Documents required for savings bank account

A reputable bank with a good number of customers will offer a variety of savings accounts from which you can select to park your salary and other money. You can also earn interest from it, dependent on the type of bank account you start.

Your demands are unique because everyone has different needs. Savings bank accounts are a one-stop shop for all your requirements, from daily transactions to achieving your professional ambitions. With your bank’s Digital Account Opening App, you can log in to your account and conduct transactions from anywhere at any time.

Here are some documents you need to have on hand before doing that in order to open a savings bank account.

What is KYC (Know Your Customer) in banking?

All applicants who wish to open bank accounts must follow the Know Your Customer guidelines.

The banks must have certain fundamental details about the applicant, and it is called KYC. The applicant’s submission of the required documentation to prove his or her identity supports this information.

The main goal of KYC is to identify prospective frauds. KYC helps to keep an eye on big-value transactions that seem suspicious and might be connected to illicit trades, money laundering, or other financial scams. You can access your account after completing the process in Digital Account Opening App.

Documents needed for opening savings account in banks:

The KYC documents you will need to submit when applying for a savings account in a bank are:

You can provide any of the following as proof of identity:

Passport

Voter ID Card

PAN Card

Government or defense ID Card

Driving License

The central or state government domains issue pension payment orders to retired workers.

Photo ID Cards issued by Post Offices

Photo identity cards are provided to bona fide students by a university that is approved by the respective government sectors.

Documents accepted as address proof:

Passport

Driving license

Salary slip

Income tax assessment order

Utilities like electricity bills and landline bills-not older than two months.

Bank statement

Letter from an employer or a public authority

Ration card

Voter ID card

Pension payment orders for retired government employees

Registered leave and license agreement or lease agreement.

Please note every time there is a change of address or change in the detail submitted to the bank, the applicant will need to notify the bank and update the document proofs.

PAN card

Two latest passport-size photographs

Online savings bank account opening:

Applicants must complete the bank account opening form after obtaining the necessary documentation. Complete all fields that are required. A customer service agent is always on hand to assist during branch business hours with any concerns or inquiries regarding the form.

The application form and the aforementioned papers must be delivered to the bank branch. Applicants must always carry the original documents with them because they will need to be verified.

Executives from the bank look over the paperwork and confirm that the information provided on the form matches the proofs on the documents.

Final thoughts

The applicant might be required to put in a small deposit to start a savings account. Zero balance account starting does not need any minimum balance. The bank will send the applicant a debit card and other materials at the address they provided in the application form. You can access your savings account and make transactions using a Mobile App offered by your bank.