HDFC Bank XpressWay - Go Digital for KYC
22 November, 2023
In the current tech-savvy era, everything around us is going digital. Gone are the days when people used to visit a shop for their mobile recharge, as most people are now doing it online.
Similar is the case with banking. We have come a long way from the time when we used to visit the bank to make money transfers to the current age where we can simply transfer money with a few taps on our phones.
To further fuel this banking revolution, HDFC Bank has launched a new platform called XpressWay. HDFC Bank XpressWay is an entirely digital offering based on the principle of the Do-It-Yourself (DIY) model. Here, you can fulfil all your banking needs 100% digitally.
This means that you no longer need human assistance or a branch visit to fulfil your banking requirements. You can now do all of it efficiently, quickly and at your convenience by using HDFC Bank XpressWay.
Why is KYC important?
KYC, or Know Your Customer, is an essential practice followed globally. The primary aim of KYC is to know who exactly the customer is and where they are bringing the funds from. This helps in preventing money laundering, financing terrorism and other crime-related funding.
It is a regulatory requirement and your moral obligation towards the country and society to complete your KYC and keep it updated. This will help the central agencies to curb illegal activities in the country.
HDFC Bank XpressWay can help you achieve thisvia the digital platform, you can update your PAN KYC online and access a lot of other digital services.
Digital services offered by HDFC Bank XpressWay
HDFC Bank XpressWay intends to increase your ease and speed of banking. It offers a range of products like loans, accounts, investments, etc. HDFC Bank XpressWay also offers an array of digital services, such as -
PAN Card KYC - Adding and updating your PAN Card with the bank is a regulatory requirement you must comply with. To ease compliance, you can simply log into the HDFC Bank XpressWay portal and access the offered services. It allows you to add or update the PAN card associated with your HDFC Bank account with ease.
Re-KYC - You can update the demographic details associated with your account using HDFC Bank XpressWay..
Update your address - If you have recently changed places and have a new residential address, then you need to update the same with your bank. This will allow all the intended communication to be received at your new premises. To update your new address of residence, you will need to use your Aadhaar card.
Add or modify your nominee details - It is essential to have a nominee for your account for all investments or savings. This will help in ensuring the financial security of your loved ones. You can use HDFC Bank XpressWay to add or update your nominee details for your Savings Account, Fixed Deposits, and Recurring Deposits made with the bank.
Form 15 G / H - By using HDFC Bank XpressWay, you can submit Form 15 G / H to avail of exemption of the TDS deduction within the permissible limit on income earned from interest on deposits.
How do you access these digital services?
Visit the website - To access the HDFC Bank XpressWay portal, you will need to open the official website of HDFC Bank. Once you are on the website, just hover over the login button, and in the dropdown, select 'HDFC Bank XpressWay'.
Log in - You will be redirected to a new page where you will be asked to log in. by first entering your registered mobile number and date of birth. After successfully entering these details, you will receive an OTP (One Time Password) on your registered mobile number. Enter the OTP on the webpage and verify your identity to log in.
Always remember not to share your OTP with anyone. The bank or its representatives will never ask you for the OTP, and if asked, please report that matter immediately to the police and the bank.Choose the relevant service - Once logged in, you can see a list of offerings for your account. Here, you will be able to see the services offered via the HDFC Bank XpressWay portal. Choose the service you want and follow its steps to fulfil your needs.
Apart from the digital services, you can also apply for various products after logging in. These products can range from a Home Loan to a Savings Account. HDFC Bank XpressWay also offers multiple pre-approved offers basis your banking relationship and credit profile. You can use these pre-approved offers to get instant credit easily!
With technology evolving rapidly, everything around us has been changing too! Banking is no different. HDFC Bank XpressWay offers you a complete digital solution to ease and speed up your banking. You can use the platform to get different banking products and even for important and mandatory services.
By now, you must have understood the importance of KYC. Even such a vital activity can now be carried out entirely online by using HDFC Bank XpressWay!
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.