Information For Opening A Savings Bank Account In India

By Akshay Sharma December 26, 2019 Business

Nowadays, almost every individual has a bank account. A bank account has become a necessity for every individual and business. Banks offer numerous facilities and benefits to their account holders.
Opening a bank account in India is not a very complex process. However, different banks may require different kinds of documents to validate the information provided by an applicant for opening a bank account.

Let Us Discuss The Standard Information That May Be Required For Opening A Savings Account In A Bank.

A) Name and Address Proof:
Banks generally ask for Name and Address proof at the time of opening an account. Self-attested photocopies of passport, driving license, any nationalized bank’s statement containing applicant’s address details (normally required for last six months), ration card, PAN allotment letter, telephone, electricity or water bill or any other document issued by any government authority which has name and address details of the applicant is generally accepted as a proof of name and address by banks.

B) Identity Proof:
An individual has to give an identity proof which contains his/her photograph. Passport, driving license, permanent account number (PAN), voter identification card or any other document issued by any government authority which has a photograph of the applicant is accepted as identity proof. Photographs on the document given as proof should be clear.
Generally, two separate copies of any document which can be used as identity and name and address proof are not required to be submitted by the applicant. Only one copy of the relevant document (like a passport) is sufficient for account opening purposes.
For Instance, in case an individual provides a copy of his/her passport, he can submit only one copy to meet both the requirements of identity as well as the name and address verification.

C) PAN or Form 60/61:
Any individual applying for a new bank account is required to provide his/her PAN details to the bank. In case PAN is not available, Form 60/61 is required to be attached with the account opening form/application.

D) Verification from An Existing Account Holder:
Many banks may ask for verification from an individual who is already holding an account with the bank where the application for opening a new account has been submitted. For Instance, an individual intending to open a bank account with XYZ bank may know a person who is already holding an account with XYZ bank for the past many years.
Verification by this person will be accepted by the bank if his/her account status is in a good financial condition. This person is also called an “Introducer” as he/she introduces a new applicant to the bank.

E) Nomination Details:
An account opening form also contains a section where the applicant is required to mention nominee details… In case of any unfortunate event (like the death of the account holder), the nominee will be entitled to receive all the funds in the bank account.

F) Photographs of the Applicant:
Banks generally ask for passport size photographs of the individual applying for a new bank account. By obtaining relevant information from the applicant, banks ensure that the application is valid and that the account will be used for legitimate purposes by the account holder showtime anytime com activate. It is the responsibility of the bank executive to verify the information and documents provided by the applicant.