Documents Required for Opening a Savings Account in India | IndusInd Bank (2024)

Posted on Wednesday, January 31st, 2024 | By IndusInd Bank

A savings account is an essential tool for managing your personal finances in today’s time. The best part? It has become easier to open a savings account instantly. You don’t have to keep going to the bank, stand in long lines, or fill out lots of forms. Today, banks have aligned themselves with the digital age, offering you the flexibility to start your banking journey from their branch or entirely online. The choice is yours.

But before you start, there is something crucial you need to know: the documents required. Whether you choose the offline route or decide to go digital, certain key documents are needed to initiate the account opening process. These documents are necessary to verify your identity, check your security, and comply with legal requirements.

A handy list of documents required for savings accounts

Here is the checklist highlighting the necessary documents required for a savings account in India-

Identification Proof

Most banks usually accept identity proof documents such as:

• Aadhaar card
• Passport
• PAN card
• Voter ID card
• Driving licence
• Any government issued/ defence issued ID card
• Photo ID card issued by a post office

Address Proof

You can provide any of the following as your address proof:

• Passport
• Driving licence
• Salary slip
• Income tax assessment order
• Latest electricity bills
• Latest bank statement
• Ration card
• Voter ID card
• Letter from employer/public authority (if validated by bank)

Remember, the document should have your name and address clearly mentioned.

PAN card

In India, a PAN (Permanent Account Number) card is crucial for financial transactions. Banks use this to track financial activities under your name. It helps in tax-related matters, too.

Photographs

Before you open a savings bank account online or offline, make sure to keep a few copies of your latest photographs handy. These photographs go on your bank records.

Officially valid documents (OVDs) for KYC purposes

Know Your Customer (KYC) norms apply to all individuals who want to open a savings account. The acceptable OVD for KYC purposes are:

• Driving Licence
• Passport
• PAN card
• Voter ID Card
• Copy of Aadhaar card or Aadhaar letter
• Job card issued by NREGA duly signed by a State Government officer
• Letter issued by the National Population Register. It must have name and address details.

To further simplify the procedure of opening a saving bank account, the information containing personal details like name, address, age, gender, etc., and photographs obtained through the e-KYC process provided by UIDAI can also be treated as an ‘Officially Valid Document’.

Choose IndusInd Bank Savings Account: Easy paperwork and fast approval

IndusInd Bank offers a seamless procedure to open a savings account online, allowing for quick setup in just a few minutes. The best part is that the entire account opening process is completely paperless. So, you can skip the pile of documents and lengthy paperwork – you just need your PAN and Aadhaar cards.

The facility of video KYC (Know Your Customer) has simplified the process even more. Now you can complete the verification from anywhere at any time. No more bank visits or interruptions to your schedule. The account opening process is not only paperless, but also contactless and hassle-free.
Just go online and choose from an exclusive range of accounts designed as per your savings needs. For instance:

• Indus Diva Women’s Savings Account is perfect for new-age females seeking additional perks like off on lockers, free movie ticket offers, and free family accounts.
• Senior Citizens Accounts are specifically designed for the older generation, offering higher interest rates and special privileges.
• Kids savings accounts are customised for minors and help them develop smart saving habits from a young age. They come with useful features like customised debit cards, personalised cheque books, parental controls and educational initiatives.

With IndusInd Bank, you are not just opening an account, you are getting a banking experience that understands and adjusts to your needs. It’s a solution that aligns perfectly with your lifestyle and is accessible with just a few clicks.

Apply for an IndusInd Bank Savings Account now to enjoy financial inclusivity and customisation.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circ*mstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.