The Required Documents for Opening a Savings Account

In order to begin a savings account, you must provide a list of documents for the KYC process, along with an account opening form and other necessary documents. Once all of your documents have been successfully verified, you will gain access to your chosen type of savings account and all of its associated benefits. It is important to note that the specifics of your account, such as the interest rate, minimum balance requirement, and eligibility criteria, may vary depending on the bank you select.

To help you prepare, we have compiled a list of the most important documents needed to commence your savings account application. Keep in mind that any missing documents may result in delay or rejection of your application.

Required Documents

Different types of savings accounts require different documents to be submitted for approval. For example, a child savings account may ask for additional documents from the guardian. Below is a list of documents that must be submitted:

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 public authority or gazetted officer for applicant’s details verification

In addition to the above documents, the specifications for accounts for minors will differ from those required for adults, depending on eligibility criteria. Refer to the following list for the documents required to open a savings account for a minor:

For Minors

• Minor’s date of birth proof
• AADHAR card of the minor
• Proof of guardian/parent’s KYC documents
• Guardian/parent’s signature

Note: Minor account holders above the age of 10 years may operate their own account, though transaction limits will be established by the bank. Once the account holder turns 18 years old, the account must be transitioned to a standard savings account that cannot be managed by a guardian or parent.

In addition to the above documents, you will need to submit two passport photos and an account opening form. A digital signature is mandatory for online applications. The account opening form can be downloaded from the bank's website or picked up in person from a bank branch.

Once all required documents are submitted, the bank will verify your documents and notify you of the results. If the documents are successfully verified, the bank will grant you access to your savings account.

It is important to note that missing documents can result in rejection of your application for a savings account. Be sure to double-check all information and avoid submitting expired or invalid documents. By matching the information provided on the bank form with that found on your AADHAR card and other official documents, you can ensure a smooth and timely application process.

The minimum balance requirement to open a savings account varies among banks, so please check with your chosen bank for specific details. Consider opening a savings account if you are looking to save money and accrue interest.

At Paytm Payments Bank, you can open a savings account instantaneously with just KYC verification (set a passcode after successful verification and start using Paytm’s Payment Bank savings account). This is in contrast to other banks, which typically require more extensive documentation. For those seeking the easiest, safest, and most digital account opening process, Paytm Payments Bank is a good choice.

If you would like to open a child’s savings account, please consult with your bank to determine if any additional documents are required.