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Unique Customer Identification Code (UCIC) for your bank accounts

October 10, 2012by Basavaraj Tonagatti

RBI recently came up with idea of allotting unique code for each bank account holder. This facility was mooted to avoid multiple identity of customers. Let us see it’s features.

Unique Customer Identification Code (UCIC) is the code you will get to transact across all banks and financial system. This code as name suggest, is unique for each customer. But setting up of this unique code for financial system may take some more time, hence RBI mooted and kept deadlines for banks to allot UCIC for all customers within end of May 2013.

This will actually help banks in removing duplicate accounts and easy to track them. This system is like your unique PAN number. This UCIC may be created by collecting address proof and identity proof from each customers like KYC (but not yet clear).

Few of the benefits that currently visible are-

a) You can easily transfer your account by mentioning UCIC code. Hence may feel service improvement 🙂

b) Banks may track your transactions smoothly.

c) If UCIC initiated to financial systems too then regulation and monitoring will be easy like current monitoring through PAN.

d) It may reduce the leakages in Government payouts.

e) Better approach to risk profiling of customers.

f) Banks may easily track the facilities you availed.

These are the main features which currently understandable with this UCIC initiative. But clear picture will emerge when we get more guidelines about this. Hope to get soon as the deadline set by RBI is May 2013, which is 7 months away from now.

 

Category: BankingTag: UCIC, Unique Customer Identification Code

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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Reader Interactions

Comments

  1. bps tomar

    June 19, 2017 at 1:50 PM

    i forgate my bank unique code . can i get it b y bank.

    Reply
    • Basavaraj Tonagatti

      June 19, 2017 at 7:14 PM

      BPS-YES.

      Reply
  2. subhajit saha

    November 19, 2015 at 8:37 PM

    sir has Rbi rolled out this ucic facility? i mean can i approach my bank to allot me?

    Reply
    • Basavaraj Tonagatti

      November 20, 2015 at 9:29 AM

      Subhajit-As of now NO.

      Reply
  3. Monik Gupta

    August 18, 2015 at 10:22 PM

    Sir I have three bank accounts in the same bank but different branches and I have also using net banking from these accounts after submitting UCIC form in ond branch my net banking from other two accounts id deactivated.Is it possible? And what can I do for re activate my net banking facility.

    Reply
    • Basavaraj Tonagatti

      August 19, 2015 at 9:55 AM

      Monik-First of all why you want to complicate your own LIFE? Why you need three accounts that too within a same bank?

      Reply
  4. Abhay

    August 14, 2015 at 10:35 PM

    Dear sir

    I have HDFC NRE saving account and SBI saving account (Resident). Referring to RBI circular regarding Unique Customer Identification Code (UCIC), I received a letter from HDFC which instruct me for consolidation of my NRE & Residential Account under UCIC. In letter also they mention that any person can not hold NRE and Residential account simultaneously. When I called there customer care I got replied that I have to convert my residential account in to NRO account. Letter also told me that to fill the form and send to them , form is for “CUSTOMER DECLARATION FOR CONSOLIDATION OF ACCOUNTS AS PER CURRENT RESIDENTIAL STATUS”
    In this form there is item- (a) Re-designation of my Resident a/c no.____________________ to NRO Savings Account. If I send this form is they will convert my SBI account in to NRO or I have to approach SBI for the same.

    The same SBI account is linked with my mutual fund SIP. Do I need to update my bank details to AMC .
    Also while doing KYC for Mutual Fund, agent mentioned residential status as Resident Individual even though I have given him Indian Embassy (Qatar) attested copy of Passport and Visa . Do I need to change residential status in KYC.

    Please advise me.
    Thanking you.

    Reply
    • Basavaraj Tonagatti

      August 15, 2015 at 11:55 AM

      1abhay-Yes, you have to approach SBI and change your savings account to NRO account. I doubt whether HDFC will take this initiative and make sure your SBI account get changed to NRO. Yes, you have to apply for change of KYC to show your residential status for MF.

      Reply
      • abhay

        August 15, 2015 at 7:57 PM

        Thanking you very much.

        Reply

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