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Savings Account
What is video KYC & how does video KYC work?
Key Takeaways
A mandatory step while opening a savings account is Know Your Cusotmer (KYC), and today many banks provide the facility of online KYC; video KYC is an example of this.
- Video KYC process can be initiated and completed from anywhere, as the last step, by following the link received from the bank
- In Video KYC, clicking the link connects the applicant to an official from the bank to have a one-on-one video call, and the documents required are shown to him using the camera, for verifications.
- In today's digital age, Video KYC has become a popular method for KYC, enabling end-to-end seamlessness in the entire application process.
Opening a savings account involves a lot of steps. One of them is completing the Know Your Customer (KYC) process. To complete the procedure, you must submit official documents such as the PAN card, Aadhar card, passport, and other government-issued identity cards. Since opening a savings account is now possible on the digital front, banks now offer the facility of e-KYC. One example of e-KYC is video KYC.
How to complete the KYC process?
There are two ways in which it is possible for you to complete the KYC process. The two ways are through the online mode and the offline mode:
Offline mode:
- Download and fill in the KYC form.
- Enter your PAN or Aadhaar.
- Visit a KRA, i.e., KYC Registration Agency office and submit your application.
- Submit the ID proof and address proof along with the application.
- Use the provided application number to track the application status.
Online mode:
In this, the video KYC process can be completed from anywhere and can be initiated by visiting the bank website or following the link received, after successful application submission or account open.
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What is video KYC?
With video KYC, you can complete the Know Your Customer process in a video call with a banking official. This process is entirely contactless and short which makes online saving account opening a lot easier and can be completed within a few minutes!
How does video KYC work?
Video KYC simply put, means that it is possible for you to complete the KYC from anywhere in India through a video call. The verifier, i.e., the bank official in the video call, will complete the verification procedure of your residence proof and then will then authenticate your PAN and photo. .
To avail services such as video KYC for IDFC FIRST Bank Savings Account you need to be a citizen of India, residing in India, and be above 18 years of age.
How are video KYC and usual KYC different from each other?
As the pandemic is over and banks have opened, it is possible for you to opt for both online and offline methods. In the offline mode, you need to visit the bank physically and submit the documents. In the offline mode, you need to upload soft copies of your official documents. With the video KYC process, your documents are verified by the bank official on a video call.
How to complete video KYC?
Here is how it is possible for you to complete a video KYC process:
- Pay a visit to the bank’s website and then schedule a video call.
- You will receive an automated confirmation either in the form of an SMS or email that comes with the link for the video call.
- Get on the call with the bank official.
- The official checks the validity of the documents submitted.
- The official captures your image.
- The official reviews and processes the application.
Account holders in banks generally are known for looking for convenience. And as the world today is going digital, banks have introduced video KYC which is known for delivering an effortless customer experience while simultaneously ensuring a quicker KYC completion.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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