Some parts of the country still operate under restrictions, and the finance and banking sector is now turning into the digital world. The bank has made amendments to KYC norms (know your customers) that permit the bank to quickly complete the KYC process through the live video and audio interface.
This provision has proven beneficial for the people, especially during the lockdown time. It allows you to open a savings account online through the KYC process from the comfort of your home.
What is Video KYC?
KYC is the online process that banks use to verify their identity. The first is by visiting the bank branch, and then the bank representative checks your identification documents and approves your KYC.
For this, the bank allows the regulated entities to verify their customer online through KYC. You can open your bank account online through the video KYC process.
The bank will schedule the identification time in which they capture your photographs online and verify your PAN card. You can easily open a savings bank account through this online audio-video interaction. To avail of the video KYC process, you must be an Indian resident and above the age of 18 years.
Steps involved in the KYC process
Here we will tell you the steps involved in the KYC process while opening a savings account online through it.
- Fill out the savings account opening form online.
- Make sure to fill in all relevant details in the savings account opening form.
- Submit the form to the bank to fetch your Aadhaar information and enter the PAN card number, and upload your photograph
- Also give additional details such as nomination, occupation, etc.
- Tap on the given link and proceed with the video KYC process
- Allow the bank to access your camera, microphone and mobile phone location
- Join the video call with the office of the bank
- In this video call, show your PAN card for verification
- Then the officers of the bank will click the photograph during the video call
- Your KYC is then validated. You will be notified once the KYC is completed and the account is operational.
Is the Aadhaar required for the video KYC
Yes, the Aadhaar number is required for the video KYC. Your mobile number is quickly registered with the UIDAI to get the OTP on your Aadhaar linked number. Once the bank gets the Aadhaar details, your information is verified, such as name, photograph, address, etc.
Is it safe to use the Video KYC to open a savings account?
Different reasons illustrate that the Video KYC is safe:
- The Video KYC process uses the latest technology under the safeguards of integrity
- It will be initiated by the audio-video interaction in which the customer is safely engaged
- All the accounts opened via the KYC process are subjected to verification and approved after they are reviewed online.
Conclusion
Video KYC is a safe medium to open a savings account online. It is a hassle-free method for you.
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