Who is eligible to open a bank account without a PAN card?
Individuals can open a bank account without a PAN card under certain conditions. Typically, those who do not meet the income threshold requiring them to obtain a PAN card are eligible. For example, minors, students, or individuals with limited income who are not required to file tax returns can open accounts without providing this document. Additionally, those opening basic savings bank deposit (BSBD) accounts, which are simplified accounts designed for low-income individuals, are also eligible to do so without the need for a PAN card.
In these cases, banks often allow the use of alternative identification documents, provided they meet the regulatory requirements. However, it's essential to note that without a PAN card, certain transactions may be restricted, especially high-value transfers or withdrawals exceeding specific limits. For these reasons, while it is possible to open a bank account without a PAN card, obtaining one can be beneficial in the long term.
Required documents to open a bank account without a PAN card
- Aadhaar Card: Most banks accept an Aadhaar card as a primary identification document. It serves both as proof of identity and address.
- Voter ID: This can also be used as an alternative identity proof for opening an account without a PAN card.
- Passport: A passport is widely accepted as a valid identification document, even if you do not have a PAN card.
- Driving licence: This document can serve as both identity and address proof, making it useful when opening an account.
- Form 60: If you don’t possess a PAN card, submitting Form 60 is essential. This form declares that you do not hold a PAN card but are complying with the financial regulations.
- Utility bills: These bills, such as electricity or water bills, can be used as address proof when other documents are not available.
Providing these documents can help you open a bank account without a PAN card, though limitations on transactions might apply in certain cases.
For more information on the importance of a PAN card and its uses, refer to the provided link.
How to open bank account online without PAN card?
Opening a bank account online without a PAN card is possible by following a few steps. Here’s how you can do it:
Step 1: Visit the bank’s website or app
Begin by visiting the official website or downloading the app of the bank where you wish to open an account. Many banks offer online services that make the account opening process simple and convenient.
Step 2: Select the type of account
Choose the type of account you want to open. In most cases, banks allow opening a basic savings account or a BSBD account without requiring a PAN card.
Step 3: Provide your personal details
Fill in your name, contact details, and other necessary personal information. This is an essential step to verify your identity.
Step 4: Submit alternative documents
Since you won’t be providing a PAN card, submit documents like Aadhaar, voter ID, or passport as proof of identity and address. Ensure that the documents are up to date and meet the bank’s requirements.
Step 5: Submit Form 60
In cases where you do not have a PAN card, most banks will ask you to submit Form 60. This form serves as a declaration that you do not hold a PAN card and can be submitted digitally in most cases.
Step 6: Complete the verification process
Once all details and documents are submitted, the bank will carry out a verification process. This might include Aadhaar-based eKYC, where your identity is verified online, ensuring a smooth process.
Step 7: Account activation
After successful verification, the bank will activate your account. You will receive account details and instructions for using online banking services.
Opening a bank account online without a PAN card is straightforward as long as you provide the required documents and comply with bank regulations.
Steps to open bank account without PAN card offline
Steps for opening a bank account without a PAN card:
Step 1: Visit your preferred bank branch
Locate the nearest branch of your chosen bank and proceed there in person.
Step 2: Request a basic savings bank account form
Upon arrival, inform the bank officials of your intention to open a Basic Savings Bank account. Request the necessary application form and inquire about the required documents to be submitted in lieu of a PAN card.
Step 3: Complete the application form and submit documents
Carefully fill out the provided application form, ensuring accurate and up-to-date information. Attach photocopies of the requested documents, including passport-sized photographs, as per the bank's requirements.
Step 4: Await account activation confirmation
Following the submission of your application and documents, the bank will process your request. Once your account is successfully activated, you will be notified by the bank.
Conclusion
In conclusion, it is possible to open a bank account without a PAN card by opting for a basic savings or small account. These accounts allow users to meet their banking needs with minimal documentation, such as an Aadhaar card, voter ID, or other acceptable forms of ID. Although there may be certain limitations on transactions, these accounts ensure access to basic financial services. Additionally, the online process is simple, enabling individuals to open accounts without the need for a PAN card, using alternative KYC documents.
