Gearing up for post-Covid era! Kotak Mahindra Bank launches India's 1st zero-contact, video KYC savings account

In a major development, Kotak Mahindra Bank (Kotak) on Monday announced the introduction of Video KYC to open a full-fledged Kotak 811 savings account – a first in Indian banking. This initiative, presently being launched on a pilot basis for savings accounts, is in line with Kotak’s digital-first strategy and is a start-to-end fully integrated, zero-contact, completely digital and paperless account opening + Full KYC journey. The Video KYC process to onboard new customers will be extended to other products in a phased manner.

The Video KYC Process: How it works?

- Visit www.kotak.com to open a Kotak 811 savings account
- Enter name, mobile number and email id
- Give consent to use Aadhaar number to open the account
- Enter PAN, Aadhaar numbers and communication address
- Allow access to phone’s location to conduct Video KYC
- Video KYC with bank executive begins
- A Full KYC 811 savings account is opened shortly thereafter

In January 2020, the Reserve Bank of India amended the Know Your Customer (KYC) norms and introduced the video-based KYC option to onboard customers. Kotak is the first bank to integrate the Video KYC process in the account opening journey, as per the company, as per the firm.

"With Video KYC, verification of KYC documents and recording of the customer’s signature are completed via a video call with the bank, eliminating the need for a visit to the branch or in-person interaction, biometric verification or sharing of physical documents. After the Video KYC is completed, the customer gets a full-fledged bank account with no restrictions on deposits or account balances," the bank said in a statement.

Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank said, “In the new normal world that we must now adapt to in the aftermath of COVID-19, Kotak’s emphasis on digital-first initiatives takes on even more meaning. In this context, Video KYC can prove to be a game changer where customer verification is completed from the comfort of one’s home or office without the need for a physical interaction.”

“Kotak 811 was launched in 2017, a first-of-its-kind full-service, savings account that can be opened on the go, anywhere in India. The integration of Video KYC in the 811 savings account opening journey, promises to further transform the bank account opening experience for customers, with a secure process, that is convenient, saves time and gives customers a full-fledged savings account with no restrictions or limits on the usage of the account,” added Shanti.

Account opening process

The account opening process is simple and convenient. A prospective customer has to visit www.kotak.com from a mobile or web browser to open an 811 savings account, Requirements for Video KYC
- Aadhaar number and PAN Card
- Blank sheet of paper and a black/blue pen
- Uninterrupted data connectivity
- Ample light & a clear background
- Clear view of the customer’s face

Enter a few personal details and provide Aadhaar and PAN numbers. Thereafter, she / he is routed to an available bank executive who will conduct the Video KYC – online and live.
 
A clear background with ample light, uninterrupted data connectivity, PAN card, Aadhaar number and a blank sheet of paper which the customer has to sign on when asked by the bank executive, are the key requirements for smooth execution of the Video KYC process. After the Video KYC is completed, the Customer Relationship Number (CRN) and Account Number are generated, giving the customer a full-fledged bank account.

As per regulatory guidelines, only Indian citizens residing in India during the account opening process are eligible for Video KYC. The entire Video KYC process is recorded and stored by the bank. Video KYC is currently available only for new Kotak customers.