How to Open Bank Account Without PAN Card
Opening a bank account provides security for your funds and allows you to earn interest. To satisfy the Know Your Customer (KYC) criteria, certain documents must be submitted when initiating an account. In the past, possessing a PAN card was obligatory for opening a bank account, but this requirement has changed. Consequently, it is now possible to open a bank account even without a PAN card.
Who Can Open Bank Account Without PAN Card?
In the absence of a PAN card, individuals above the age of 18 can opt to open a bank account online without this document. Such accounts are commonly known as 'Small Accounts'. It is necessary to be aware that these accounts may have certain restrictions in place. These limitations encompass the absence of a Debit Card or Credit Card, restrictions on balances, credit availability, money transfers, and withdrawals, among others.
Nevertheless, some banks provide the option to convert a Small Account into a Regular Savings account once the account holder submits their PAN card. This conversion grants access to various facilities and reduces the number of limitations associated with the account.
Documents Required
It is now feasible to open a bank account without possessing a PAN card. Here are the typical documents necessary for opening a bank account:
Documents for Address Proof:
- Utility bills (such as electricity, gas, water, and telephone)
- Bank account statement or passbook
- Property or municipal tax receipt
- Aadhaar Card
- Voter ID
Documents for Identity Proof:
- Voter ID
- Driving License
- Passport
- Other government-issued photo ID documents
In the absence of a PAN card, some banks may require you to submit Form 16.
Additional Documents: In addition to the identity and address proof documents, you might be asked to provide your latest passport-sized photographs, a duly filled account opening form, and your signature or thumb impression in the presence of a bank official.
Eligibility Criteria
Various banks in India adhere to various policies and may establish their own set of requirements and eligibility criteria. Nevertheless, here are the typical eligibility criteria followed by most Indian banks. It is necessary to:
- Be a citizen of India.
- Be at least 18 years old.
- Possess valid identification and address proof documents.
Moreover, as a parent or legal guardian, you have the option to open an account for minors (those below 18 years of age) in your own capacity.
FAQs on How to Open Bank Account Without PAN Card
- Is it possible to open a bank account without having a PAN card?
Yes, opening a bank account without a PAN card is possible.
- What additional documents are required to open a bank account without a PAN card?
You may need passport-sized photographs, a fully completed account opening form, as well as your signature or thumb impression. However, it is essential to note that these requirements might differ depending on the particular bank and its specific procedures.
- Who are eligible to open a bank account without having a PAN card?
Firstly, you must be an Indian citizen. Secondly, you need to be at least 18 years old, ensuring you have reached the legal age. Lastly, it is necessary to possess valid identification and address-proof documents that can verify your identity and residential address. These documents are crucial in establishing your eligibility and ensuring compliance with the bank's KYC regulations.
- Is it mandatory to link your PAN card to your bank account?
If you own a PAN card, then it is compulsory to link your PAN card to your bank account.
- How is a PAN card significant while opening a bank account?
The PAN card holds significance when it comes to opening a bank account for several reasons, and one of the essential purposes is taxation.
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