A savings account is a primary investment instrument that allows you to deposit money and earn interest on the funds deposited in the savings account. Along with keeping your money safe, providing a good return on your savings, a saving account can be opened easily with minimum KYC documents.
Here is a checklist of documents that you require for opening a savings account:
|Proof of Address/Residence|
|Aadhaar cardVoter IDRation cardPassportDriving licenseUtility bill like electricity bill, water bill, telephone billBank account statementPassbook of the bankA letter stamped/signed/recognised from a gazetted officer to verify the address details of the applicant|
|Proof of Identity|
|PAN cardPassportVoter IDEmployee IDDriving licenseAadhaar cardNREGA job cardAny photo ID card issued by the Central/State government|
Other Documents that you require to open a savings account
Along with the documents mentioned above, you also require an application form for opening a savings account. The same can be either downloaded from the bank website or collected from the physical branch of the bank. You also require the latest passport size photographs to open a savings account.
To ensure that the bank does not reject your application for opening a savings account, you must check your eligibility and required documents to open an account in a specific bank.
Here are bankwise requirements for opening a savings account: While the requirements for all the banks slightly vary, here is everything you need to open a savings account.
- Documents required to open a savings account in ICICI Bank
|Identity Proof||Address Proof||Age Proof|
|Passport with valid photograph & signature||Passport with valid photograph & signature||Passport with valid photograph & signature|
|Driving license||Driving license||Driving license|
|PAN Card||–||PAN Card|
|Job card issued by NREGA||Job card issued by NREGA||Job card issued by NREGA|
|Aadhaar card||Aadhaar letter car||Aadhaar letter car|
|–||Property Tax bill||–|
- Documents required for opening a savings account in HDFC Bank
Proof of identity & Address
- Valid Passport
- PAN (Permanent Account Number) card
- Voter ID card
- Valid Driving license
- Aadhaar Card / E-Aadhaar letter
- Job card issued by NREGA
- Identity card issued by Central/State Government etc.
- Employment Proof
- Latest passport size photographs
- A Filled-up application form
- Documents required for opening a savings account in Axis Bank
- Two latest passport size photographs
- Address and identity proof documents
For a Hindu Undivided Family
- Copy of Aadhaar Card or Form 60 of HUF
- Declaration from the Karta
- Proof of identification and address of Karta
- Prescribed Joint Hindu Family letter
For Joint Basic Savings Account
To open a joint savings account, address proof and identity proof documents for both applicants is required If there is evidence of a relationship between both the applicants, you can submit the address proof of only one applicant as well.
- Documents required for opening a savings account in Kotak Bank
|Identity Proof||Driving License PassportVoter’s IDAadhaar Card|
|Address Proof||Passport Driving LicenseVoter’s IDAadhaar CardUtility Bill Bank StatementBank Account Passbook|
|Signature Proof||PAN Card,Driving License Passport|
Eligibility Criteria to Open a Savings Account
- Anyone including Indian residents & non-residents can open a savings account. Also, there is a restriction on age limit as minors can also open a savings account.
- A savings account requires only documents for identity & address proof. You don’t need to submit any proof of income for opening a savings account.
- However, specific banks require a minimum balance requirement in the account to avoid any penalty.
Do not have proof of identity or address? Here is what you can do.
If you do not possess documents for identity or address proof, it is still possible to open a savings account by opening a ‘Small Account’ in any of the Indian Banks. To open such an account, you would require to submit a recent photograph along with your signature or thumb impression.
Conclusion: Thus, it is convenient to open a savings account and keep your deposits safe. Along with the minimum requirements of documents, the eligibility criteria to open savings accounts are also minimal.