What are the requirements to open a bank account in India?

– Proof of age and identity: Documents that are accepted by the banks as proof are PAN card, Voter ID, Passport, Driving licence, or Aadhaar card. – Recent passport-sized photographs are required by banks or financial institutions.

What documents do you need to open a bank account in India?

Savings Bank Account

  • (a) Proof of identity (any of the following with authenticated photographs thereon): (i) Passport. (ii) Voter ID card. (iii) PAN Card. (iv) Govt./Defence ID card. …
  • (b) Proof of current address (any of the following) (i) Credit Card Statement. (ii) Salary slip. (iii) Income/Wealth Tax Assessment Order.

What is the eligibility criteria for opening a bank account in India?

All Indian residents above the age of 18 years having valid KYC documents are eligible to open a Savings bank account. Hindu Undivided Family and foreign nationals can also open a Saving bank account. Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc.

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How can I open a bank account in India?

How to Start a Bank in India

  1. The banks need to provide a minimum paid-up capital of INR 200 crores to start with. …
  2. At any time, the promoters of the banks will be required to pay at least 40 percent of the bank’s paid-up capital.

Is Aadhaar card enough for opening bank account?

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.

Can I open a bank account at 17 by myself?

Unfortunately, if you’re 17 and you want to open a bank account, you’ll need an adult to help. … Banks won’t open accounts for minors, without a parent or guardian or somebody over the age of 18 to be a co-signer on the account.

Who are eligible for bank account?

The following people are eligible to open a Regular Savings Account:

  • Resident Individuals (sole or joint account)
  • Hindu Undivided Families.
  • Foreign Nationals Residing in India*
  • Minor above the age of 10 years are eligible to open self operated minor account and an ATM/Debit card can be issued to the Minor.

What is the minimum balance in Indian bank?

Indian Bank Savings Bank Account

Bank Indian Bank
Initial Deposit Requirements Nil
Minimum Amount Minimum amount for non-cheque operation is Rs.250/- Minimum balance for cheque operation is Rs.500/- Pensioners and bonafide students may have lesser minimum balance
Debit Card Offered Free ATM cards/Debit cards provided
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What is the minimum balance in SBI?

SBI, the country’s largest bank, on Wednesday announced a waiver on maintaining the average minimum balance (AMB) requirement for all savings bank accounts. Currently, there is an AMB of ₹ 3,000, ₹ 2,000 and ₹ 1,000 in metro, semi-urban and rural areas, respectively.

Which bank account is best in India?

Top Banks that have the Best Savings Account for Individuals

  • State Bank of India (SBI) Savings Account.
  • HDFC Bank Savings Account.
  • Kotak Mahindra Bank Savings Account.
  • DBS Bank Savings Account.
  • RBL Bank Savings Account.
  • IndusInd Bank Savings Account.

What are the 7 steps to open a bank account?

Requirements to Open a Bank Account

  1. Locate an Enrolment Center. …
  2. Book An Appointment At Unique Identification Development Authority of India’s Aadhaar Seva Kendra. …
  3. Check Aadhaar Status. …
  4. Download Your Aadhaar. …
  5. Apply Via a PAN Application Center. …
  6. Apply Online.

Which bank is best in India?

Top 10 Banks in India

  • HDFC Bank.
  • State Bank of India.
  • ICICI Bank.
  • Axis Bank.
  • Kotak Mahindra Bank.
  • IndusInd Bank.
  • Yes Bank.
  • Punjab National Bank.

Can I open a private bank?

Two main guidelines to open the bank are; the aspirant entity / group should have total assets of Rs. 50 billion or more and the initial minimum paid-up voting equity capital for a bank shall be Rs. 5 billion. In the other words; the bank shall have a minimum net worth of Rs.

Can I open zero balance account in bank of India?

No, you can access your zero-balance savings account via the internet and phone banking facilities, at an ATM and at the bank if required.

Latest Interest Rate for Zero Balance Savings Account.

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Bank Name of zero-balance savings account Interest rate
State Bank of India Basic Savings Bank Deposit Account 3% to 3.25%

How much money is needed to open a bank?

RBI’s new bank licensing norms: Corporates will need a minimum capital of Rs 500 crore to open a bank – The Economic Times.