What Documents Do I Need to Open a 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 documents may result in your application being rejected.

Continue reading to learn about the most important documents needed to open a savings account-

Documents Required to Open a Savings Account

Different types of savings accounts necessitate the submission of a different set of documents. A child savings account, for example, requires additional documents from the guardian or parent, whereas the documents required for an adult savings account are different. The following is a list of documents that individuals who meet 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 over the age of ten can operate his or her own savings account, with the transaction limit set by the bank. However, once the minor account holder reaches the age of 18, his or her account must be converted to a regular savings account, which cannot be operated by the guardian on behalf of the minor.

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

When all of the required documents are submitted to the bank, the bank will verify them and notify the applicant. 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 result in the rejection of your application. This could be due to the following reasons:

• Mismatches in information between the AADHAR card, PAN card details, and the information entered into the application
• Differences in address or communication details
• Typo in the account opening form
• Submission of documents that have expired or have been misplaced

To eliminate any of the above-mentioned reasons, ensure that the information you enter in the banking form corresponds to the AADHAR card details and other official documents. Fill out the form completely, avoid typos, and do not submit any expired or lost documents. Only include the phone number that is listed on all of your official documents. Also, to open a new savings account, one must submit a number of documents to the bank for verification; the account is then activated after 7-10 working days.

Paytm Payments Bank, on the other hand, does not fall into this category. You can open a savings account with Paytm Payments Bank without having to submit a number of documents. Unlike other banks, Paytm’s Payment Bank savings account 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 are simply selecting the most convenient, secure, and digital medium!

FAQs

What is the minimum amount required to open a savings account?

The required minimum balance to open a savings account varies by bank. Please contact your specific bank to confirm the amount.

Is it worthwhile to have a savings account?

It is up to you how you want to invest your money. If you want to save money while earning interest, there is no better option than opening a savings account.

What documents are required to open a child’s savings account?

In order to open a minor’s savings account, you must provide proof of identity, proof of address, and other documents.

Priyanka Juyal

Priyanka Juyal- a Writer with a curious mind & vision to create the best out of words. Other times, see her playing the guitar, sketching or narrating folk tales!