A bank account provides a secure and convenient way to store and manage your money. It offers a safer alternative to keeping cash at home, reducing the risk of theft or loss. In this economy, everyone has a bank account – an entrepreneur, an employee, a student or a homemaker.
Also, as part of government initiatives, having a savings bank account is essential. Luckily, with digitalisation, opening a savings account online has become convenient. This article will focus on the documents required to open a savings bank account.
What is a savings account?
A savings account is a type of deposit account offered by banks and financial institutions. It allows people to deposit and save money while receiving a set interest on the amount deposited. The primary objective of a savings account is to promote long-term savings by providing a secure and easily accessible place for individuals to deposit their money.
Many banks offer online savings accounts, which are completely digital. Leading banks Kotak811 offer this digitalised service in India.
Documents required
The documents required for Kotak savings account include the following:
Identity proofs
- PAN card: The PAN card serves as legal proof of identity for various purposes, including creating a bank account.
- Aadhaar card: An Aadhaar card is a unique identity number given to every resident. It is one of the most essential documents for opening a savings account.
- Voter ID: The Voter ID card is an identity proof provided by the Election Commission of India to those above the age of 18.
- Passport: A passport is a government-issued travel document that contains your identity and allows you to travel internationally.
- Driving licence: It is an important document that may be used as proof of personal identification.
Address proof
- Voter ID: A voter ID is a card that primarily acts as an identification proof for Indian residents with addresses.
- Utility bill: Bills for services including power, water, gas, internet, cable, garbage collection, and sewage with the residential address of the user.
- Ration card: A ration card is an official document provided by the Indian state government to qualified families. It has the address of the family.
- A signed application from the authority confirming your address proof: The local MLA can issue a letter that validates your address at the specified place. It is in case any of the above documents have not yet been issued or are being processed.
Things to keep in mind before presenting address proof:
- It should be issued in your name and match your government-issued ID.
- Your current address must be mentioned on the proof of address.
- Your proof of address must be updated. Banks want documentation that has been recently updated.
Additional documents required
- Passport-sized photographs: If you are applying for a savings account offline, you must provide current passport-sized pictures.
- Duly filled form: Most bank account opening forms are accessible online, or you can find them in person at the bank. Fill out the form correctly with your information.
- KYC form: If you are opening an online savings account, the KYC is completed digitally. However, if you opt for an offline method, this is now a necessary form that all banks request when creating a new account. It is also available online and at the bank’s branch locations.
Banks like Kotak 811 have minimum documentation criteria for a digital savings account. For example, you can now open your account with an Aadhaar card only.
Conclusion
A savings account is an important financial tool for anyone looking for security, growth, and ease while managing their money. Leading banks like Kotak811, with their reputation for dependability and customer-focused services, are excellent choices for consumers looking to create and manage savings accounts.
Ensure you have all the documents ready when applying for a savings account. Look for a bank offering high interest rates, personalised banking experiences, and the convenience of banking anytime.