Records and retention periods for Indian BFSI companies

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.