HFFC Know Your Customer (KYC) Policy | HFFC

Know Your Customer

The Reserve Bank of India (RBI) has advised banks to ensure that ‘Know Your Customer’ (KYC) measures are formulated, implemented, and customers are aware of the same.

In order to prevent banks and other financial institutions (FI) from being used for fraudulent transactions, each financial institution needs to have a well-documented KYC policy. This policy lays down the various procedures to be followed to be satisfied about a customer’s identity and background. These are referred to as Customer Identification Procedures (CIP)

Home First’s KYC process entails identifying the customer and verifying the same using reliable independent documents, data, or information. KYC Process is followed by Financial Institutions to ensure the following:

  • That no account is opened in anonymous or fictitious or benami name(s)
  • To satisfy the competent authorities that due diligence was observed in accordance with the requirements of the existing laws and regulations on the same
  • To be able to demonstrate that the FI has taken reasonable measures to identify the beneficial owner(s) and verify his/her/their identity in a manner to be satisfied on who the beneficial owner(s) is/are

Customer identification procedures entail identifying the customer and verifying the identity by using reliable and independent documents, data or information. The FI, while lending, collects documents to identify and verify the customer as required under existing laws. To demonstrate that it has performed adequate KYC procedures, FI needs to collect identity proof and residence proof, using any of the documents as listed below:

Identity Proof (any one)

  • Aadhar card
  • Pan card
  • Passport
  • Voter ID card
  • UID card
  • Driving license

Address Proof (any one)

  • Aadhar card
  • Passport
  • Electricity bill
  • Telephone bill
  • Ration card
  • Lease agreement

To view Know Your Customer (KYC) in other languages, please download the PDFs below: