Are you thinking about opening a new bank account? Whether you are saving for your dream home, planning an unforgettable vacation, or simply managing your daily expenses, the right bank account can help you stay in control of your finances.
Before heading to your local branch, it is essential to gather all the necessary documents. But do not worry; it is much simpler than what you think!
In this guide, we will discuss everything you need to know, including the documents required for opening a savings account, eligibility requirements and how to open a bank account online. Let us get started.
List of Documents Required for Opening a Bank Account
Here is a list of the necessary documents to open a bank account:
Identification Proof:
Any one of the following:
- Driving license
- Aadhaar card
- Photo ID card issued by a post office
- Passport
- Any government-issued/defense-issued ID card
- Voter ID card
Address Proof:
Any one of the following:
- Latest bank statement
- Voter ID card
- Driving license
- Ration card
- Salary slip
- Passport
- Latest electricity bills
- Income tax assessment order
- Letter from employer/public authority (if validated by bank)
PAN Card
In India, the PAN (Permanent Account Number) card is essential for financial transactions. Banks use it to monitor financial activities linked to your name, and it also plays a key role in tax-related matters.
Photographs
Before opening a savings bank account, especially offline, ensure that you have a few copies of your latest passport-size photographs. These are required for your bank records.
Officially Valid Documents (OVDs) for KYC Purposes
- Letter from the National Population Register containing name and address details
- Passport
- PAN card
- Driving License
- Job card issued under NREGA, duly signed by a State Government officer
- Aadhaar card copy or Aadhaar letter
- Voter ID card
Eligibility Requirements to Open a Savings Bank Account in India
These are the general eligibility requirements to open a bank account in India:
Age Requirements
- For regular savings accounts, your age should be above 18 years.
- For minor accounts, the age should be below 18 years.
- For senior citizens’ savings accounts, your age must be above 60 years.
Residency Status
- You must be a resident individual of India.
- Some banks may offer accounts for foreign nationals as well.
Documents Required
- The list is given above.
Other Criteria
- You should not have an existing savings account with the same bank (for basic savings accounts).
- You must provide a valid identity and address proof documents.
Step-by-Step Process on How to Open a Savings Bank Account Online
Opening a bank account online is a simple process and it can be completed from the comfort of your home. Follow these steps to get started:
Step 1: Log in with Mobile Banking
Use a mobile phone or laptop to access the bank’s online portal and log in with your mobile number. Also, ensure your mobile number and the Aadhaar-linked mobile number should be the same.
Step 2: Prepare the Required Documents
For an online bank account opening, you need an Aadhaar card and a PAN card. For the purposes of video KYC, you have to keep a blank paper and a pen. Some banks may also ask for additional documents.
Step 3: Complete Video KYC
You may have to verify yourself through a video call with a bank official. Then, follow the on-call instructions to complete the verification process. This step can be optional depending on your chosen Bank. However, you may get limited benefits with your bank account without completing the KYC process.
Step 4: Apply and Wait for Verification
The bank will process your application after verifying your documents. You will receive SMS and email updates on your registered contact details throughout the process. After that, your debit card will be delivered to your address within a few days as specified by your bank account.
Step 5: Set Up Online Banking and UPI
After receiving your customer ID and account number, you can log in to NetBanking or MobileBanking to set up your account. You may also add your bank with any UPI application for transactions.
Final Thoughts
To open a bank account, selecting the right bank is your first step. Most banks provide a detailed list of documents needed to open a bank account on their websites, making it easier for you to prepare. If you encounter any difficulties understanding this information, do not hesitate to reach out to the bank’s customer support team for assistance.
Take the next step in your financial journey today by exploring what Torus Digital has to offer!
