How to open a digital savings account with PAN and Aadhaar — Cyprus Mail
In Cyprus, Cyprus Mail published an article about remotely opening a digital savings account with Axis Bank. For digital onboarding, customers may need PAN, Aadhaar, and a mobile phone number linked to Aadhaar.
Documents and verification
PAN helps confirm a customer's tax identification details, while Aadhaar may be used for permitted identity and address verification methods, including through an electronic KYC procedure. However, having only these two documents does not guarantee that the bank will not request additional information or conduct further verification.
The customer's details in PAN and Aadhaar must match. Depending on the account type, applicant profile, and KYC requirements, the bank may request contact details, nominee information, or carry out additional checks. Axis Bank also lists PAN as an identity document, while Aadhaar may serve as proof of identity and address provided that its verification requirements are met.
Application stages
An applicant can select a digital savings account on the bank's official website or an authorized digital platform. Before applying, it is worth checking eligibility criteria, minimum balance requirements, fees, and available services.
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After entering personal details, PAN, and Aadhaar, Aadhaar verification or Video KYC may be required. Video KYC involves a video call with an authorized bank employee who confirms the applicant's identity and conducts the necessary checks. The procedure may require original documents and a device with a working camera.
After successful verification, the bank processes the application and activates the account according to its own procedure. The article emphasizes that the term “instant” does not mean guaranteed account activation within a specified number of minutes.
What to pay attention to
When choosing a digital savings account, customers are advised to compare the interest rate, minimum balance requirements, service fees, debit card terms, ATM access, UPI options, mobile and internet banking, transaction limits, and customer support. KYC data should be submitted only through the bank's official website or authorized app. A lawful account-opening procedure does not involve sharing a one-time password, PIN, or banking password with another person.
