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.
11 Responses
i have current account with my firm name and in the same bank have BSBDA account so the UCIC ID of both the account is same ?
I already collected letter to freeze my Current account.
Please guide
Dear Vivek,
What is your actual doubt?
i forgate my bank unique code . can i get it b y bank.
BPS-YES.
sir has Rbi rolled out this ucic facility? i mean can i approach my bank to allot me?
Subhajit-As of now NO.
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.
Monik-First of all why you want to complicate your own LIFE? Why you need three accounts that too within a same bank?
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.
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.
Thanking you very much.