While opening a savings account in a bank, a customer needs to submit their Know Your Customer (KYC) documents – proof of identity and address for verification. Upon verification, customers can instantly start availing benefits of a savings account.
Read on to know the list of documents required to open a savings bank account online or offline.
An applicant needs to submit certain documents to verify their identity. Here is the list of documents required for a savings bank account:
| ID Proof |
Any one of the following:
|
| Address Proof |
Any one of the following:
|
In addition to the above-listed documents, the applicant will require to submit:
You can either download the form from the official website/portal of the bank or directly visit the nearest branch of your preferred bank to collect the form in person.
Once the customer submits the documents, the bank will verify the details to ascertain whether the applicant is eligible for the savings account or not. To prevent rejection, it is best to read the eligibility criteria before applying.
Is it mandatory to provide Aadhaar for opening a bank account?
It is not mandatory to furnish Aadhaar to open a bank account. However, to open accounts receiving government subsidies under any welfare scheme, either by central or state government, Adhaar is mandatory.
Does Form 16 qualify as a valid document for ID verification?
Yes, Form 16, which is a form issued by one’s employer stating that TDS has been deducted from their salary, is a legit document as ID proof.
Can I open a bank account with zero balance?
Yes, there are many banks in India that provide the facility of zero balance account. Read about the top zero balance accounts in 2021 here.
Can I open a bank account if I do not have a PAN card?
Yes, there are some options like SBI’s Basic Savings Bank Deposit Small Account where KYC requirements are relaxed. Such options are specifically designed to provide banking experience to the poorer sections of the society who usually do not have KYC documents. These accounts can later be converted into regular savings accounts with better facilities upon submission of KYC documents.
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The savings account from Axis has great facilities associated with it. My savings account has auto sweep facility where my money will earn at an interest rate of 8%. Additionally my savings will also earn 4% interest rate every quarter. I m very happy using this savings account from Axis.
I applied for another savings account from ICICI where I can put all my savings and let them earn at an interest rate. I love the services I receive from ICICI bank. Their customer agents are so responsive. They helped me really well to apply for my regular savings account. It has lots of good facilities and features like i-wish.
I recently applied for another ICICI savings account @ 4% annual return. I am also using ICICI services from past 8 years and I want to express that so far ICICI had been prompt and really good with its services. Its deposit schemes are excellent and phone banking is also good, however I haven’t used it much.
