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Introduction in all deposits account is ________.

  • Introduction is compulsory for all deposit accounts in India.
  • When an individual or an organization opens a new account with a bank, they are required to provide certain information and documentation to the bank to establish their identity and eligibility to open an account.
  • This process is known as "customer identification" or "know your customer" (KYC) and it is mandated by the Reserve Bank of India (RBI) to prevent fraud and money laundering.
  • As part of the KYC process, banks are required to obtain an introduction for the account holder from an existing customer who has been maintaining an account with the bank for a certain period of time.
  • The introduction is a way for the bank to verify the identity and credibility of the new account holder and to ensure that they are not involved in any illegal or fraudulent activities.