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RBI directs banks to provide doorstep banking facilities to senior citizens, differently-abled

Nov 10, 2017 16:19 IST
RBI directs banks to provide doorstep banking facilities to senior citizens, differently-abled

The Reserve Bank of India on 9 November 2017 asked banks to provide doorstep banking facilities to senior citizens who are more than 70 years of age and differently-abled persons by December 2017.

The apex bank has directed all the banks to provide basic banking services such as pick-up and delivery of cash, chequebooks and demand drafts, submission of Know Your Customer (KYC) documents and Life certificates at the residence of the senior citizens and specially-abled persons, including the visually-impaired.

The RBI notification in the same regard has advised the banks including small finance and payments banks to implement the instructions by 31 December 2017 in letter and spirit and give due publicity in their bank branches and websites.

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Other Key Instructions

• The RBI has asked banks to provide a minimum of 25 cheque leaves every year for a savings bank account free of charge.

• It also said that banks should not insist on physical presence of any customer including senior citizens and differently-abled persons for getting cheque books.

• Banks have also been advised that a fully KYC compliant account should automatically be converted into a 'Senior Citizen Account' based on the date of birth available in the bank's records.

• The banks have also been asked to provide senior citizens and differently-abled persons Form 15G/H (related to tax deduction at source) once a year, preferably in April.

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