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Key Highlights
- Video KYC eliminates the need for travel to a bank and facilitates remote account opening.
- The process is conducted over a video call, which is user-friendly and efficient, saving you energy and time.
- If your identification verification fails for any reason, you can visit your bank for further assistance.
Technology has simplified banking and revolutionised transactions in India. It has also streamlined the bank account opening process with video KYC, through which you can open your account at your convenience.In this blog, we explain what video KYC is, the steps to initiate it, and how it simplifies the account opening process.
What is Video KYC?
Video KYC simplifies identification verification and enables remote account opening with a bank or financial institution. You can initiate the KYC process onlinethrough Aadhaar OTP-based e-KYC, and a video call with the bank official.The process of video KYC is digital and involves real-time verification.This eliminates the need for visiting a physical branch for account opening, saving you time and effort.
Requirements to Complete Video KYC
Initiating the video KYC online requires minimal details. You can begin the process with your smartphone and stable mobile internet connectivity.Here is an indicative list of information that you may need to prepare in advance:
- Original PAN card
- A blank white paper
- A black or blue pen
The bank representative conducts a real-time verification over the call to confirm your physical presence and ensure it is not a pre-recorded video.However, you must note that the specific requirements may differ. Therefore, you must consult your bank for further details.
Steps to Initiate the Process of Video KYC Online
You can complete the process of video KYC online in a hassle-free manner with just your smartphone. Here are the steps typically followed to initiate the process:
- Step 1: Complete the digital account opening process using Aadhaar OTP-based e-KYC.
- Step 2: Share your consent for video KYC on the final page of the account opening section. You will see a link to the video KYC there. Additionally, you may receive this link via SMS. Note that the link is valid only for a certain period.
- Step 3: Click on the link to start the process of video KYC online. Initiate the video call at the scheduled time.
- Step 4: Grant camera, microphone, and location permissions on your device.
- Step 5: The bank official will verify your original PAN, take your signature, and click your photograph.
Once you complete the process of video KYC online, your banking account will be activated and you can start experiencing the benefits your account offers. Note : In case the verification fails for any reason, the KYC will be deemed incomplete. You will have to visit the nearest bank branch. The bank official will guide you through the process.
Complete the Process of Video KYC Online for Seamless Banking
You can initiate and complete the process of video KYC online in less time at your convenience. What's more, you can experience similar ease in investing through your bank account.By adding standing instructions to your account, you can invest in mutual funds through SIP (Systematic Investment Plan).SIP lets you invest in mutual funds at regular investments (monthly, quarterly, etc.) to maximise long-term gains and build wealth over time. Go ahead and create a customised portfolio with mutual funds that best suits your financial needs, investment horizon, and risk appetite. Also Read: Salary Account vs Savings Account: What is the Difference? What is KYC and How Does The KYC Process Works ?
FAQS - FREQUENTLY ASKED QUESTIONS
Why is it important to evaluate Visa vs Mastercard vs RuPay?
Evaluating Visa vs. Mastercard vs. RuPay helps make a comparative analysis and choose the card that best meets your financial needs.
How does country of origin matter in Visa vs Mastercard vs RuPay?
Visa vs. Mastercard vs. RuPay in terms of country of origin highlights that Visa and Mastercard originated in the United States of America, and RuPay in India.
Can I evaluate Visa vs Mastercard vs RuPay in terms of acceptance?
You can evaluate Visa vs. Mastercard vs. RuPay in terms of acceptance. Visa and Mastercard have a larger global acceptance. Whereas, you can use your RuPay card in India and select POS and ATMs located overseas.
Could you talk about Visa vs Mastercard vs RuPay in terms of their presence?
Here is Visa vs. Mastercard vs. RuPay comparison in terms of their presence:
Visa facilitates payments across 200-plus countries and territories.
Mastercard is present in more than 210 countries and territories.
RuPay has a presence in over 200 countries and territories.
Can you explain Visa vs Mastercard vs RuPay w.r.t. transaction charges?
Talking about Visa vs. Mastercard vs. RuPay w.r.t. transaction charges, Visa and Mastercard have relatively high charges for everyday transactions. Whereas, charges are comparatively lower for domestic transactions in the case of RuPay.
What about card variants? Could you highlight Visa vs Mastercard vs RuPay in this case?
In the case of card variants, there is no Visa vs. Mastercard vs. RuPay analysis as such. All three offer different variants to suit specific needs. Debit and credit cards are commonly used card variants.
What is the key difference between credit cards and debit cards?
When you swipe your debit card, the amount gets deducted from your linked bank account. In the case of credit cards, you enjoy payments on credit up to a certain limit and you need to clear the dues before the stipulated date.
Does a debit card affect my credit score?
No. Your debit card transactions have no impact on your credit score.
How about a credit card? Does it impact my credit score?
Yes. Credit card transactions impact your credit score. Responsible credit card use and timely repayments help build a strong credit history.
Credit card or debit card, which one is better?
Evaluate your spending habits and financial objectives along with rewards and other benefits that the card offers to make an informed choice.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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