SOP – Opening of Accounts with Form 97

Summary: SOP – Opening of Accounts with Form 97 (IPPB)

The India Post Payments Bank (IPPB) has introduced a new process for opening accounts for customers who do not possess a PAN card. Following the implementation of the Income-tax Act, 2025 and Income-tax Rules, 2026, Form 97 has replaced the earlier Form 60 declaration. This SOP explains how such accounts can be opened through the mATM application.

Key Highlights

• Form 97 is mandatory for customers who do not have a PAN.
• The customer must declare that their estimated annual income is below ₹2.5 lakh.
• Customers with income above ₹2.5 lakh must obtain and provide a PAN.
• Account opening with Form 97 is currently available only through mATM.
• The SOP applies to both:
  • Major customers (18 years and above)
  • Minor customers (above 10 years) without PAN

Account Opening Process for Major Customers

1. Complete FATCA declaration.
2. Select the required scheme/product.
3. Capture customer details.
4. Leave PAN field blank if the customer does not possess PAN.
5. Verify mobile number through OTP.
6. Complete Aadhaar-based e-KYC.
7. Obtain customer consent for Form 97 declarations.
8. Capture communication and residential address details.
9. Collect and verify Date of Birth (DOB) proof.
10. Upload clear images of the DOB document.
11. Complete remaining account opening formalities and submit the request.

Accepted DOB Proof Documents

The following documents can be accepted as Date of Birth proof:

• Voter ID
• Driving Licence
• Passport
• CGHS/Ex-Servicemen Health Card
• Government/PSU Photo ID Card
• Domicile Certificate with photograph
• Birth Certificate
• Pension Payment Order
• Marriage Certificate
• Matriculation Certificate/Mark Sheet

Documents without a complete date of birth cannot be accepted.

Account Opening for Minor Customers (Above 10 Years)

In addition to the minor's Aadhaar-based e-KYC:

• A guardian must be physically present.
• Guardian details such as name, DOB, mobile number, relationship, income, and address must be captured.
• Guardian's Aadhaar authentication is mandatory.
• Two authentications are required:
  • Minor's Aadhaar authentication (identity verification)
  • Guardian's Aadhaar authentication (Form 97 declaration confirmation)

Important Conditions

• Customer must be present physically.
• Aadhaar authentication is mandatory.
• Form 97 can only be used when the customer does not have PAN.
• Income declaration must be below ₹2.5 lakh.
• Proof of DOB and address must be collected and verified.

Exception Handling

• If fingerprint authentication fails, face authentication may be used.
• Any other exceptional cases will require approval from Branch Operations.

Key Takeaway

The SOP enables account opening for customers without PAN by digitally capturing Form 97 declarations through mATM, while ensuring compliance with the Income-tax Act, 2025. Special provisions have been included for minor customers, requiring guardian authentication and declaration on the minor's behalf.