IDFC First Launched Video KYC facility for new users

IDFC First bank has recently announced that it is launching a new video-based KYC facility for onboarding of new customers. Using this video KYC facility, customers can open savings bank accounts without the need to visit a branch office.

“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 will remove the need of physical interaction, paperwork, and biometric verification, and thus would make it easier for both parties to complete the process.

Customers can earn 7 per cent interest and maximize their returns on funds held or invested anywhere else, it added. This is especially relevant in the current times given loss of incomes and low returns offered by most other options, Kumar said.

The RBI has allowed video-based KYC process for opening of online savings account which will allow open a full-fledged savings account with no limit on maximum account balance.

Bank said, that the pandemic is changing the way customers want to interact with their banks asmostly they are relying on digital and mobile channels to transact, the lender said.