What are the KYC documents required to open a bank account in case of a Trust/AOP/Club/Society?

CS Professional · Banking and Insurance - Laws and Practice · PYQS · December 2024
What are the KYC documents required to open a bank account in case of a Trust/AOP/Club/Society?

Answer & Explanation:

The following are the Know Your Customer (KYC) documents required to open a bank account in case of an Association of Person/Body of Individual: Certificate of Registration, if registered. Copy of PAN of Trust / Association / Club / Society. Power of Attorney granted to transact business on its behalf, if any. Any document listing out the names and addresses of the trustees, sellers, beneficiaries and those holding power of Attorney, and other key officials involved in the day to day management of the trust to the satisfaction of the bank. Resolution of the managing body of the foundation. Declaration of Trust/Bye Law of society/Bye-law of Association/Bye-law of club. Attach the Proof of name and address of the founder, Manager/director and the beneficiaries, telephone/fax number, Telephone bill, Utility bill apart from the above (bills not older than two months).

Topics: Banking Laws and Practice

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