According to the RBI, the officially valid KYC documents or OVDs for KYC checks include the following:
Aadhaar card
Passport
Driving licence
Voter ID
Job card issued by NREGA (National Rural Employment Guarantee Act 2005) with the signature of a State Government official
Aadhaar letter issued by UIDAI (Unique Identification Authority of India)
PAN card
1. For Minors
In case of minors, the applicant who would be operating the account would have to submit their ID proof.
2. For NRIs
NRIs must submit resident visa and passport copies that are duly attested by the Indian Embassy, Foreign Office, and the Notary Public.
Despite the PAN card not stating your address, you can still use it as a KYC document for ID and address proof. This is so because your address records are with the Income Tax Department, which can be easily accessed using your PAN number.
As a part of the Know Your Customer process, you have to submit essential documents to financial institutions. Known as KYC documents, these help banks verify your authenticity. Banks fix these KYC norms according to the RBI directives.
Hence, a PAN card also serves as both ID and address proof. Submit any one of these KYC documents before opening an account in the bank or any financial institution. While separate KYC documents for identity and address proof had to be provided initially, the RBI has simplified the process.