HDFC Bank launches Video KYC facility for savings, salary accounts, personal loans

© Provided by The Financial Express As per the RBI directions, successful completion of Video



a close up of a sign: As per the RBI directions, successful completion of Video KYC is equivalent to full KYC and the customers are eligible for all financial or banking products.


© Provided by The Financial Express
As per the RBI directions, successful completion of Video KYC is equivalent to full KYC and the customers are eligible for all financial or banking products.

HDFC Bank today announced the launch of the Video KYC facility. HDFC Bank has come out with this consent-based Video KYC facility as an alternate method of establishing the prospective customer’s identity. This Know Your Customer facility will be used for customer’s identity during the account opening process in a safe and secure environment.

The Video KYC facility has been brought in for savings and corporate salary accounts as well as for personal loans till now and will be rolled out for other products too, the company says. As per the RBI directions, successful completion of Video KYC is equivalent to full KYC and the customers are eligible for all financial or banking products. The bank says with Video KYC, prospective customers can open a full KYC all benefit account quickly through online. Video KYC is available on working days from 10 am to 6 pm with the bank.

With this facility, customers will be able to sit at their home or office and open a full KYC-all benefits account with the Bank in a few minutes. The Video KYC process is online, secure, and quick. It is a paperless, contactless, and recorded interaction between a Bank official and the customer.

For Video KYC, the customer will be needed to produce these documents;

– Complete Aadhaar OTP-based e-KYC in Bank Application

– Original PAN Card

– Be in India while performing Video KYC

– Have a smartphone with good data connectivity

– After the customer completes his/her Aadhaar eKYC through the Bank Website or Insta Account Opening App available on Playstore, he/she gets connected to a Bank official who undertakes Video KYC.

Typically, during a Video KYC involves the bank official will verify the customer’s information, check the customer’s picture, PAN card image, and video KYC’s audio-video interaction is validated before the account is finally activated.

The bank says the video KYC facility is a result of an Agile Pods comprising teams from Branch Banking, Digital Banking, and Retail assets working together. At HDFC Bank, there are various Agile Pods working on new products and services for customers. This is in line with the One Bank vision of harnessing the competencies and capabilities of various teams for strategic projects in the Bank.

Arvind Vohra, Group Head-Retail Branch Banking, HDFC Bank, says “In the first phase, we’re rolling it out for Savings and Corporate Salary and Personal Loans customers and will be rolled out for other products in a phased manner. The Video KYC is an outcome of our agile pod working together as part of the One Bank vision taking one more step in the customer experience excellence journey.”

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