In January 2020, the Reserve Bank of India amended the Know Your Customer (KYC) norms and introduced the video-based KYC option to onboard customers.
Now, in a major development amidst the pandemic aftermath, Kotak Mahindra Bank (Kotak) has announced to introduce Video KYC to open a full-fledged Kotak 811 savings account, on Monday.
Kotak is the first bank to integrate the Video KYC process in the account opening journey, in the Indian banking.
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Kotak’s Video KYC Process
Kotak Mahindra Bank, on a pilot basis for savings accounts, has launched the Video KYC to open a full-fledged Kotak 811 savings account.
This initiative is in lines with its digital-first strategy and is a start-to-end fully integrated, zero-contact, completely digital and paperless account opening, along with Full KYC journey.
Here are the steps on how this e-KYC works.
- In order to open a Kotak 811 savings account, visit www.kotak.com
- Enter the beneficiary’s details, like name, mobile number and email id
- Give consent to use Aadhaar number to open the account
- Enter your PAN, Aadhaar numbers and address
- Allow your phone to access the location, for conduction of Video KYC
- Video KYC with bank executive begins
- A KYC 811 savings account is opened shortly after
Account Opening Process
The process of account opening is simple and convenient. The customer must visit the www.kotak.com site from a mobile or web browser, in order to open an 811 savings account.
What’re the Requirements for Video KYC?
- Aadhaar number and PAN Card
- Blank sheet of paper and a black/blue pen
- Strong internet connection
- Clear view of the customer’s face
- Unobjectionable background and a proper lighting
These are the necessary requirements for the successful conduction of your Video KYC.
Once your Video KYC is completed, the Customer Relationship Number (CRN) and Account Number are generated, giving the customer a full-fledged bank account.
According to regulations, only Indian citizens residing in India during the account opening process are eligible for Video KYC. The entire Video KYC process is recorded and stored by the bank.
What is the Need for Video KYC?
According to Kotak,
- Video KYC, verification of KYC documents and recording of the customer’s signature once completed on a video call with the bank, eliminates the need to visit the branch or in-person interaction, biometric verification or sharing of physical documents.
- Once this Video KYC is completed, the customer gets a full-fledged bank account with no restrictions on deposits or account balances.
option to onboard customers.
Now, in a major development amidst the pandemic aftermath, Kotak Mahindra Bank (Kotak) has announced to introduce Video KYCto open a full-fledged Kotak 811 savings account, on Monday.
Kotak is the first bank to integrate the Video KYC process in the account opening journey, in the Indian banking.
Kotak’s Video KYC Process
Kotak Mahindra Bank, on a pilot basis for savings accounts, has launched the Video KYC to open a full-fledged Kotak 811 savings account. This initiative is in lines with its digital-first strategy and is a start-to-end fully integrated, zero-contact, completely digital and paperless account opening + Full KYC journey.
Here are the steps on how this e-KYC works.
- In order to open a Kotak 811 savings account, visit www.kotak.com
- Enter the beneficiary’s details, like name, mobile number and email id
- Give consent to use Aadhaar number to open the account
- Enter your PAN, Aadhaar numbers and address
- Allow your phone to access the location, for conduction of Video KYC
- Video KYC with bank executive begins
- A KYC 811 savings account is opened shortly after
Account Opening Process
The process of account opening is simple and convenient. The customer must visit the www.kotak.com site from a mobile or web browser, in order to open an 811 savings account.
What’re the Requirements for Video KYC?
- Aadhaar number and PAN Card
- Blank sheet of paper and a black/blue pen
- Strong internet connection
- Clear view of the customer’s face
- Unobjectionable background and a proper lighting
These are the necessary requirements for the successful conduction of your Video KYC.
Once your Video KYC is completed, the Customer Relationship Number (CRN) and Account Number are generated, giving the customer a full-fledged bank account.
According to regulations, only Indian citizens residing in India during the account opening process are eligible for Video KYC. The entire Video KYC process is recorded and stored by the bank.
What is the Need for Video KYC?
According to Kotak,
- Video KYC, verification of KYC documents and recording of the customer’s signature once completed on a video call with the bank, eliminates the need to visit the branch or in-person interaction, biometric verification or sharing of physical documents.
- Once this Video KYC is completed, the customer gets a full-fledged bank account with no restrictions on deposits or account balances.