Can I Open A Bank Account With Only An Aadhaar Card

Can a bank account be opened with an Aadhaar card.

Answers (2)

Team Legistify

Team Legistify

  • Sector-1, Noida

 Yes, Aadhaar card is accepted as a proof of both identity and address.

Answered on 28 Sep 2018


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Advocate Kishan (Retd. Judge) | Legistify

Advocate Kishan (Retd. Judge)

  • Malleswaram, Bengaluru
  • Bengaluru

Yes, you can but it is Bank Manager's discretionary power. The procedure is as follows

What Is KYC? What Are The Documents Required For KYC?

Yes, Know Your Customer (KYC) is a popular term used in the banking or financial field. Know Your Customer (KYC) is a process that has to be complied by financial institutions, whereby these set of institutions obtain information about the identity and address of the customers.

The Government of India has notified six documents as 'Officially Valid Documents (OVDs) for the purpose of producing proof of identity. Even when you already submit the KYC documents once, the banks can ask again as they are required to periodically update KYC records.

This is a part of their ongoing due diligence on bank accounts. The periodicity of such updation would vary from account to account or categories of accounts depending on the bank's perception of risk. Opening bank account, mutual fund account, bank locker, online investing in mutual fund or gold your KYC should be updated with the bank. 

Here is a list of documents which acts Proof of identity and Proof of address Passport, Driving Licence, Voters' Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Card. You need to submit any one of these documents as proof of identity. If these documents also contain your address details, then it would be accepted as as 'proof of address'. If the document submitted by you for proof of identity does not contain address details, then you will have to submit another officially valid document which contains address details.

Address Proof: Utility bills like telephone bill, electricity bill, gas bill, Passport Bank account statement received by mail or courier along with signature verification by the Banker Ration card Letter from employer, bank manager of scheduled commercial banks. Many banks and financial institutions ask individuals to self attest before submitting and it should be accompanied by the original documents for verification. If needed it should be property attested by entities authorized for attesting documents. Notary public, gazetted officer, manager of scheduled commercial/co-operative bank along with name date and seal.

Why Is KYC Important?

KYC is important because it helps the banker to ensure that the application and other details are real. There have been instances of fraud and siphoning off of money from accounts. By ensuring the identity of individuals, it would help to prevent fraud. The Know Your Customer practice has been in vogue for many years now. It is a must and all individuals have to comply, if they wish to open account. It is not possible to open a bank account or account for mutual funds without KYC compliance.

Who needs KYC? Those who want to open a bank account, a demat and stock trading account, open FD in another bank, would definitely need to comply with KYC requirements. You can not open any of the accounts without the Know Your Customer Documents. In fact, it is now mandatory as per guidelines from the Securities and Exchange Board of India to comply with these KYC norms before you open a demat and trading account. Banks too will not open an account unless you have the same. 

 

Answered on 28 Sep 2018


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