While different parts of the nation are still under a variety of restrictions, the banking and finance sector continues to become increasingly digitised. In January 2020, the Reserve Bank of India (RBI) made amendments to Know Your Customer (KYC) norms that allow Banks, fintech start-ups and lending companies to remotely complete the KYC (Know Your Customer) process through a live audio video interface. This provision has been a great boon in the current lockdown era with several financial institutions such as HDFC Bank allowing you to open Savings and Corporate Salary Bank Accounts by completing the KYC process from the comfort of your home via a smartphone.
What is Video KYC?
KYC is a process used by financial institutions to verify your identity. Traditionally, there were two ways to complete this process. Either a Bank representative would visit you and collect your identification documents, or you would have to visit the bank branch to complete your KYC in person. To do away with this physical verification of documents, the RBI now allows Regulated entities to digitally verify customers through Video KYC. This means that you can opt for a video KYC based account opening with the Bank, during which the Bank official will perform identification checks along with capturing your photograph and verifying your PAN card. Through this contactless audio-visual interaction, you can open a Savings Bank account without physically visiting the Bank. To avail Video KYC, you need to be a resident of India, above 18 years of age and physically present in India.
What are the steps in the Video-KYC process?
Step 1 - Fill up a digital account opening form online.
Step 2 - Provide consent to the Bank to fetch your Aadhaar details and enter your PAN number and upload your photograph.
Step 3 - Provide additional mandatory details such as occupation, nomination, etc.
Step 4 - Click on a link and proceed for Video KYC.
Step 5 - Allow the Bank to access your mobile-phone’s location, camera and microphone.
Step 6 - Get on a video call with a Bank official.
Step 7 - Show your original PAN card for verification.
Step 8 - The Bank official will click your photograph during the call.
Step 9 - Your KYC is further validated. You’ll get a notification when your KYC is completed and Account is operational.
Note -Video call must be done within 3 days of account opening via the link provided.
What do you need to initiate a successful Video-KYC?
1. A stable mobile network
2. Original PAN Card
3. A blank white sheet of paper and a blue or black pen
Is Aadhaar required for Video-KYC?
Yes, you require your Aadhaar number for Video KYC. Your mobile number should be registered with UIDAI to get an Aadhaar OTP. Once the Bank receives the Aadhaar details, it will verify information like your name, photograph, address, etc.
What precautions should customers take?
1. Don’t share the Video KYC link that you receive on your phone with anyone else.
2. Connect for Video KYC only through the Link provided on the Account opening page or through the link received from HDFC Bank.
3. Keep your Aadhaar information safe. HDFC Bank agents will never ask you to share Aadhaar details on the Video KYC call.
.To ensure the authenticity of the agents, at the beginning of the call you can ask the agents to show you their identity card. You can even make a note of their employee ID and name.
Is Video-KYC safe?
There are various reasons which illustrate that the Video KYC process is safe.
The use of the latest technologies safeguards the integrity of the Video KYC process.
The audio-visual interaction is initiated only by the Bank which customers need to click on
All accounts opened via this method are subject to verification and will be operational only after thorough reviewing.
HDFC Bank is here to serve you better
In the current situation, convenience is everything and embracing digital methods to carry out tasks is making this possible. Committed to its mission of making Banking easy and quick, HDFC Bank now allows you to open a Savings or Corporate Salary Bank account by authenticating yourself via Video KYC, as per the RBI guidelines. To help you complete your Video KYC as per your convenience, The Video KYC Service desk is operational between 10:00 am to 11:59 pm on all days including Saturdays & Sundays (Except national holidays).
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