Open a DBS Bank Account Now
A bank account is essential for safeguarding finances and generating interest income. Opening an account necessitates the submission of specific documents to the bank in order to satisfy KYC (Know Your Customer) requirements. The requirement for a PAN card was previously mandatory for this procedure; however, this has been modified. You can now open a bank account without a PAN card.
An individual over eighteen years of age can open a bank account online, sometimes termed as a "Small Account," even without a PAN card. Such accounts can come with restrictions, like no Debit/Credit card ownership, balance and credit limits, and limitations on money transfers and withdrawals. Some banks allow individuals to change their Small Account into a Regular Savings account after they submit their PAN card. This upgrade offers more features 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:
In addition to the identity and address proof documentation, you could also have to submit recent passport-size photographs, a completed account opening form, and your signature or thumb impression in the presence of a bank representative.
Various Indian banks follow different policies and could have unique eligibility criteria and set of restrictions. Most Indian banks open a bank account without a PAN card using the following normal eligibility criteria:
You can also open an account for minors (below 18 years) in your capacity as their parent or legal guardian.
Conclusively, it is evident that the process of creating a bank account online without a PAN card is straightforward when the appropriate alternative documents are provided. Once your PAN card is issued, you can upgrade to a Regular Account from a Small Account, gaining access to relevant benefits.
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*Disclaimer: This article is provided for informational purposes only. For expert advice, we recommend consulting with your income tax advisor or CA.
