How to Open a Bank Account Without a PAN Card

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Key Takeaways

• It is possible to open a Savings Bank Account without a PAN Card
• It is referred to as a Small Account and is designed to serve as an impermanent measure
• Small accounts provide fewer features than traditional savings accounts
• Small Account can be upgraded to a standard Savings Account once PAN Card is available
• Opening an account without a PAN Card requires basic identification and address proof documents

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.

Who is Eligible to 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.

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Required Documents to Open a Bank Account Without a PAN Card

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:

Proof of Address Documents:

• Utility Bill (electricity, gas, water, telephone)
• Bank account statement or passbook
• Property or municipal tax receipt
• Aadhaar Card
• Voter ID
• Passport
• Driving License
• Ration Card

Proof of Identity Documents:

• Aadhaar Card
• Voter ID
• Driving License
• Passport
• Other government-issued photo ID documents
• Some banks may also require Form 16 in lieu of a PAN card

Additional Documents and Prerequisites:

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.

Eligibility Criteria for Opening a Bank Account Without a PAN Card

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 are a citizen of India
• You are aged 18 years or above
• You can furnish valid ID and address proof documents

You can also open an account for minors (below 18 years) in your capacity as their parent or legal guardian.

Final note

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.