Keep these documents handy while doing bank account verification

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In the past, not everyone had the luxury of having separate bank accounts for each family member or even an active bank account for one business alone. However, with time, the awareness and requirement for verified bank accounts has increased significantly, encouraging more people to actively get their bank account verification completed before time.

For the longest time, bank account verification procedure was done manually at the respective bank branches where you had an active account only. But, with time and increased technological advancements today, this entire bank account verification process can be completed online. However, the list of documents that you require to complete the KYC, regardless of the mode of bank account verification you choose between online and off-line, remain the same. 

Importance of Bank Account Verification

The importance of bank account verification is now more than ever, which is why it is now a compulsion for every bank account holder to complete the bank KYC in a given timeline to avoid penalties and other concerns. This prime aspect of KYC is a mandate to complete the bank account verification process smoothly. Some of the key reasons why it is necessary today include some of the below mentioned benefits:

  • Risk mitigation against potential hackers or fraudsters to amend with your bank account.
  • With proper bank account verification, businesses can benefit from increased validity and complete ownership of their business bank accounts.
  • Lastly, one of the most important benefits of bank account verification is increased safety between transactions as the money inflow and outflow can be tracked at all times. 

Necessary Documents Required

The list of documents can be divided into two separate categories as mentioned below: 

Identification proof

For identity proof, there are a variety of documents that can be presented or uploaded at the time of verification. These include the following:

  1. Unique Identification Number present on the Aadhaar card is the most preferred identity proof for all bank related verification, and bank account procedures.
  2. A government issued voter ID card with all the correct identification details
  3. An individual’s PAN card with a clear photograph of the person
  4. The passport is a new addition in the list but is acceptable by almost all banks, for KYC bank account verification
  5. Any other government issued identity card is also acceptable if none of the above mentioned ID proofs are available with you

Address proof

Even for address proof, there are a variety of documents that can be presented or uploaded at the time of verification. These include the following:

  1. Your driver’s license with your current and correct home address
  2. Your passport with the current and correct home address
  3. The rent agreement of your home to confirm your property address
  4. A copy of the insurance is also acceptable as a valid address proof
  5. Your spouse’s identity proof with address is also a valid address proof and acceptable as part of KYC documentation.

Therefore, to conclude, today’s generation is blessed with convenience and comfort, as far as bank account verification is concerned. You can sit at home and complete all the required bank account verification procedures and upload all necessary documents online itself. You no longer have to wait in long queues and fight the hassle of getting an appointment with a bank professional. KYC or “Know your customer” is the one step solution that allows smooth bank account verification. In case you do not know where to begin, click here to get started and see for yourself how quick and easy the whole process of the new age bank account verification process is for you.

Tyler Mathews

Tyler Mathews