June 12, 2015 7:29 AM

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Utility bills valid proof of address to open account: RBI

Reserve bank of India has allowed postpaid mobile service, piped gas and water supply bills to be submitted as proof of address for opening account with banks or other financial institutions. The RBI in a notification issued in Mumbai said the utility bill which is not more than two months old are deemed to be Officially Valid Documents (OVDs) under simplified measures. It added that the Government has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 providing additional relaxations for the purpose of proof of address. Bank account or Post Office savings bank account statement; pension or family pension payment orders (PPOs) issued to retired employees by government departments or PSUs, if they contain the address too will be OVDs. Letter of allotment of accommodation from employer issued by government, regulatory bodies, PSUs, banks, financial institutions and listed companies have also been added to the list of OVDs. Similarly, documents issued by government departments of foreign jurisdictions and letter issued by foreign embassy or Mission in India too are OVDs.

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