OVD Full Form in Banking, What Does OVD Stand For?

OVD full form in Baking is Officially Valid Documents. These are those documents that can be required to show the current address or legal name of a person. These documents are proof of having an Aadhaar number, driving license, passport, voter id issued by the Election Commission of India, a letter issued by the National Population Register having details of address and name, and a Job Card given by NREGA duly signed by an authorized of the State Government.

Why are OVDs required?

OVD documents are required for KYC purposes. These documents help in making the KYC process secure, fast, and accessible. In such a situation, there is no need to submit two separate documents for proof of address and identity. All legal information regarding the current address and legal name of a person is available in OVD. Hence the bank asks to provide the OVD to make the KYC process easy.

KYC documents are required for different types of customers:

• The PAN or FORM 60, as defined in Income Tax Rules 1962, as amended from time to time
• The Aadhaar number issued by the UIDAI
• One certified copy of an OVD, including details of address and identity
• One photograph, etc.