What are the documents required to open a Bank Account without a PAN Card?
A bank account helps safeguard money and earn interest income. When you open an account, you need to fulfil your KYC or Know Your Customer requirements. For this, you will have to submit certain documents to the bank. While earlier, the need for a PAN card was mandatory to open a bank account, it is no longer so. So yes, you can now open a bank account without a PAN card too! So how does it work, and what are the documents required instead? Let us read further to know more.
If an individual does not have a PAN card but is above 18 years of age, they can still open a bank account without a PAN card online. These accounts are often referred to as 'Small Accounts'. Although, one must note that there may be a few restrictions in play with such accounts. The limitations include - not owning a Debit/Credit card, balance limitations, credit limitations, limits on money transfers and withdrawals, etc.
However, later, when one can submit their PAN card, some banks allow the account holder to convert the Small Account to a Regular Savings account, which comes with several facilities and fewer limitations.
As mentioned earlier, it is now possible to open a bank account without a PAN card. Here are the general documents required to open a bank account:
Besides the ID and address proof documents, you may also have to submit your latest passport size photographs, a duly filled account opening form and provide your signature or thumb impression in the presence of the bank official.
Different banks in India follow different policies and may have their requirements and eligibility criteria. However, below are the standard eligibility requirements by most Indian banks. You must:
You can also open an account for minors (below 18 years) in your capacity as their parent or legal guardian.
As is evident, you can easily open a bank account without a PAN card online. All you need is an alternative set of documents. Once you get your PAN card, you can convert the Small Account to a Regular Account to enjoy the many privileges that go with it.
Download digibank today to experience the benefits of a Digital Savings Account.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.