PNN
New Delhi [India], August 27: Opening a Savings Account online can be significantly faster than visiting a branch, particularly when the bank offers Video-based Customer Identification Process (V-CIP). Instead of completing the entire KYC process in person, eligible customers can verify their identity through a live video interaction with an authorised official of the bank.
The process can potentially be completed within minutes when the applicant has the required information and documents ready. However, the actual account-opening time depends on the bank's digital onboarding process, verification requirements and application status.
How Does Video KYC Work for Opening a Savings Account?
Video KYC, formally known as Video-based Customer Identification Process (V-CIP), is a live, consent-based audio-visual process used to verify a customer's identity remotely.
Under RBI's current KYC framework, banks can use V-CIP for new individual customer onboarding. A compliant V-CIP process is treated on par with face-to-face Customer Identification Process.
The process generally involves:
1. Completing the online account-opening application.
2. Providing the required KYC information.
3. Initiating the Video KYC session.
4. Completing live identity verification with an authorised bank official.
5. Displaying or providing the required identification documents.
6. Completing verification and account activation according to the bank's process.
During the session, the bank verifies the customer's identity and checks that the person completing the application matches the submitted identification information.
Can I Open a Savings Account Fully Online Using Video KYC?
Yes, eligible customers can open a Savings Account through a fully digital onboarding process where the bank provides online account opening and V-CIP.
RBI's current framework specifically permits V-CIP for new individual customer onboarding. The process can use one of several permitted identification methods, including:
- OTP-based Aadhaar e-KYC authentication
- Offline verification of Aadhaar
- KYC records retrieved from the Central KYC Records Registry (CKYCR)
- Equivalent electronic versions of Officially Valid Documents, including eligible documents issued through DigiLocker
The exact steps and available options depend on the bank's digital account-opening journey.
Therefore, "fully online" does not mean every bank will use exactly the same process. Some may require additional verification depending on the customer's circumstances or the account being opened.
What Do I Need for Video KYC Account Opening?
Preparing the required information beforehand can make the process considerably quicker.
You will generally need:
PAN or e-PAN
The bank must capture and verify the customer's PAN details during V-CIP. RBI's framework allows an e-PAN to be used, subject to the prescribed verification requirements. A printed copy of an electronic document is not treated as a valid equivalent e-document for V-CIP.
Aadhaar or Another Permitted KYC Record
Depending on the verification route offered by the bank, you may use Aadhaar-based authentication, offline Aadhaar verification, your KYC Identifier, or an eligible electronic Officially Valid Document.
Registered Mobile Number
Keep the mobile number used during the application process active and accessible. It may be required for OTP-based authentication and other verification steps.
Smartphone or Compatible Device
You need a device capable of supporting the bank's live audio-video interaction, along with a functioning camera and microphone.
Stable Internet Connection
Since V-CIP is conducted as a live interaction, a stable internet connection can help prevent interruptions or failed sessions.
Good Lighting and a Clear View
The bank needs to verify your identity visually. Keep your face clearly visible and avoid conditions that make identification difficult.
How to Open a Savings Account Online Through Video KYC
The exact interface varies by bank, but the general process can be completed in a few steps.
Step 1: Start the Online Application
Visit the bank's official website or Mobile Banking application and select the relevant Savings Account.
Enter your basic personal and contact information as requested.
Step 2: Provide KYC Information
Submit the required PAN details and select the available KYC verification method.
Depending on the bank's process, you may be able to use Aadhaar-based authentication, CKYCR information or another permitted electronic document.
Step 3: Complete Video KYC
Start the live video session when prompted. An authorised bank official conducts the interaction and verifies your identity.
The V-CIP process includes measures such as live interaction, facial matching and liveness checks to help prevent impersonation and fraudulent manipulation.
Step 4: Complete Account Activation
After successful verification and the bank's required checks, the account can be made operational according to the bank's process.
RBI requires accounts opened through V-CIP to undergo concurrent audit to ensure the integrity of the process.
How Can You Complete Video KYC Faster?
If you want to open zero balance account online quickly, prepare before starting the application.
Keep your:
- PAN or e-PAN ready
- Aadhaar or permitted KYC information available
- Mobile phone charged
- Internet connection stable
- Camera and microphone working
- Face clearly visible
- Original documents available if required by the bank
Also ensure that the personal details entered in the application match your KYC information.
Can You Open a Zero Balance Account Through Video KYC?
A zero balance account can be opened online through Video KYC if the bank offers that account type through its digital onboarding process and you meet the applicable eligibility requirements.
Before applying, check the account's minimum balance conditions, transaction limits, Debit Card features, applicable charges and other terms. The best zero balance account opening online option is not necessarily the one with the fastest application. The account's features and conditions matter just as much once the ten-minute administrative miracle is over.
When comparing available options, consider factors that may help identify the best bank for savings account needs, including digital banking facilities, account features, applicable charges and the overall suitability of the account.
Conclusion
Video KYC has made it possible for eligible customers to complete the identity-verification stage of opening a Savings Account without visiting a branch. RBI's current KYC framework permits V-CIP for new individual customer onboarding and recognises compliant V-CIP as equivalent to face-to-face customer identification.
If you want to open zero balance account online, having your PAN, permitted KYC information, active mobile number, compatible device and stable internet connection ready can make the process faster. The exact time required will depend on the bank's digital onboarding journey and successful completion of all verification requirements.
When choosing an account, evaluating digital facilities, charges, transaction features and eligibility can also help you determine the best bank for savings account requirements.
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