What are the Documents Required for Savings Account?

To open a savings account, you will be required to submit a list of documents for the KYC process along with an account opening form and other required documents. Upon the successful verification of all the documents, you can have access to your savings account and avail of all the benefits that come under your chosen type of savings account. The benefits and features of a savings account such as the interest rate, minimum balance requirement, eligibility criteria, etc. may vary from bank to bank.

In this blog, we will learn about the documents that you should have in handy as you open a savings account. It is important to note that any missing document can result in the rejection of your application.

Read on to find out which are the most important documents required to open a savings account–

Documents Required to Open a Savings Account

Different types of savings accounts require a different set of documents to be submitted. For example- a child savings account requires additional documents of the guardian or parent whereas the documents required for opening a savings account for an adult would be different. Below is the list of documents for individuals who passes the eligibility criteria should have-

Identity Proof

• PAN card
• Passport
• Employee’s ID
• Voter ID card
• Driving license
• AADHAR card
• NREGA card
• Photo ID card issued by Central/State Government

Address Proof

• Utility bill (Electricity bill, telephone bill, gas or water bill)
• Passport
• Driving license
• Ration card
• AADHAR card
• Bank statement or bank passbook
• Voter ID card
• Stamped signed or recognized letter from a public authority or a gazetted officer for applicant’s details verification

Besides this, documents required for savings accounts for minors would be different from the ones submitted by an adult individual, as per the eligibility criteria.

Explained below is the list of documents required for minors to apply for opening a savings account–

For Minors

• Minor’s date of birth proof
• AADHAR card of the minor
• KYC documents of the guardian/parent
• Signature of the guardian/parent

Note- It should be noted that a child above the age of 10 years can operate his/her savings account individually, wherein the transaction limit would be prescribed by the bank. However, as the minor account holder turns 18 years old, his/her account must be converted to a regular savings account which cannot be further operated by the guardian on behalf of the minor.

In addition to all the above documents, 2 passport size photographs, and an account opening form is required. In case of opening the account online, a digital signature is mandatory. The account opening form can either be downloaded from the bank’s website or from the bank’s branch itself.

Once all the required documents are submitted to the bank, the bank will then verify those documents, and notify the applicant of the same. In case of successful verification of the documents, the bank will hand over the banking credentials to the applicant.

It is important to note that failure to submit the required documents will reject your application. This may be due to the following reasons-

• Information mismatch between the AADHAR card, PAN card detail and the information filled in the application
• Difference in address or communication detail
• Typing error in the account opening form
• Submission of expired/lost documents

To eliminate any of the reasons mentioned above, make sure the information you add in the banking form should match with the AADHAR card details and other official documents. Fill the form properly, keep away from making any typos, and do not submit any expired or lost documents. Submit only the phone number which is registered with all your official documents.

To open a new savings account, one must submit a number of documents to the bank for verification purposes; which eventually takes around 7-10 working days for the account to be activated. However, this is not the case with Paytm Payments Bank. The Paytm Payments Bank allows you to open a savings account instantly without the need to submit a number of documents. Unlike other banks, it only requires a KYC verification status (after successful KYC verification, set a passcode and get ready to use Paytm’s Payment Bank savings account). Thus, when you decide to open a savings account with Paytm Payments Bank, you simply choose the easiest, safest and digital medium!