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Opening a Savings Account no longer necessarily requires a branch visit. Video KYC allows eligible customers to complete identity verification remotely through a live video interaction with the bank. This can make digital account opening faster and more convenient while maintaining the required customer identification checks.
What Is Video KYC?
Video KYC, or Video-based Customer Identification Process (V-CIP), is a digital method of verifying a customer’s identity through a live, secure video interaction with an authorised official of the bank.
The process typically involves capturing and verifying customer details, completing identity checks and recording the interaction in accordance with applicable KYC requirements. Customers should ensure they have a stable internet connection, a working camera and the required documents or information ready before beginning.
4 Steps to Open a Digital Savings Account via Video KYC
The process of opening a Digital Savings Account can generally be completed in four broad steps.
1. Start the Online Application
Visit the bank’s official website or digital banking platform and select the relevant Savings Account. Enter the requested personal and contact details to begin the application.
Make sure the information entered matches your official documents. Even technology cannot save us from typing the wrong mobile number twice.
2. Submit Your KYC Details
Provide the required KYC information and documents as instructed by the bank. Depending on the applicable process, this may include PAN details and an officially valid identity document.
The bank may use permitted digital methods to verify the information before proceeding to the Video KYC stage.
3. Complete the Video KYC
During the Video KYC process, an authorised bank official verifies your identity through a live video interaction. You may be asked to provide information, show required documents or complete additional verification steps.
The process can include measures such as live location or geotagging, liveness detection and face matching. The video interaction is recorded and securely stored as required under applicable regulations.
4. Complete Account Activation
Once the required verification and checks are successfully completed, the bank processes the account opening. Depending on the account and bank’s process, you may receive confirmation and details required to access your account and digital banking services.
The actual time for activation can vary because verification and other checks may take longer than the application itself.
What Do You Need for Video KYC?
Before starting the process, keep the following ready:
- PAN or e-PAN, as applicable
- An accepted identity document
- A smartphone or computer with a working camera
- Stable internet connectivity
- Your registered mobile number
- A well-lit, quiet environment for the video interaction
The exact requirements can vary depending on the bank and Savings Account being opened.
How to Choose the Best Digital Savings Account
Finding the best digital savings account involves more than choosing the account with the quickest onboarding process. Customers should compare the interest rate, minimum balance requirements, service charges, Debit Card terms and digital banking facilities.
It is also useful to consider the quality of Mobile Banking and Internet Banking services, transaction limits and accessibility of customer support.
Benefits of Opening an Account Online
Customers who open digital savings account online can benefit from greater convenience and reduced dependence on branch visits. Digital onboarding can allow eligible customers to submit information and complete identity verification remotely.
A Digital Savings Account can also make everyday banking more accessible through Mobile Banking, Internet Banking, UPI and other available digital services, depending on the account variant.
Things to Check Before Applying
Before you open digital savings account online, review the account’s eligibility criteria, minimum balance requirements, applicable charges and available features. Also check which KYC documents are accepted and whether Video KYC is available for the particular account.
While the process may be completed digitally, the bank still needs to conduct the required KYC and verification checks. Having accurate information and valid documents ready can help avoid unnecessary delays.
Conclusion
Video KYC has made opening a Digital Savings Account considerably more convenient for eligible customers. By completing the online application, submitting KYC details, undergoing Video KYC and completing the activation process, customers can handle much of the onboarding remotely.
However, choosing the best digital savings account should involve comparing the account’s costs, features, requirements and digital banking facilities rather than focusing only on how quickly it can be opened.