EisenVault has surveyed a number of Banks, Insurance Companies and other Financial Services companies in India. Below is a list of common types of records that these companies generate & receive, and the period they are typically required to preserve them.
Customer Related Records with typical retention periods of 8 years:
Savings Account Opening Forms
Current Account Opening Forms
Supporting Documents for Customers
Loan Application Forms
Policy Documents
Insurance Application Forms
Claims Documents
Applications for Demand Drafts, Money Transfers and other remittances
Applications for Overdrafts, Loans and Advances
Remittances & Telegraphic Transfer Documents
Vouchers
Account Statements
Audit Reports – usually retained for 8 years (exception noted below):
Internal / External Audit
RBI Audit
Other Inspections
Annual Closing, Income Tax Returns, Copies of all Annual Returns and Certificates (retained for 8 years from date of filing with the RoC)
Staff / Employee Details:
Applications, Supporting Documents – retained for 5 years after employee has resigned
Communications – retained for 5 years
Books / Records:
Supplier Contracts – 5 to 7 years
Cheque Book Registers – 5 years
Delivery Order Registers – 5 years
Books of Account and Vouchers – 4 to 8 years
Register of Deposits – 8 years
As you can see, there is a large number of records to be retained and managed at BFSI companies. EisenVault is your professional, secure and responsible partner in preserving and managing all these records. We store all records in a clean and secure data center, provide same-day and next day retrieval services, and help you design and enforce record retention and destruction policies. Browse our website, in particular the services and solutions areas for further information.