The advancement in technology has made it easier for us to carry out most of our banking transactions from the comfort of our home through mobile banking and net banking. However, many people have to still visit the bank branch to open a new savings account or at least to complete the KYC process after opening an online savings account. However, since the go-ahead of video KYC by RBI, many banks such as Kotak Mahindra Bank, Axis Bank, Yes Bank have introduced video KYC through which customers can open full-fledged savings account with no restrictions.
Currently, you can open four different types of Axis Bank accounts through the video KYC process. EASY ACCESS Savings Account, PRIME Savings Account, BURGUNDY Savings Account, PRIORITY Savings Account are the four types of digital accounts.
Before we look at the different Axis Bank digital accounts, let us see the steps that one needs to follow to open an account through Video KYC.
In video KYC, the bank representative verifies the KYC documents of the customer after she completes the online account opening process.
Step 1: Verify your details
Add your PAN, Aadhaar number and mobile number to confirm your identity. You will receive an OTP on your mobile number and you need to add to continue with the process.
Step 2: Provide profile information
In this next step, you need to share the required details such as address to set up your account.
Step 3: Carry out Video-based KYC
After you successfully complete the previous steps, you will be routed to the Video KYC page. In this step, an Axis Bank official will start the video-based KYC process.
The official will ask certain questions to confirm your identity and will capture your live photo and PAN card
If the Video KYC fails because of technical issues, you will receive a message stating the same. In such a situation, you will need to start the account opening process again.
Step 4: Fund your account
Axis Bank Digital Accounts come with a minimum average balance that varies among the four different accounts. Click here to open a zero balance account through video KYC.
After successful completion of the video-based KYC process, you need to fund your Axis Bank account.
In this step, you need to select the account that you want to open.
Edit or confirm the name on Debit Card and selecting the funding amount.
Now, you need the select one of the different payment options such as net banking, debit card, UPI to pay the funding amount and debit card charges.
After the payment, your account details and virtual debit card details will be displayed on the next page. You will get the option to set the PIN for your debit card and will sent to your email id in a password protected document
The initial funding amount of Priority Savings Account is Rs. 2,00,000.
You can contact your Dedicated Relationship Manager through the Axis Mobile App
Get complimentary banking services and avail discounts across bank products such as loans, forex, demat account among others.
You can use the Complimentary Airport Lounge Access for a maximum of 8 times in a year.
Video KYC facility has made it easier to open a full-fledged savings account. Axis Bank is one of the banks to introduce video KYC for their customers. Depending on your requirements, individuals can open four different types of digital savings account through video KYC.video KYC, axis bank video KYC
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