Key Highlights of SB Order No. 1/2025: eKYC Guidelines for POSB Accounts
The SB Order No. 1/2025 introduces streamlined processes for the creation, conversion, and modification of eKYC-based Customer Information Files (CIF) and POSB accounts, enhancing convenience while maintaining security and compliance.
1. eKYC CIF Management
Creation of eKYC CIF: New CIFs can now be created using eKYC.
Conversion of Existing CIF: Existing non-eKYC CIFs can be converted to eKYC CIFs.
Modification of eKYC CIF: Necessary modifications can be made to existing eKYC CIFs.
2. POSB Account Operations Using eKYC
Opening Accounts: Single POSB accounts (for adults only) can be opened using eKYC.
Conversion of Accounts: Existing non-eKYC POSB accounts can be converted to eKYC POSB accounts.
Account Modifications: Changes to account details can be performed on eKYC POSB accounts.
3. Transaction Rules with eKYC
Deposits: No transaction limit for deposits made using eKYC.
Withdrawals: Withdrawals up to Rs. 5,000 can be processed using eKYC directly.
Higher Withdrawal Limits: Withdrawals exceeding Rs. 5,000 require adherence to the existing maker/checker procedure used in paper-based transactions.
4. Customer Choice for Transactions
Customers must not be compelled to opt for paperless transactions after eKYC conversion.
The choice to use paper-based or paperless methods remains with the customer.
5. Pre-Conversion Checks
Before converting non-eKYC POSB accounts to eKYC POSB accounts, ensure the availability of the customer's signature and photo using the HACI menu.
6. eKYC Consent Form Guidelines
Only the last four digits of the Aadhaar number should be recorded in a masked format.
Ensure all Aadhaar data, including PAN and other details, are correctly fetched and validated.
If the photo on Aadhaar is not the latest, the latest customer photo must be pasted on the consent form.
7. System Verification Protocol
In the eKYC process, no supervisor verification is required within the system.
8. Further Procedures
Detailed operational procedures are outlined in the Standard Operating Procedure (SOP) document for reference and implementation.
These guidelines aim to simplify account management, ensure data integrity, and offer flexibility to customers while adopting eKYC processes effectively across POSB operations.
