Eligibility & Documentation for Basic Savings Account (2024)

FAQs

What are the documents needed when opening a savings account? ›

A bank account is a safe and convenient way to manage your money. Some bank accounts can be opened online, while others have to be opened in-branch. To open an account, all you need is your ID book and proof of residence. A bank account is a reliable way to keep your money safe while earning interest.

Regular savings accounts need the applicant to be at least 18 years old whereas applicants below 18 years of age can open minor/kids savings accounts. A PAN card is mandatory to open a savings account. Linking a savings account with an Aadhaar card makes the account eligible to receive government subsidy benefits.

A savings account is a deposit account designed to hold money you don't plan to spend immediately. This is different from a checking account, a transactional account meant for everyday spending, allowing you to write checks or make purchases and ATM withdrawals using a debit card.

Common types of proof of funds documents include bank statements, investment account statements, balance certificates issued by financial institutions, and letters from financial institutions confirming the availability of funds.

Two latest passport size photographs. Address and identity proof documents. For a full list of address and identity proof documents, click here. Only a single copy of the document is required if it is listed under both address and identity proof, e.g. Passport / Aadhar Card.

The best evidence you can provide for personal savings is at least six months' worth of bank statements which display regular in-payments from your employer, pension or any other legal source of income, and the money slowly growing in your bank or savings account.

Such negative activities that show up on your report and hurt your approval chances include bouncing checks, leaving an overdraft balance unpaid, abusing a debit card or applying for too many accounts in a short period of time, according to credit bureau Experian.

Who is eligible for account? ›

You are eligible to operate a Regular Current account if you fall under any of the following categories: Resident Individual. Hindu Undivided Family. Sole Proprietorship Firms.

Most banks allow U.S. citizens and permanent residents over 18 (19 in some states) to open a bank account in person or online. If you aren't a citizen or permanent resident, such as an international student, you may need to visit a branch in person with the appropriate documentation to get started.

1. Note: In case of expired CNIC / SNIC, NADRA token / receipt for renewal purposes may also be used, along with copy of expired CNIC/SNIC, for opening of account. 2. Proof of Profession and Source of income/funds (e.g. scanned copy of job certificate, tax return, rent agreement, salary slip, etc.)

Whether you're opening the account online or in person, the financial institution will need: Government-issued ID, such as a driver's license or passport. Social Security number. Date of birth.

Can I open a bank account without a SSN? Yes, it's possible to open a bank account as an undocumented immigrant or without having a Social Security number. You'll need to provide other forms of proof of ID, such as a passport, driver's license, consular ID or birth certificate.

Account Information

Turn your saving goals into reality with FirstBank's savings account. Valid means of identification (BVN, national ID, international passport, driver's license). Utility Bill (electricity bill, water rate bill, tenement rate, rent receipt). Two passport size photographs.

Other banks may also require proof of employment or income, like a pay stub, if you plan on depositing your salary into an account. Different financial institutions have various rules and policies. But generally, you're expected to provide certain information when you open a bank account, including: Your date of birth.