) shall be accepted as a valid process for KYC verification.
  2. Photograph of the applicant & Co-applicant is mandatory, however digitally captured photograph is acceptable.
  3. The KYC documents/ Officially Valid documents can be verified by the employees/ representatives/ service providers of IIFL.
  4. The customers shall not be required to furnish an additional OVD, if the OVD submitted by the customer for KYC contains both proof of identity and proof of address.
  5. The customers shall not be required to furnish separate proof of address for permanent and current addresses, if these are different. In case the proof of address furnished by the customer is the address where the customer is currently residing, a declaration shall be taken from the customer about her/his local address on which all correspondence will be made by the Company. The local address for correspondence, for which their proof of address is not available, shall be verified through 'positive confirmation' such as acknowledgment of receipt of letter, cheque books, ATM cards, telephonic conversation, visits to the place, or the like.
  6. In case the person who proposes to open an account does not have an OVD as 'proof of address', such person shall provide OVD of the relative as provided at sub-section 77 of Section 2 of the Companies Act, 2013, read with Rule 4 of Companies (Specification of definitions details) Rules, 2014, with whom the person is staying, as the 'proof of address'.
    Explanation: A declaration from the relative that the said person is a relative and is staying with him/her shall be obtained.