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<ul><li><strong>The RBI allowed banks to integrate <keyword id="7392422" type="UNKNOWN" weightage="20" keywordseo="Video-KYC">video KYC</keyword> in the account opening process in January 2020.</strong></li><li><strong>Kotak Mahindra Bank has now introduced video KYC for customers opening new Kotak 811 savings accounts.</strong></li><li><strong>Other major banks are working on video KYC and are expected to launch the facility soon.</strong></li></ul>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.<br /><br />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.<br /><br />This will allow customers to open a bank account and finish the KYC process from the safety of their home. As per <a href="https://www.moneycontrol.com/news/business/online-kyc-is-here-no-need-to-visit-a-branch-to-open-a-bank-account-5287881.html">reports</a>, other major banks are also working on launching their video KYC platforms.<br /><br />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.”<br /><br /><strong>How to open Kotak 811 savings account with video KYC<br /></strong><br />Here’s what you need to open a Kotak 811 savings account<br /><br /><ul><li>Aadhaar number</li><li>PAN card</li><li>A paper and pen to upload your signature</li><li>A proper background with good lighting</li><li>Clear view of the customer’s face</li></ul>Once you have all the required things, follow the below steps -<br /><br />    <div type="image" title="Kotak 811 savings account" msid="75990982" hostid="261" caption="&amp;lt;p&amp;gt;Kotak 811 video KYC application&amp;lt;/p&amp;gt;"></div><br /><ul><li>To begin, go to Kotak Mahindra Bank’s <a>website</a>.</li><li>Now, click on ‘Apply Now’.</li><li>Enter your name, mobile number and email ID.</li><li>Provide the bank consent to use Aadhar to open your account.</li><li>Now, enter your Aadhaar number, PAN and communication address.</li><li>Now, allow access to your phone’s location to begin the video KYC.</li><li>The bank executive will begin the video KYC.</li><li>Once your video KYC is completed, a Kotak 811 savings account will be opened.</li></ul><em>Note: Video KYC on Kotak is available from 10 am to 6 pm, Monday to Saturday.</em><br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/business/telecom/news/here-is-a-list-of-bank-atms-that-allow-you-to-recharge-your-jio-airtel-and-vodafone-numbers/articleshow/75006459.cms">Here is a list of bank ATMs that allow you to recharge your Jio, Airtel, and Vodafone numbers</a><br /><br /><a href="https://www.businessinsider.in/personal-finance/news/how-to-apply-for-emergency-loan-from-sbi/articleshow/75441666.cms">How to apply for emergency loan from SBI</a><br /><br /><a href="https://www.businessinsider.in/tech/apps/how-to/how-to-schedule-whatsapp-messages/articleshow/75839535.cms">How to schedule WhatsApp messages</a></strong><br />

How to open a bank savings account using video KYC

<keyword id="6986952" type="COMPANY" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword> has launched <keyword id="9304001" type="UNKNOWN" weightage="20" keywordseo="video-kyc-facility">video KYC facility</keyword> so that customers can open savings accounts without the need to visit a branch office. The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (<keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword>) process, <keyword id="6361420" type="DOMAIN" weightage="20" keywordseo="IDFC">IDFC</keyword> First Bank said in a release. <br /><br />        <div type="Article" hostid="261" msid="75990965" title="How to open a bank savings account using video KYC" mstype="2" mssubtype="0"></div><br /> Customers can start earning 7 per cent interest and maximise their returns on funds held or invested anywhere else, it added. <br /><br /> "Video KYC makes the online journey for opening savings accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the bank to complete the process," said Amit Kumar, Head – Retail Liabilities, IDFC First Bank. <br /><br /> This is especially relevant in the current times given loss of incomes and low returns offered by most other options, Kumar said. <br /><br /> The RBI-sanctioned video-based KYC process for opening of online <keyword id="114757" type="PERSON" weightage="20" keywordseo="Savings-Account">savings account</keyword> allows customers to open a full-fledged savings account with no limit on maximum account balance. <br /><br /> The pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact, the lender said. <br /><br />SEE ALSO: <a href="https://www.businessinsider.in/finance/news/sbi-axis-bank-and-kotak-mahindra-bank-and-other-banking-stocks-are-raising-capital-to-fill-npa-hole/articleshow/76054599.cms" data-type="tilCustomLink">Indian lenders like SBI, Axis Bank and others need $20 billion⁠ in capital— most of it will go into filling up NPA holes</a>

After Kotak Mahindra Bank, IDFC First Bank launches video KYC facility for customers to open savings accounts

Mumbai, May 18 () In a first, private sector lender Kotak Mahindra Bank on Monday launched a video-based KYC that will make it easier to open an account remotely, especially during the COVID-19 pandemic.<p> The Reserve Bank of India (RBI) earlier this year came out with detailed guidelines making video-based Know Your Customer (KYC) possible, after the banking system, which used to depend on Aadhaar data for remote account opening, got hit by the Aadhaar judgment of the Supreme Court.</p><p> Customers will need to share Aadhaar and PAN numbers as part of the account opening process under the video KYC system to open the 'Kotak 811 savings account', an official statement said adding that the facility will be used only for the savings accounts on a pilot basis.</p><p> Once a customer requests to open an account on the website, a bank executive will come on the video call with the customer and will involve the customer signing on a blank paper, it said adding that the entire video will be saved by the bank.</p><p> In the earlier system, a customer's Aadhaar made it much easier to 'establish' her identity and helped the KYC requirements.</p><p> Its Group President (Consumer Banking) Shanti Ekambaram said that in the new normal after COVID-19, 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.</p> Only Indian citizens residing in India during the account opening process are eligible for video KYC, it said adding that the facility is available only for new to Kotak customers.  AA HRS

Kotak Mahindra Bank launches video-based KYC for opening of accounts remotely

Mumbai, Jun 12 () The State Bank of India (SBI) on Friday relaunched its Aadhaar-based instant digital savings account facility for customers who want to open an online account using the Yono platform. <p> Yono is the lender's integrated banking and lifestyle platform. </p><p> The 'insta savings bank account' will offer a complete paperless and instant digital savings account opening with just PAN and Aadhaar number, the bank said in a release. </p><p> "This account has all the features that would provide our potential customers a convenient, hassle-free and paperless banking experience without visiting the bank branch," SBI chairman Rajnish Kumar said.</p><p> The bank will issue basic personalised RuPay ATM-cum-debit card to all the new account holders of insta saving bank accounts. </p><p> To open account, customers need to download the Yono app, enter their PAN and Aadhaar details, submit one-time password, and fill other relevant details, the release said. </p><p> Nomination facility is also available for account holders along with SMS alerts and SBI's missed call service. </p><p> Once the process is completed, the account holder will get his/her account activated instantly and can start transacting immediately. </p> Customers will have the flexibility to upgrade to full KYC (Know Your Customer) account by visiting their nearest SBI branch within one year's time. HV RVK

SBI relaunches Aadhaar-based online savings account opening facility

After having the choice of porting your mobile number to another network, you would now be able to port your bank account number to another bank. <br /><br />At an event organized by the Banking Codes and Standards Board of India, <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> deputy governor <keyword id="1531843" type="COMPANY" weightage="100" keywordseo="S-S-Mundra">S S Mundra</keyword> has said that technological innovation and linking bank accounts to Aadhaar has made it easier to port bank account numbers.<br /><br />When put to use, this process won’t only save customers the trouble of going through the entire process of opening a new bank account while switching banks, and would also do away with the need to have multiple bank accounts. <br /><br />Since the customers would find it easier to switch banks, there would be an increase in competition amongst banks, which could also lead to better services.<br /> <br /> However, this is not going to be easy for banks given the number of loopholes about technology and data-integration front that need to be addressed before the process can be undertaken. <br /><br />"Banks will have to restructure their account numbering systems. Many of them have different methods and streamlining these will take time. This will also involve changes in their software integration systems," Adhil Shetty, CEO of Bankbazaar told <a href="http://economictimes.indiatimes.com/industry/banking/finance/rbi-wants-you-to-keep-your-account-number-while-switching-banks/articleshow/58922929.cms">ET</a>. <br /><br />Also, there is a difference in the know your customer (KYC) procedures undertaken by different banks, which is why one bank might not accept the diligence done by another. <br /><br />Also, people might switch banks too often to escape the net of the Prevention of Money Laundering Act, which also needs to be taken care of.<br /><br />

Change your banks, not your account number, says RBI

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul class="summary-list"><li><strong>Signing up for a new <a href="https://www.businessinsider.com/category/high-yield-savings">high-yield savings account</a> online can take as little as five minutes at most popular online banks.</strong></li><li><strong>You just need to verify your identity, provide some information, and connect your other bank accounts if you wish.</strong></li><li><a href="https://www.businessinsider.com/when-to-save-money-in-high-yield-savings">High-yield savings accounts</a> offer 2% interest or more (although rates are subject to change), while savings accounts at traditional banks can offer as little as .01% interest.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul><p>Why should you carve out a quarter of an hour to apply for a new account and move over your money? To make more and save more. Online-only accounts often come with more favorable interest rates and fees.</p><p>In a recent look at my own savings, I shared the <a href="https://www.businessinsider.com/high-yield-savings-accounts-fee-free-high-yield-trustworthy">three high-yield savings accounts</a> I use to hold my own cash. Between my emergency savings and other savings for future real estate investments, I've signed up for my fair share of online accounts.</p><p>Compared to some nationwide banks, which can pay as little as .01% interest, some of the best online banks (<a href="https://www.businessinsider.com/high-yield-savings-account-ally">like Ally</a>) pay more than 200 times more interest, offering 2% or more. And at the same time, they usually charge no recurring monthly fees with no minimum balance requirements. That's a big win for your money.</p><p>I recently <a href="https://www.businessinsider.com/open-new-bank-account-cash-bonus">signed up for a new account</a> at Capital One to take advantage of a big $500 bonus for new accounts. It took me less than 10 minutes of work and I was off and running with my new account. If you follow the simple steps at your favorite bank's online form, you'll be set up in no time.</p><p>Unless you have a job where you get paid in cash, there is no reason you can't go entirely <a href="https://www.businessinsider.com/online-banking-how-to-choose-online-bank">online-only for your banking</a>. But if you just want to start with a high-yield savings account like those offered by <a href="https://www.businessinsider.com/high-yield-savings-ally-vs-marcus-vs-wealthfront">Ally, Marcus, or Wealthfront</a>, you can follow these basics steps to get started.</p><h2>How to get a high-yield savings account</h2><h3>1. Gather your personal information</h3><p>The first step with any new bank account is getting your personal information together. Banks are required by law to collect customer information. Expect to provide your name, address, phone number, and <a href="https://www.businessinsider.com/your-social-security-number-and-death-2014-10">Social Security number</a> when applying for any new financial account.</p><p>Many of the laws regarding providing your information to banks come from the PATRIOT Act introduced after the terrorist attacks on September 11, 2001. In the banking industry, this is known as KYC or Know Your Customer requirements. For us law-abiding customers, that just means we have to provide a little extra information compared to a couple of decades ago.</p><h3>2. Fill out the application</h3><p>Most online banking applications take less than 10 minutes to complete. If you are working with a bank that offers a strong customer experience, it may take even less than five minutes.</p><p>Most of the application details should be things you already know off of the top of your head. Outside of some employer details, everything in the application is personal.</p><p>Online banking may be intimidating if it is new to you, but rest assured that it is safe and simple to use. If you have enough computer skills to make a purchase online or send an email, you can handle the online banking application process and anything you need to do to maintain your account.</p><h3>3. Fund your account</h3><p>In many cases, your identity confirmation is instant and <a href="https://www.businessinsider.com/how-many-bank-accounts-should-i-have">you can fund your account right away</a>. If you've ever filled out a direct deposit form for payroll or linked a checking account to pay a mortgage or credit card bill, this will feel very familiar.</p><p>My favorite online banks have no minimum balance requirements to avoid monthly fees, though some banks do require a minimum to open a new account. Whether you plan to deposit $1, $100, or $1,000 in your new account, the process is almost always the same.</p><p>You may also have the option to mail in a check, deposit a check using your new bank's mobile app, or make a transfer with a bank wire. Outside of wire transfers, there are typically no fees or costs with transferring funds to or from an online savings account.</p><h3>4. Bonus: Set up your online banking and bill pay</h3><p>If you add a new checking account at the same time, which is easy to do at most banks and credit unions, you shouldn't stop when you fund your account. Taking a few extra minutes up front can help you get moving on an automatic financial plan.</p><p>One of the biggest benefits of online banking is the ability to manage your finances from one central hub. If you connect all of your account including other banks, investments, credit cards, and bills, you'll be able to save a lot of time in the future.</p><p>If your account is linked, it makes it really easy to transfer funds. Whether you need to pay for an emergency, want to add to your savings balance, or pay a utility bill, you can do it in a few clicks from your online banking dashboard.</p><p><em><strong>Considering a high-yield savings account? Take a look at these offers from our partners:</strong></em></p><h3>Related coverage from <a href="https://www.businessinsider.com/category/personal-finance-how-to">How to Do Everything: Money</a></h3><ul><li><h3><a href="https://www.businessinsider.com/how-to-open-ally-high-yield-savings-account">How to open an Ally high-yield savings account</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-wealthfront-cash-account-works">How Wealthfront's cash account works</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-open-an-ira-for-retirement">How to open an IRA</a></h3></li><li><h3><a href="https://www.businessinsider.com/should-i-use-a-cd">Should I use a CD?</a></h3></li></ul><p class="tagline"></p><p style="font-size:14px;"><em>Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.</em></p><div><div class="myFinance-widget" data-widget-id="d8c4d306-acaa-4f40-8143-1949a50c55fd" data-campaign="bi-cap-one-aff"></div></div><div></div><div><div class="myFinance-widget" data-widget-id="d8c4d306-acaa-4f40-8143-1949a50c55fd" data-campaign="bi-cap-one-aff"></div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-tennis-balls-are-made-processed-penn-manufactured-satisfying-machines-2017-5">Tennis balls are made using this 11-step process - and it's quite satisfying to watch</a></h3>        <div>                    </div>    </div>

How to open a high-yield savings account online to earn up to 200 times more interest on your money

<br /><keyword id="2757237" type="PERSON" weightage="20" keywordseo="Sukanya-Samriddhi-Yojana">Sukanya Samriddhi Yojana</keyword> is an incredible savings scheme offered by the Central Government for the benefit of girl children. Post Offices and some banks are authorized to operate these accounts on behalf of the government. Customers can open this account in some simple steps by submitting the required documents at the designated branches of banks and post offices offering this facility. Here are the features of this scheme you need to know and how to open this account to benefit your girl child.<br /><br /><strong>Who can open this account?</strong><br /><br /><keyword id="7329439" type="UNKNOWN" weightage="20" keywordseo="sukanya-samriddhi-yojana-account">Sukanya Samriddhi Yojana account</keyword> can be opened by any parent or a legal guardian of a girl child of less than 10 years of age. Under this scheme, only one account can be opened for a given child. Also, the parents or legal guardians can open this account only for two girl children in a family. However, a third account is permitted in case the first or second delivery gives birth to twin girls.<br /><br /><strong>Documents required to open a <keyword id="248266" type="PERSON" weightage="20" keywordseo="Sukanya">Sukanya</keyword> Samriddhi Yojana account</strong><br /><br />The documents required to open an account under the Sukanya Samriddhi Yojana include the SSY account opening form, birth certificate of the girl child on whose name the account must be opened, identity proof, and residence proof. The documents submitted as proof of identity and address must satisfy the KYC guideline issued by the RBI.<br /><br /><strong>Attractive features of Sukanya Samriddhi Yojana Account</strong><br /><br />This scheme provides an attractive interest of 8.4%. However, the interest rate is regulated by the Ministry of Finance from time to time. <br /><br />In a given financial year, a minimum amount of Rs. 1,000 can be invested. <br /><br />The maximum amount that can be invested in a financial year is Rs. 1,50,000.<br /><br />In a given account opened under this scheme, deposits can be made until the girl child attains 14 years of age from the date of opening the account.<br /><br />The account opened under this scheme will mature once the girl child completes 21 years of age. If the marriage of the girl happens before the account matures, the account cannot be operated beyond the date of the child’s marriage. <br /><br /><strong>Tax exemption</strong><br /><br />The investment made in the Sukanya Samriddhi Yojana account is fully exempted from Income Tax under Section 80C. the tax benefits offered by this scheme comes under the triple E regimen which means the principal amount, interest accumulated and also the outflow are all tax exempted. Once the account holder attains the age of 18, a partial amount can be withdrawn to support the girl’s higher education.<br /><br /><strong>Simple steps to open a Sukanya Samriddhi Yojana Account</strong><br /><br />You can open a Sukanya Samriddhi Yojana account by visiting any authorized post office or the authorized branches of nationalized banks. For a general understanding, we can say all those banks that provide the facility to open public provident fund (PPF) account provide the facility to open a Sukanya Samriddhi Yojana Account also. The bank branches and post offices will provide the complete assistance to open this account. Once the account is opened, the account holder will be given a passbook. <br />

How to open Sukanya Samriddhi Yojana account

Mumbai, Jun 22 () Fino Payments Bank on Monday said it has opened 2 lakh customer accounts since April 1, despite the COVID-19 lockdown. <p> All the accounts meet the complete Know Your Customer (KYC) requirements, the bank said in a statement. </p><p> The government imposed the nationwide lockdown on March 25 to arrest the spread of coronavirus. Banks were classified as emergency services and allowed to run, but most of them chose to operate at lower staff levels due to absence of customer footfall. </p><p> In the statement, Fino also said it will close the June quarter with 2.4 lakh new account openings to take the overall customer base to 20 lakh. </p><p> Over 80 per cent of the 2 lakh customers have opened savings accounts, while the remaining ones have opened current accounts, the bank said. </p><p> Its Chief Sales Officer Shailesh Pandey said that over half of the new account openings are by millennials. </p> "A significant number of people who opened accounts have experienced digital banking and availability of cash at our points. Also, outreach through digital and social media channels helped connect with millennials who form more than 50 per cent of our new customers," he said. AA HRS

Fino Payments Bank opens 2 lakh accounts since Apr 1

Mumbai, Jun 7 () Despite the lockdown, the largest private sector lender HDFC Bank has been able to add 2.5 lakh new customers in the last 40 days through an online facility which helps open savings accounts instantly, sources said. <p> The account is created using a "limited know your customer (KYC)" requirement provision, and the customer has a year's time after the instant account opening to update full details, the sources told . </p><p> The 'Instant Account App' was launched in late April, when there was strict lockdown across the country. </p><p> Banks were classified as an "essential service" and allowed to be open, but the lockdown meant fewer customer footfalls, making the online alternative helpful to open new deposit accounts. </p><p> "All the 2.5 lakh accounts which have been opened are new bank customers," a source said, adding that the minimum average monthly balance requirement is Rs 10,000 for metro cities, Rs 5,000 for semi urban centres and Rs 2,500 for rural centres. </p><p> Most of the accounts which have been opened are from containment zones and red zones in metros and urban areas, the sources said, adding that semi-urban and rural areas have also seen activity. </p><p> The account is opened using basic KYC details like Aadhaar card, a valid PAN (permanent account number) and one-time password via SMS, and gets activated instantly. </p><p> A bulk of the transactions being witnessed with such accounts are online shopping and cardless cash withdrawals at automated teller machines (ATMs) which can be started using the app, they said. </p><p> The bank marketed the instant account opening through social media, mails and Whatsapp messaging, they said, adding that word of mouth also helped. </p> As per the RBI, individuals can opt for such an account with limited KYC, and the maximum balance in such accounts has been capped at Rs 1 lakh, according to reports. AA RVK

You Searched For "savings account kyc" and got 9 results

How to open a bank savings account using video KYC

Rounak Jain

After Kotak Mahindra Bank, IDFC First Bank launches video KYC facility for customers to open savings accounts

PTI

Kotak Mahindra Bank launches video-based KYC for opening of accounts remotely

PTI

SBI relaunches Aadhaar-based online savings account opening facility

PTI

Change your banks, not your account number, says RBI

BI India Bureau

How to open a high-yield savings account online to earn up to 200 times more interest on your money

Eric Rosenberg

How to open Sukanya Samriddhi Yojana account

BI India Bureau

Fino Payments Bank opens 2 lakh accounts since Apr 1

PTI

HDFC Bank nets 2.5 lakh new customers through instant account opening in lockdown

PTI

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