Is PAN mandatory for bank account?
The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts.
The updated circular said Aadhaar and PAN numbers must be quoted for new bank accounts.
What documents are required for bank account?
Savings Bank Account(a) Proof of identity (any of the following with authenticated photographs thereon): (i) Passport. (ii) Voter ID card. (iii) PAN Card. (iv) Govt./Defence ID card. … (b) Proof of current address (any of the following) (i) Credit Card Statement. (ii) Salary slip. (iii) Income/Wealth Tax Assessment Order. (iv) Electricity Bill.
How do you set up a bank account?
How to Open a Bank AccountChoose a Bank or Credit Union.Visit the Bank Branch or Website.Pick the Product You Want.Provide Your Information.Your Financial History.Consent to the Terms.Print, Sign, and Mail (If Required)Fund Your Account.More items…
What ID do I need for a bank account?
One form of primary ID with a photo (i.e. passport or driver’s licence) or. Two forms of primary ID without a photo (e.g. birth certificate and government benefits card) or. One form of primary ID without a photo (e.g. birth certificate or Citizenship papers) and one form of secondary ID (e.g. a utility bill).
Is PAN card is necessary for bank account?
PAN card is a compulsory Government document which is needed in most of the financial transactions. The Income Tax Department made it mandatory to link bank account with PAN. The main reason for linking PAN card with a bank account is that in case of income tax refunds, it will be credited easily to the bank account.