Saving Account Opening Process by Video KYC

Today, accessing banking solutions have become easier thanks to the integration of digital technologies in products and processes, enabling several banks to deliver seamless customer experience. And when it comes to digital transformation, AU Small Finance Bank is always at the forefront of offering digital-based products & services.

For someone who wants to open a Savings Account with us can do it online with the help of the Video KYC process, an easy online method for customer verification. Using the Video KYC account opening process, any individual (18 years and above) can open a Savings Account right from the comforts of their home.

There is no difference between Savings Accounts, whether opened online or offline. Both provide the same facilities offered by the bank. However, opening a Savings Account online can save you from the usual troubles you might face during the offline account opening process. The online Savings Account opening process can be easily done through Video KYC, discussed in detail in the next section.

As per RBI guidelines, Video based Customer Identification Process (V-CIP) is an alternate customer identification method with the help of facial recognition through a consent-based audio-visual interaction with the customer. It can be done remotely through smartphones, tablets, & laptops having a stable internet connection.

The process of account opening with Video KYC involves capturing the live photo of the applicant with valid KYC documents. A trained professional from the bank performs the process through live video interaction with the customer. The bank also procures the customer’s specimen signature digitally during the process.

• It is time saving. Video verification enables you to open a Savings Account much faster as compared to the traditional customer verification process.
• Video KYC is cost-effective for both banks and customers. The banks don’t require to maintain dedicated physical counters at their branch to perform KYC.
• Anyone with basic smartphone operating knowledge can open a Savings Account through Video KYC. The process is completely paperless.
• You don’t need to visit the bank for an account opening. The Video KYC process can be carried out from the comfort of your home. Make sure to keep your PAN Card & Aadhar card handy.

Ensure the availability of the following things before starting the VKYC account opening process.

1. Whether you use a smartphone, laptop, tablet or computer, it should have a camera & speaker

2. A steady internet connection.

3. Original Aadhar and PAN card with the linked mobile phone number to receive OTP.

4. Blank white paper and pen.

5. Your existing bank account’s UPI, NetBanking, or Debit Card details to transfer funds to the new Savings Account to be opened.

So, here’s how you can open a Savings Account with Video KYC at AU Small Finance Bank.

Step 1:

1. Visit the bank’s official website and select the type of Savings Account you want to open

2. Click on the “Open Account” tab

3. Enter the mobile number linked with your Aadhar to receive OTP on your phone

4. Now, enter your PAN and proceed

5. Enter your Aadhar number

6. Submit the OTP received on your phone to complete Aadhar verification

Step 2:

Once Step 1 is complete, someone from the bank will contact you for the Video KYC. On the video call-

1. Show your documents in front of the camera

2. The Video Banking executive will take a snapshot of your document

3. Next, you need to sign on a blank piece of paper and the executive will take a snapshot of it.

Step 3:

Once the Video KYC verification is done, the online Savings Account opening process will be complete. The bank will send your Debit Card and chequebook to your registered address within a few days.

• As smartphone usage and internet penetration in India continue to rise, Digital Banking through Video KYC will likely dominate the banking landscape.
• It helps to improve the customer onboarding process for several banks. Moreover, it is quick, convenient, and cost-effective.

AU Small Finance Bank lets you open a Savings Account instantly using the Video KYC facility available via AU Video Banking service. You can video call our representative here or you can schedule a call with our video banker as per your convenience. It is a completely safe & secure process.

Source:

https://www.rbi.org.in/CommonPerson/english/scripts/notification.aspx?id=2607#:~:text=%E2%80%9CVideo%20based%20Customer%20Identification%20Process,the%20customer%20to%20obtain%20identification

Read More: Video KYC - Understand how it works