IDFC First Bank launches video KYC for online savings accounts opening

IDFC FIRST Bank, putting customers’ safety first, today announced the launch of video KYC for online Savings Accounts opening. The start-to-finish digital journey makes Savings Account opening a delight, as it enables customers to complete the paperless KYC process in approximately two minutes and avail the industry’s best interest rates on savings balances. The IDFC FIRST Bank's digital facility offers customers a branch-like experience at home, making it possible to meet bankers virtually, at a time convenient to the customer. The zero contact method completely does away with paper work or bio-metric verification, thereby removing physical interaction between the bank and customer from the KYC process.

Speaking on the launch Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “As a customer-focused bank, we are building digital experiences that make customers feel secure and engaged, while keeping the in branch experience alive. 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. Customers can start earning 7% interest and maximise their returns on funds held or invested anywhere else. This is especially relevant in the current times given loss of incomes and low returns offered by most other options.”

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The pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact. As a Bank that is on the forefront of creating new digital experiences, IDFC FIRST has responded quickly to this evolving need, making it possible to maintain social distancing, while giving customers access to personalised human support.

The RBI-sanctioned video based KYC process for opening of online savings account allows customers to open a full-fledged savings account with no limit on maximum account balance.  When a savings account is opened online, customers are sent a user-specific video KYC link and the Bank’s representative completes the KYC on the video call. The Bank has strict controls in place to ensure security of customer data, in line with regulations.

The IDFC FIRST Bank Savings Account comes with a host of benefits such as a debit card loaded with offers, user-friendly mobile app and net banking, WhatsApp banking, and an industry best rate of 7% on Savings Account balances above Rs 1 lakh.

The Bank stays committed to assisting customers through their digital banking journeys and helping them transact remotely.