Previously, a PAN card was an essential document for opening a bank account. However, today, the necessity for a PAN card for opening a bank account has been eliminated, as Aadhaar can be used instead.
Below are all the details you need to know.
Who Can Open a Bank Account Without a PAN Card - Eligibility Criteria
For individuals aged 18 or more, online bank account opening is feasible, even without a PAN card. These are called "Small Accounts." However, there are some rules.
Rules on basic or small accounts:
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You can only deposit or withdraw a certain amount of money, and this limit might be different for each bank.
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You can't use checks or debit cards.
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You can only do a certain number of transactions each day or month. This limit is usually lower than for regular savings accounts.
Once you get your PAN card, some banks let you change your Small Account to a Regular Savings account. This gives you more benefits and fewer rules.
Different Indian banks have different rules. But most banks open accounts without a PAN card if you:
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Are a citizen of India
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Are 18 years old or older
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Can show valid proof of your identity as well as address
For children under 18, parents or legal guardians can open bank accounts.
Essential Documents to Initiate a Bank Account Without a PAN Card
Proof of Address:
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Utility Bill (electricity, gas, water, telephone)
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Bank statement or passbook
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Property or municipal tax receipt
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Aadhaar Card
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Voter ID
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Passport
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Driving License
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Ration Card
Proof of Identity:
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Aadhaar Card
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Voter ID
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Driving License
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Passport
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Other government-issued photo ID documents
Some banks might also ask for Form 16 instead of a PAN card.
Other Things You Might Need:
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Recent passport-size photos
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A filled-out account opening form
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Your signature or thumbprint in front of a bank employee
Opening a Bank Account Without a PAN Card - Online Process
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Go to the bank's website or app and search for the "Open Savings Bank Account" section.
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Enter your mobile number, email address, and upload the needed documents.
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Enter the OTP you get on your Aadhaar-registered phone.
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Fill in your personal and work information. Opt for either "Basic Savings Account" or "Small Savings Account."
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Do a video KYC to finish opening the account.
Opening a Bank Account Without a PAN Card - Offline Process at the Bank
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Find your nearest branch of the bank you like.
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Request the bank personnel to provide a form for initiating a Basic Savings account. They will tell you what documents you need instead of a PAN card.
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Fill out the form with your correct information. Hand over the copies of the documents they ask for. You might also need to give passport-size photos.
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The bank will inform you when your account becomes operational.
Summing Up,
You can easily open a basic or small savings account without a PAN card. This is a good idea while you wait for your PAN card. But only savings accounts can be opened without a PAN card.
These accounts have limits on transactions and you can't use credit or debit cards. So, they don't have all the benefits of a regular savings account. However, you can change your account to a regular savings account at any time by giving your PAN card.