Are you looking to open a bank account? If so, the first thing you need to do is get the documents ready. This guide will walk through what documents you need and how to gather them.
Account Opening Kit
The documents required to open a bank account differ based on the type of account you want to open. This can be an investment account, savings account or checking account.
Most banks today offer online banking and mobile banking services through which you can perform many transactions without needing to visit the branch. It is easy to open a bank account online for free. Online and mobile banking is convenient for small transactions but not for large purchases because the transaction fees tend to be higher than in-person ones.
Financial Information
When you apply for a bank account, the bank will ask for your financial information to see if it matches what you have submitted on your application form. They need proof of your income and assets in order to know that you can afford the account. The most common documents used as proof of income are:
- Bank statements
- Salary slips
- Passbook (if you are opening an account at a savings bank)
It may also be necessary to provide other documents such as individual tax returns (ITR), Form 16, etc.
Employment Details
Most banks require proof of employment before opening an account for you. For example, you can get a letter from your employer or hire an independent contractor to write one for you. Sometimes, the bank may even ask for salary slips from the last 3 months.
Proof of Identity–POI
Proof of Identity (POI) documents include:
- Passports.
- Driving licenses.
- Utility bills like electricity or gas bills. The bill should have both your name, address, and date of birth printed on it. If you are in the UK and do not have a utility bill with this information yet, getting one as soon as possible is recommended so that you can show proof of identity when opening your bank account. However, they also tend to be more expensive than other types of cards, so you may wish to consider whether it makes sense for you before deciding what type of product would suit you best, given current financial circumstances.
Proof of Address–POA
The proof of address is an important document that verifies your residence address. It is typically a utility bill, bank statement or rental agreement that has been issued within the last three months. A POA should only be used if you don’t have any other documents to verify where you live, and it must be in your name.
A bank account can assist you in many things. SoFi professionals believe, “Organize your money, set savings goals, and save your change with Vaults and Roundups.”
While opening a bank account is easy, you do need to make sure you have the documents required for it. However, if you don’t have these documents on hand or feel that they might be lost somewhere in your home or office, you can always get them from various government websites.
