Bank of Baroda (BoB) has launched 'Insta Click Savings Account' that uses a new form of digital KYC and Aadhar-based OTP authentication of the customer. The account can be opened on the bank's website, through internet banking or over its mobile app. The account is activated in real-time, making the account opening process instant, allowing customers to start transacting using the Baroda M Connect Plus application with the MPIN received on the mobile number, immediately.
"We are working on digitisation of all our process and intend to be 100% paperless by 2023. The only way to ensure our customers can have a safe and secure banking experience without having the need to step out of their homes is with adoption of digital products and services," said Sanjiv Chadha, MD & CEO, Bank of Baroda.
Bank of Baroda's promotional video for the Insta Click Savings Account says that this account can be opened in 5 minutes in 4 easy steps using details on one's Aadhaar, PAN, mobile number and email ID.
Customers of this savings account product will be able to avail facilities like internet and mobile banking, SMS alerts, debit card, ticket booking, etc.
It also has no minimum balance requirement.
The product launch comes amid the coronavirus pandemic, as banks look to reduce footfalls at branches.
The State Bank of India (SBI) had also recently relaunched its Aadhaar-based instant digital savings account facility for customers who want to open an online account using its YONO platform.