How to open a bank savings account using video KYC

• The RBI allowed banks to integrate video KYC in the account opening process in January 2020.
• Kotak Mahindra Bank has now introduced video KYC for customers opening new Kotak 811 savings accounts.
• Other major banks are working on video KYC and are expected to launch the facility soon.

In January 2020, India’s central bank the Reserve Bank of India amended the Know Your Customer (KYC) norms, allowing banks to use video calling to complete the KYC process for new customers.

Now, amid the coronavirus pandemic, Kotak Mahindra Bank has announced that customers can open a full-fledged Kotak 811 savings account, becoming the first bank in the country to introduce video KYC in the account opening process.

This will allow customers to open a bank account and finish the KYC process from the safety of their home. As per reports, other major banks are also working on launching their video KYC platforms.

Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “In the new normal world that we must now adapt to in the aftermath of COVID-19, Kotak’s emphasis on digital-first initiatives takes on even more meaning. In this context, Video KYC can prove to be a game changer where customer verification is completed from the comfort of one’s home or office without the need for a physical interaction.”

How to open Kotak 811 savings account with video KYC

Here’s what you need to open a Kotak 811 savings account

• Aadhaar number
• PAN card
• A paper and pen to upload your signature
• A proper background with good lighting
• Clear view of the customer’s face

Once you have all the required things, follow the below steps -

• To begin, go to Kotak Mahindra Bank’s website.
• Now, click on ‘Apply Now’.
• Enter your name, mobile number and email ID.
• Provide the bank consent to use Aadhar to open your account.
• Now, enter your Aadhaar number, PAN and communication address.
• Now, allow access to your phone’s location to begin the video KYC.
• The bank executive will begin the video KYC.
• Once your video KYC is completed, a Kotak 811 savings account will be opened.

Note: Video KYC on Kotak is available from 10 am to 6 pm, Monday to Saturday.

SEE ALSO:

Here is a list of bank ATMs that allow you to recharge your Jio, Airtel, and Vodafone numbers

How to apply for emergency loan from SBI

How to schedule WhatsApp messages