Opening a Savings Account involves lots of steps. One of them is completing the Know Your Customer (KYC) procedure. To complete the process, you must provide official documents, including your PAN card, Aadhaar card, passport, and official identification cards. Starting a savings account is now quick and easy with Kotak811's account opening process.
Since opening a financial Savings Account is now possible on the digital front, Kotak811 now offers the facility of Video KYC bank account opening. A Video KYC is a trouble-free way to establish a Savings Account that allows the consumer to open an account online instantly through the KYC process.
What is video KYC?
With Video KYC, you could complete the Know Your Customer procedure in a video call with a banking professional. This contactless and short process makes establishing a financial Savings Account less complicated. It can be completed in a few minutes!
How does video KYC work?
Video KYC means that you can finish the KYC from anywhere in India via a video call. The verifier, i.e., the financial institution in the video call, will complete the verification system of your proof of address, after which they will authenticate your PAN and photo.
Benefits of video KYC
The advantages of Video KYC for customers are numerous:
- Customers don't need to be physically present throughout the verification process.
- This will make the system more inclusive for customers from rural regions
- It ensures the protection of people in times just like the COVID pandemic while social distancing is needed
- It helps quicker and smoother verification processes for a better customer experience at some point
- The safety and security of documents are ensured with the elimination of intermediaries or marketers for document collection purposes
Difference between video KYC and KYC
As the pandemic is over and banks have opened, choosing online or offline methods is far more possible. In the offline mode, you must physically go to the bank and submit the files. In the offline mode, you must add soft copies of your documents. With the Video KYC method, your files are confirmed by the bank professional on a video call.
Banks used a manual CIP (Customer Identification Program) to verify consumer identification during onboarding. This process could take up to weeks or maybe months, making clients leave the process halfway, leading to losing customers.
Video KYC verification is the virtual version of the traditional KYC procedure, which is faster and more seamless. It removes the mundane office work and validates identification in actual time, making the process easier for both parties.
Video KYC
- Real-time verification of clients, business partners, and third-events
- Digital documentation, submission, and verification
- Much quicker, seamless, and more cost-effective
- Low turnaround time – much less than 2-10 minutes
Traditional KYC
- No real-time verification of customers, business partners, and third-events
- Manual paperwork, file submission, and bodily visits for verification
- Time-taking and high costs
- High turnaround time – can take days, weeks, or maybe months
How to do video KYC online for Kotak811 savings
Account users
The first step to commencing an 811 digital account is to complete the Know Your Customer (KYC) procedure. You can complete a Video KYC bank account opening or verify your identity in person.
A Video KYC is similar to the instant account procedure. In the Video KYC system, the submission of documents is obligatory. After finishing the online bank account application, you will be assigned a bank representative. You will verify your Know Your Customer (KYC) procedure through video chat.
Before beginning the video verification system, ensure your authentic PAN card, some blank paper, and a blue or black ink pen are accessible.
As soon as the bank approves your account, it can be opened almost immediately.
Here is how you can complete a video KYC process online:
- Go to the bank website and start a video call. In the Video KYC method,
- You must update your information online. Following completion of all required details,
- The bank officer will undertake basic checks via video contact and
- They will walk you through the procedure.
Keep your PAN card, clean paper, and a blue/black pen on hand. After the Video KYC is completed, your account will be open.
Account holders in banks are commonly known for searching for convenience. As the world is going digital, banks have delivered Video KYC, known for delivering an easy user experience while ensuring faster KYC completion.
Important guidelines for Video-KYC
Remembering the following points for the duration of your Video KYC is vital to ensure it's finished smoothly. You should:
- have your PAN card
- have your Aadhaar number or Virtual ID
- have your cell phone or computer
- have uninterrupted network connectivity
- have a white sheet and a black pen
- be in a well-lit room
- have a plain wall behind you
- be physically in India
To ensure the authenticity of the process, you can ask the officer to display their identification card and write down their name and worker ID.
Documents required for Video-KYC
The documents required for Video KYC bank account opening would depend on the bank but are usually the following:
- PAN Card
- Profile photo
- Your signature on a white paper
Conclusion
Video KYC is a hassle-free mode of Video KYC bank account opening that enables you to open your account fully online, finishing all KYC processes in a matter of minutes. Your KYC documents are shown, and your signature and picture are captured in the system, ensuring you can open a full-fledged account.
Kotak811 has several benefits and functions that make it a convenient and trouble-free way to manage your finances. With Video KYC, you can open an account from your home without visiting a branch.
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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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