Accepted Income Proof Documents for New Bank Accounts

Which income proofs can I submit for my newly opened bank account?

If you've recently opened a bank account and need to submit income proof, here are the accepted documents:
  1. Six-month bank statement: Provide a 6 month bank statement of your existing bank account, reflecting all transactions to date.
  2. Income Tax Return (ITR): Submit a copy of your ITR filed with the Income Tax Department.
  3. Holdings statement: If you have a Demat account with any brokerage firm, share your latest holdings statement.

    • Related Articles

    • Why is income proof necessary for F&O trading?

      When trading futures and options (F&O) in any segment, it's imperative, as per exchange norms, to provide evidence of your income. This stems from the understanding that F&O is a leveraged derivative product. It's not best suited for individuals with ...
    • Is income earned in my NRI account subject to taxes?

      Yes, any income earned through your NRI account from transactions in India falls under the purview of the Income Tax Act, 1961, specifically section 5, which deals with the scope of total income. Given the complexities of tax obligations, we strongly ...
    • What is an NRE PIS account?

      An NRE PIS (Non-Resident External Portfolio Investment Scheme) Account is a type of bank account that Non-Resident Indians (NRIs) can set up with authorization from the Reserve Bank of India (RBI) under the PIS to trade shares on Indian stock ...
    • What do I do if there is name mismatch in PAN and Bank account?

      As per the regulations, account holders name on PAN should match with the bank account or the address proof he or she has submitted if not; he needs to provide a declaration from the bank stating that PAN cardholder and bank account holders are the ...
    • What types of bank accounts are available for NRIs to open?

      In line with the Foreign Exchange Management Act (FEMA) regulations, Non-Resident Indians (NRIs) are not permitted to maintain regular savings accounts in India. They are required to open either an NRO (Non-Resident Ordinary) account or an NRE ...