With digitisation, the banking industry is continuously adapting to provide customers with enhanced convenience and efficiency. As technology advances, traditional banking methods are gradually giving way to digital alternatives, simplifying the management of personal finances for individuals.
One such innovation is Video KYC, a revolutionary method of completing a zero balance savings account opening and verification procedures without physical visits to the bank. This comprehensive blog will discuss everything about Kotak 811 Video KYC timing, its process, benefits, and eligibility criteria.
What is video kyc?
Video KYC or Video Know Your Customer is a digital process which enables individuals to complete the verification process for open a bank account through a video call with a bank official. This innovative method offers a secure and convenient alternative to conventional KYC methods, eliminating the need for physical paperwork and visits to the bank branch. By leveraging technology, Video KYC streamlines the account opening process, making it more accessible and efficient for customers.
Is video kyc safe?
In the digital age, security concerns are natural, especially when it comes to sensitive financial transactions. Video KYC is a process designed to verify the identity of individuals remotely, ensuring compliance with regulatory requirements while prioritising customer convenience. But is it safe? Let's see:
- Customers provide information only they know, such as passwords or PINs.
- Customers must possess specific items or evidence, such as OTPs or electronic documents.
- Biometric authentication, including facial or voice recognition, ensures only authorised individuals can complete the verification process.
These stringent measures collectively enhance the security of Video KYC, providing customers with peace of mind and confidence in the safety of their personal information.
Must Read: How To Do Video KYC?
What are the benefits of video kyc?
The implementation of Video KYC brings several advantages to both customers and banks. These include:
- Convenience: Video KYC offers unparalleled convenience by allowing individuals to complete the verification process from their homes. Gone are the days of waiting in long queues at bank branches; with Video KYC, customers can open accounts with just a few clicks on their smartphones or computers. It saves valuable time and effort, empowering customers to manage their banking needs conveniently. Additionally, it eliminates the need for physical documentation and paperwork, further enhancing the user experience.
- Time saving: Time is of the essence in today's fast-moving world, and Video KYC recognises this by streamlining the verification process. Unlike traditional KYC methods that involve extensive paperwork and manual verification, Video KYC is fast and efficient. With digital verification, accounts can be opened and activated within minutes, allowing customers to access banking services without unnecessary delays. It benefits customers and banks as it accelerates the onboarding process and improves operational efficiency.
- Accessibility: Video KYC goes beyond geographical barriers, making banking services accessible to individuals in remote areas. Whether someone resides in a rural village or an urban city, they can easily open a bank account using Video KYC. It promotes financial inclusion by reaching underserved communities that may not have easy access to traditional bank branches. Video KYC plays a key role in fostering economic empowerment and inclusivity by democratising access to banking services.
- Enhanced security: Security is paramount in the digital age, and Video KYC prioritises authenticity and fraud prevention. Through live video calls, banks can verify customers' identities in real-time, significantly reducing the risk of identity theft and fraudulent activities. Moreover, Video KYC uses strict security measures, such as biometric authentication and document verification, to ensure the highest levels of security throughout the verification process.
Who can perform video kyc?
To perform Video KYC, individuals must meet specific eligibility criteria:
- Applicants must be physically present in India during the video call verification process. It ensures the verification is conducted within the country's regulatory framework.
- Applicants must possess a valid PAN card as the primary identification document. It is essential for verifying the applicant's identity and complying with regulatory requirements.
- A stable internet connection and a smartphone with a functioning camera and microphone are essential for conducting Video KYC. It ensures a smooth and uninterrupted verification process.
Must Read: What Is Digital Savings Account?
How to do video kyc?
Performing Video KYC is a simple and fast process. Here’s how to do video KYC in Kotak 811:
- Digital account opening: Begin by completing the online account opening process through Aadhaar OTP-based E-KYC. It involves providing basic personal information and verifying your identity using Aadhaar OTP.
- Consent for video kyc: Opt for the Video KYC option during the account opening process and click the provided link to initiate the video call. This link is generated on the final page of the account opening section and is also sent via SMS.
- Video call verification: Connect with a Kotak811 representative via video call and follow their instructions for document verification and biometric authentication. During the call, you must display your original PAN card and provide any additional information as requested.
- Completion and activation: Upon successful verification, your account will be activated, granting you full access to banking services. If there are any connectivity issues during the video call, you can use the same link to reconnect within three days.
Kotak811 video kyc timing
The Kotak811 Video KYC timing is from 8AM to 7PM on all days, including Saturdays, Sundays and bank holidays. Initiating the Video KYC process within three days of receiving the link is essential, as it expires afterwards. If the verification process is unsuccessful, you may need to visit the nearest branch with physical KYC documents to complete the account opening process.
Conclusion
By taking advantage of technology and innovation, Kotak Mahindra Bank aims to enhance customer experience and promote financial inclusion. The convenient timing of Kotak811 video KYC, 8AM to 7PM, enables applicants to complete the account opening and verification process easily and securely online.
So, take your first step towards embracing technology for the future of banking with Kotak811 Video KYC and enjoy a hassle-free savings account opening from the comfort of your home or anywhere.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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