This Public Sector Bank Debuts Video KYC Facility For Opening Savings Account

By integrating Video-Based Customer Identification Process (VCIP) technology into its web-based channels, the public sector bank Indian Bank has officially unveiled the Video KYC facility, which relies on accomplishing the Know Your Customer (KYC) process via video mode, allowing an individual to open a savings account from anywhere. To commence, Indian Bank has introduced this service to all customers who open a regular Savings Account; this eliminates the requirement for a physical visit to any Indian Bank branch to undertake the existing physical verification process.

This Video KYC facility has been implemented in collaboration with M/s Gieom Business Solutions, streamlines the ensuing procedures, and delivers the Cheque book/ATM Card to the registered address. Upon satisfying the commencement procedures, individuals can deposit the minimum balance through offline or online channels and transact effortlessly utilising their ATM card and Net/Mobile Banking.

The bank has clarified on 8th November in its official circular that "On the part of the customer, the prerequisites to avail the Video KYC facility are a valid mobile number, e-mail id, PAN Card, Aadhaar number (linked with mobile number/email) and access to a computer or mobile device having camera and microphone facility besides an internet connection. The process validates the applicant's credentials from multiple sources like Bank representative-initiated video call, information from UIDAI, NSDL and OTP for registration of mobile number."

Shri Shanti Lal Jain, MD & CEO, Indian Bank, said during the inaugural event that "It is a momentous occasion for us at Indian Bank to launch our Video KYC facility that will be using the latest VCIP technology to enhance customer convenience and experience. We will extend this facility to all applicable services in a phased manner and widen the breadth of customers being covered. Additionally, this should help us extend our reach and significantly help us in driving financial inclusion. This is a step towards digitisation."

Indian Bank has also recently revised its interest rates on fixed deposits and the new rates are in force from 5th November 2021. Following the most recent revision, the bank is now offering an interest rate of 2.80% to 5.25% to the general public and 3.30% to 5.75% to senior citizens. For more information, please click here.