IDFC First Bank launches video KYC facility for customers to open savings accounts

IDFC First Bank has launched video KYC facility so that customers can open savings accounts without the need to visit a branch office

Press Trust of India May 28, 2020 13:03:24 IST
IDFC First Bank launches video KYC facility for customers to open savings accounts

New Delhi: IDFC First Bank has launched video KYC facility 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 (KYC) process, IDFC First Bank said in a release.

Customers can start earning 7 per cent interest and maximise their returns on funds held or invested anywhere else, it added.

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"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.

This is especially relevant in the current times given loss of incomes and low returns offered by most other options, Kumar said.

The RBI-sanctioned video-based KYC process for opening of online savings account allows customers to open a full-fledged savings account with no limit on maximum account balance.

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.

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