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.

KYC Documents

Mandatory Document:ID ProofAddress Proof
PAN / Form 60 (in case of PAN not available)
Note:
In case Form 60 provided the same cannot be accepted as an ID proof
MandatoryX
Any one of the Officially valid documents (OVD) given below for proof of identity and proof of address:
Aadhaar Card/e-Aadhaar/QR code embedded in Aadhaar Card
Note: The first 8 digits of the Aadhaar Number while storing physical copy of Aadhaar Card or e-Aadhaar must be masked.
Aadhaar may be obtained only if voluntarily offered by the customer.
AcceptableAcceptable
PassportAcceptableAcceptable
Driving Licence (except for the driving licence issued by the State of Maharashtra)AcceptableAcceptable
Voter ID card issued by the Election Commission of IndiaAcceptableAcceptable
Job card issued by NREGA duly signed by an officer of the State GovernmentAcceptableAcceptable
Letter issued by the National Population Register containing details of name and addressAcceptableAcceptable
Additional proof of address alongwith one of the OVD mentioned above in case the OVD furnished by the customer does not have current address:
utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill)Not acceptableAcceptable
property or municipal tax receiptNot acceptableAcceptable
pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the addressNot acceptableAcceptable
letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and licence agreements with such employers allotting official accommodationNot acceptableAcceptable
Physical bank statement with current address not older than 3 monthsNot acceptableAcceptable
Rent agreement with remaining validity of at least 3 months
(Stamp or franked with date of registration)
Not acceptableAcceptable
Life insurance policy receiptNot acceptableAcceptable
Ration CardNot acceptableAcceptable
eStatement with current address or NetbankingNot acceptableAcceptable
Bank passbook with latest month transactions in itNot acceptableAcceptable

Note:
Provided that where an Aadhaar number has not been assigned to a client, the client shall furnish proof of application of enrolment for Aadhaar.

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.

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. IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT / 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.

AND

  1. Any one of the Officially valid documents of the Proprietor
  2. Permanent Account Numbers or Form 60 as defined in the Income-tax Rules, 1962, issued to the proprietor.
Note:

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;
    1. Any one of the Officially valid documents; and
    2. Permanent Account Numbers or Form 60 as defined in the Income-tax Rules, 1962, issued to managers, officers or employees holding an attorney to transact on the company’s behalf

KYC Document for Partnership Firms

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

  • Registration certificate;
  • Partnership deed; and
    1. Any one of the Officially valid documents; and
    2. Permanent Account Number or Form 60 as defined in the Income-tax Rules, 1962, issued to 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
    1. Any one of the Officially valid documents; and
    2. Permanent Account Number or Form 60 as defined in the Income-tax Rules, 1962, issued to the person holding an attorney to transact on its behalf

KYC Document for Unincorporated association or a body of individuals

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

  • Resolution of the managing body of such association or body of individuals;
  • Power of attorney granted to him to transact on its behalf;
    1. Any one of the Officially valid documents; and
    2. Permanent Account Number or Form 60 as defined in the Income-tax Rules, 1962, issued to the person holding, an attorney to transact on its behalf
      such information as may be required by the reporting entity to collectively establish the legal existence of such an association or body of individuals

Explanation: Unregistered trusts/partnership firms shall be included under the term ‘unincorporated association’.

Explanation: Term ‘body of individuals’ includes societies

Note:
  1. Photograph of the applicant & Co-applicant is mandatory, however digitally captured photograph is acceptable.
  2. The KYC documents/ Officially Valid documents can be verified by the employees/ representatives/ service providers of IIFL.
  3. A customer shall not be required to furnish separate proof of current address, if it is different from the address recorded in the OVD. In such cases, the RE shall merely obtain a declaration from the customer indicating the address to which all correspondence will be made by the RE."
    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.
  4. 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.
  5. KYCs of all beneficial owners shall be collected which means
    • Ownership of more than 25% shares in a company or
    • More than 15% of ownership in other forms of entities (LLP / Partnership firms etc).

    Where the customer or the owner of the controlling interest is a company listed on a stock exchange, or is a subsidiary of such a company, it is not necessary to identify and verify the identity of any shareholder or beneficial owner of such companies.

    In cases of trust/nominee or fiduciary accounts whether the customer is acting on behalf of another person as trustee/nominee or any other intermediary is determined. In such cases, satisfactory evidence of the identity of the intermediaries and of the persons on whose behalf they are acting, as also details of the nature of the trust or other arrangements in place shall be obtained.

 

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