What are the Documents Required to Open a Savings Account?

Opening a savings account is an important first step towards managing your finances and saving for the future. While the process has been made easier with online account opening, certain documents are still required for Know Your Customer (KYC) verification. This article provides a detailed guide on the documents needed to open a savings account.

Documents required to open a bank account

Here’s a list of the documents required for opening a bank account:

Aadhaar card

The Aadhaar card issued by the Unique Identification Authority of India (UIDAI) has become one of the most important documents for opening a bank account. It serves as proof of identity and address.  Banks usually insist on the submission of an Aadhaar card when opening a savings account.

Some banks may allow alternative KYC documents if you do not have an Aadhaar card. However, having an Aadhaar makes the verification process quicker and simpler. You need to submit a copy of the front and backside of your Aadhaar card. Ensure the copy is clear and all details like name, date of birth, gender, and address are legible.

PAN card

The Permanent Account Number (PAN) card issued by the Income Tax Department is mandatory for opening a savings account. It serves as an additional proof of identity. Banks will not open an account in your name without submission of PAN details.

This requirement has been mandated by the Reserve Bank of India (RBI) and applies even if you are submitting other Officially Valid Documents (OVDs) for KYC verification. You need to submit a self-attested photocopy of the PAN card when opening a savings account.

Photographs

Banks require passport-size photographs when opening a savings account online. The photographs need to be recent, coloured, and clear. Usually, two to four passport-size photographs are needed for opening an account. Some banks may require only one photograph if you are utilising the Aadhaar OTP-based e-KYC process.

Proof of address

Along with identity proof, you also need to submit an officially valid document as proof of your current residential address. Some commonly accepted address proofs are below:

·         Proof of address

·         Voter ID card

·         Driving license

·         Electricity bill in your name

·         Rent agreement or lease deed

·         Property documents like sale deed or property tax receipt

·         Ration card

·         Life insurance policy

Ensure the address proof is not more than three months old, except for documents like voter ID, driving license, etc., which have unlimited validity. If the address on the Aadhaar card is the same as your current address, then no separate address proof is required.

Signature verification

In addition to these documents needed to open a bank account, the savings account opening form requires your signature on multiple pages. Banks will verify if the signatures match their records during the account opening process. For online savings accounts, signature verification is done either through digital signatures, Aadhaar OTP, or video KYC.

In case of offline account opening, your signatures are physically verified and matched before the account gets activated. You may need to sign multiple times on the account opening form and other KYC documents.

Video KYC process

Some banks like IndusInd Bank offer video-based KYC for instantly opening a savings account online. In the video KYC process, the verification of KYC documents and information is done through a video call instead of physical documents. You need to provide your Aadhaar and PAN details to initiate video KYC.

You can open a savings account online with a 100% digital process with IndusInd Bank today! In addition to a quick, paperless account opening process, IndusInd Bank offers the best-in-class interest rates and a range of premium features that elevate your banking experience.

To sum up

Opening a savings account requires several key documents for KYC verification. Essential documents include an Aadhaar card for identity and address proof, a PAN card for additional identity verification, passport-sized photographs, and proof of address such as a voter ID or utility bill. Signature verification is also necessary, and banks may use digital methods for online accounts. Additionally, the video KYC process offers a convenient, paperless option for instant account opening.

The KYC process is important to ensure customers have access to banking services without any hassles. By knowing the documents required in advance, you can be fully prepared for a smooth and quick account opening experience.