Silent Features of SB Order No 1/2025 - eKYC

 

eKYC Operations for POSB Accounts

The following eKYC-related operations are permissible:

• Creation of eKYC CIF: Create new eKYC-enabled Customer Information Files (CIFs).
• Conversion of Existing CIF to eKYC CIF: Convert existing CIFs to eKYC-enabled CIFs.
• Modification of eKYC CIF: Make changes to existing eKYC CIFs.

POSB Account Operations

1. Opening of Single POSB Account: Open single POSB accounts using eKYC for adult customers only.
2. Conversion of Non-eKYC POSB to eKYC POSB: Convert existing non-eKYC POSB accounts to eKYC-enabled POSB accounts.
3. Modifications: Make changes to existing eKYC POSB accounts.

Transaction Limits

1. Deposits: No limit for deposits using eKYC.
2. Withdrawals: Up to Rs. 5,000/- using eKYC. Beyond this limit, follow the existing maker/checker procedure.

Important Guidelines

1. Customer Choice: Do not force customers to opt for paperless transactions. Allow them to choose their preferred option.
2. Verification: Before converting non-eKYC POSB to eKYC POSB, verify the customer's signature and photo using the HACI menu.
3. Aadhar Details: Ensure that all Aadhar data, including PAN, is fetched and validated before creating an eKYC CIF.
4. Supervisor Verification: Note that there is no verification concept in the system for supervisors in eKYC scenarios.
5. Photo Update: If the Aadhar photo is not up-to-date, attach the latest photo to the consent form.

For detailed procedures, refer to the Standard Operating Procedure (SOP) document.