What are Records?

What are Records?

All companies, big or small, private or public, have large amounts of information in paper and electronic form. This information needs to be tracked, stored securely, accessed efficiently and destroyed when it is no longer needed. This is vital for better decision making, lowering overhead costs and meeting regulatory compliance requirements.

What is a Record?

Amongst all the information generated and received by companies, there is a subset is highly valuable from an operational or legal standpoint. Information is often in the form of documents – MS Word files, Spreadsheets, Emails, Paper-Letters, Payslips etc. The moment their identity is established and their destruction date is determined, they become a record. There usually are well defined requirements around retention and destruction of records for every industry.

Records can stored be on a number of media formats. The most common formats are:

  • Paper
  • Data Tape
  • CD / DVD / Hard Disk / USB Pen Drives
  • Cloud Storage
What are Examples of Records?

Below are some examples of the types of records Indian companies in various sectors store with professional records management service providers. Please note that the list below is NOT comprehensive as every organisation has different sets of requirements. Data is sourced from an EisenVault market survey.

Sector: Banking, Financial Services and Insurance (BFSI) [ complete list ]
Type of Document Usual Retention Period
Savings Account Opening Forms 8 Years
Home Loan Documents 8 Years
Policy Documents 8 Years
Insurance Application Forms 8 Years
Vouchers and Account Statements 4-8 Years
Internal and External Audit Reports 10 Years
Cheque Book Registers 5 Years
Sector: Telecom
Type of Document Usual Retention Period
Customer Application Forms 3-5 Years post closure of account
Customer ID and Address Proof 3-5 Years post closure of account
Service and Complaint Records for each Customer 3-5 Years post closure of account
Employee Database and Documents 2-5 Years post resignation of employee
Purchase Details (Contracts with Suppliers etc). 7-8 Years
Finance Documents (Annual Reports, Statements, Audit Reports, etc.) 7-8 Years
Company Policies 7-8 Years
Sector: Healthcare
Type of Document Usual Retention Period
Employee Details 5 Years post resignation of employee
Insurance Documents 5 Years
OT List 5 Years
Admission Records 5 Years
Death Records Forever
Birth Records Forever
Patient Status Records 5 Years

Most companies do need to store records like employee records, vendor contracts, financial reports and audit reports for a number of years. These are usually legally enforceable requirements. EisenVault can help your company professionally manage all your records, be it paper or electronic.