How to Validate your Savings Account via Video KYC?

Digital transformation is reshaping the banking industry, traditional processes are being replaced by more efficient, tech-driven methods. One such advancement is Video KYC (Know Your Customer), which allows you to validate your Savings Account from the comfort of your home. The process of validating your Savings Account has become easier and more convenient thanks to Video KYC (Know Your Customer). With Video KYC, you can complete the verification process from the comfort of your home using a smartphone or computer. Here's a step-by-step guide on how to validate your Savings Account via Video KYC.

What is Video KYC?

Video KYC (Know Your Customer) is a digital method for verifying the identity of customers through a live video call, eliminating the need for physical interaction. This process involves a video call with a bank representative who verifies the customer's identity by checking official documents such as the Aadhaar card and PAN card in real-time. The customer’s photograph is also captured during the call for record purposes.

The process is designed to be convenient and efficient, allowing customers to complete their KYC from the comfort of their homes. It ensures compliance with regulatory requirements while providing a seamless and secure way to open and activate bank accounts. 

How to Validate Your Savings Account via Video KYC?

Video KYC uses modern technology, including Aadhar-based OTP authentication, to facilitate a fully paperless and quick account opening experience, typically activating the account within hours upon successful verification. This method has become increasingly popular due to its convenience and alignment with digital transformation trends in banking. Follow the below mentioned steps to validate your Savings Account via Video KYC:

1. Fill Out the Online Application Form

Visit the website or download the Kotak811 app on your mobile device. Begin the process by completing the online application form for a zero-balance digital Savings Account. This initial step involves entering basic personal details and ensuring all the required fields are accurately filled out.

2. Provide Necessary Information

After filling out the application form, you will need to provide your Aadhaar number or Virtual ID and your PAN number. Additionally, upload a recent, clear photograph of yourself. This information is crucial for identity verification and to proceed with the KYC process.

3. Initiate the Video KYC Process

Next, you will receive a link to initiate the Video KYC process. Click on this link to start the video verification. Ensure you have a stable internet connection and that your device’s camera and microphone are functioning properly. These technical requirements are essential to ensure a smooth and uninterrupted video call.

4. Grant Permissions

During this step, you will be asked to grant the bank access to your device’s location, camera, and microphone. These permissions are necessary for the video call and for the bank to verify your identity effectively. Make sure to enable these permissions to avoid any delays in the process.

5. Join the Video Call

Connect with a bank representative through the video call link provided. To ensure the video call goes smoothly, be in a well-lit room with a plain wall behind you. This setup helps in clear visibility and identification during the call. The bank representative will guide you through the verification process.

6. Verification Process

During the video call, you will need to present your original PAN card and Aadhaar card for verification. The bank representative will ask you to display these documents clearly on the camera. Additionally, they will capture your photograph during the call. If any additional information is needed, you might be asked to write it down on a white sheet with a black pen and display it to the camera. 

7. Completion of KYC

After the video call, the bank will conduct further validation of your KYC details. You will receive a notification once this validation is complete and your account is successfully activated. At this point, your zero balance digital Savings Account will be fully operational, allowing you to utilise all its features and benefits.

Conclusion

Video KYC represents a significant leap towards a more convenient and efficient banking experience, allowing customers to complete essential processes from their own homes. By using digital tools and secure video calls, banks can swiftly and accurately verify customer identities, ensuring compliance with regulatory requirements while enhancing user experience.  

Validating your Savings Account through Video KYC is not only a time-saver but also a secure method that minimises the need for physical documentation and visits to the bank. 

Using this technology aligns with the broader digital transformation in banking, offering an easy, user-friendly, and safe way to open and manage your accounts. Make the most of this modern convenience and enjoy the benefits of a hassle-free banking experience with Video KYC.