Want to open a bank savings account? You cannot do it unless you have these things; Here is the list

Want to open a bank saving account? If you are planning to open a bank account, you must first fulfil the KYC or Know Your Customer requirement with the bank. For opening a bank account you need certain documents. Without them, you cannot open a bank savings account. Documents that you need to open a savings account in a bank are - your valid photo identification proof like Aadhaar card or PAN card, passport, driving license etc.

Here are the list of documents that you must have to open a bank account.

Proof of Address
In order to substantiate your proof of address you have to submit certain documents to the bank. Below is the list of documents that you can submit for adress proof:

1. Aadhaar card
2. Voter ID
3. Utility bill (electricity, gas, water, telephone)
4. Passport
5. Driving license
6. Bank account statement or passbook of the bank
7. Ration card
8. A letter stamped/signed/recognised from a gazetted officer or public authority to verify the address details of the applicant

Proof of Identity

To verify your identity, you can provide any of the following documents to the bank:

1. PAN card
2. Aadhaar card
3. Voter ID
4. Passport
5. Driving license
6. Employee ID
7. Any photo ID card issued by the Central/State government
8. NREGA job card

Opening an account is important for every individual as it brings him or her under the ambit of financial inclusion. It not only helps to park your money at a safe place but also earns some interest income for you. For instance, India's largest public sector bank State Bank of India (SBI) offers an interest rate of 2.7 per cent on your saving account. Meanwhile, private lender such as ICICI Bank offers up to 3 per cent and 3.5 per cent on balances more than Rs 50 lakh.

Some others like the IDFC First Bank offers 7 per cent while RBL Bank offers 6 per cent interest on savings bank account. According to a data from BankBazaar, public sector banks such as IDBI Bank and Canara Bank offer interest rates of up to 3.5 per cent and 3.2 per cent, respectively on their savings accounts. 

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Apart from the documents, the person who wishes to open an account is also required to submit latest passport size photographs and a duly filled account opening form. The form can be easily downloaded from the official website/portal of the bank or can be directly collected from the nearest bank branch.