HDFC Bank’s rigid approach in the Re-KYC process is alienating its customers particularly customers from abroad. As a result, many are forced to end their association with them. 

Is Social Security number and that too in its entirety really required at Indian banks for Extended KYC of NRO bank accounts customers ?  If it’s mandatory, it should be clearly mentioned in the physical copy of the bank’s KYC norms and Extended KYC forms as well as RBI circular and that should be provided to the customer. 

One has a Right to Know as to how our security is protected when SSN is demanded by Indian banks like HDFC.  If the bank insists on the requirement of SSN, then customers have a Right to Know about the secure channels that are provided by the bank for handling such sensitive information or our accounts could be compromised !

It is our RIGHT TO KNOW why certain documents are being demanded from us ! One cannot get money from abroad in a NRO account as it is and so why is SSN needed for that account’s KYC ?

I have been reading reviews of various HDFC customers who are NRIs and American citizens and I agree that by asking American customers to share their Social Security Number for Re-KYC  & Extended KYC  of NRO accounts, HDFC is making them vulnerable to identity theft and fraud risk in India . Indian banks have no sense of information security as it is.  

SSN is tied to medical records . In America too , people think twice before sharing SSN and that too in its entirety . One is even advised to only share the last 4 digits of Aadhaar Card and so why should it be any different for SSN at Indian banks ?  

In my view, self-attested copies of Passport , OCI , Pan Card or Aadhaar card in addition to address proof in India/Abroad should be sufficient to establish identity of a customer who is a NRI or Foreign National. 

There should be ONE RULE for ALL BANKS and ONE RULE for ALL CUSTOMERS ! 

RBI should ensure uniformity in rules in Re-KYC/Extended KYC for all Indian banks and financial institutions so that each bank does not interpret those rules differently at the time of implementation !  A booklet of instructions regarding banking processes in India should be provided to NRIs and Foreign Nationals so that banks don’t  harass them  ! RBI should have institution-specific KYC rules so that banks like HDFC don’t misinterpret them.   

HDFC like  other Indian banks should consider other alternatives too instead of insisting on providing SSN. And the rule should apply to all customers.  People in my circle have never ever been asked for their SSN or even State ID cards at Indian banks. 

Accurate information and valid alternatives concerning bank processes for NRIs are required and RBI should explore  that with the banks.

The Indian banks particularly HDFC Bank should have a dedicated and knowledgeable NRI team to correctly assist and provide clarifications regarding NRI banking processes.

 HDFC bank should be flexible enough to be willing to work with its clients to resolve issues. On the contrary, complaints or queries are never effectively addressed by them. HDFC  NRI team is not at all qualified to handle foreign accounts as they are not even aware of most foreign documents . They are highly unprofessional ! And their teams have a different versions of their own baking processes and required documents  which can be confusing for the customers. Their branch heads do not even want to take ownership of decisions when you approach them for a resolution. They will never provide you clarity.  One has no problem about adhering to rules a long as one gets valid answers. 

HDFC should provide clarity on the modes of submission of documents for Re KYC / Extended KYC that a NRI customer has a right to know as well as explore valid alternatives as a “functional equivalent “ for SSN . At the bottom of the CBDT Terms and Conditions, on the Extended KYC form , it is also mentioned under “List of Acceptable documentary evidence needed to establish the  residence for tax purposes, valid Identification issued by an authorized govt. body ( e.g. Passport, National Identity Card ) can be accepted”. HDFC should be able to provide clarification on that. 

Also, it is written in the Extended KYC form that “ incase TIN is not available, kindly provide functional requirement”. In the absence of TIN, any other document should be acceptable.
Therefore, why is HDFC being so rigid about it ? 

 One never feels comfortable about sending one’s full SSN via email. The safest method would be to call the bank’s dedicated line if any and provide the SSN over the phone rather than transmitting it in a standard , unencrypted email. Unfortunately, submitting SSN through Netbanking is also not an option as such with HDFC Bank as there are constant errors and technical glitches in the documents submission process on their Netbanking’s  both old and upgraded version.  

I hope HDFC  Bank will find a deviation from insisting on SSN and research on how other Indian banks are completing the Re-KYC process of foreign nationals and NRIs or it will not be able to retain its customers from abroad for very long !