Your wait for a full-fledged savings account that you can open online without stepping out of your house is over. Kotak Mahindra Bank introduces online video KYC opening process of Kotak 811 account. Through the video KYC process, you can open a full KYC Kotak 811 with no restrictions from the comfort of your home or office. You need not visit a bank branch or meet any customer executive to complete KYC verification.
Earlier this year, RBI allowed financial institutions to on-board customers through video-based KYC process. The bank will verify your documents such as PAN card, Aadhaar card. Your account is opened within a few hours after verification.
After the video KYC process, you will get a full-fledged savings account with no limitations. You don’t have to visit the bank branch to complete your KYC process. As a result, it is superior to online savings account that you can open through the Aadhaar OTP verification.
The online savings account opened through the Aadhaar OTP verification process comes with limitations on spends and the total amount of money that you can keep in your account. To remove these limitations, you need to carry out the full KYC process by booking an appointment or visiting the nearest bank branch.
With the video based KYC process, you can open a savings bank account from your home or office. It means that you don’t have to step out of your house to open the account or complete the KYC process.
Video KYC is a paperless journey. After filing the required details online, you need to show your original PAN card and signature to the bank agent over video conference for verification.
The Kotak 811 opened through the video KYC process is activated within eight hours. After bank activates your account, you can download the Kotak mobile banking app and activate mobile banking. You can set your mobile banking PIN and check your account number, IFSC code from the 811 section of the mobile app. You can add money or transfer money with no restrictions.
The features of Kotak 811 video KYC account is same as that of 811 Full KYC account.
However, as it is full fledged account, it is different from Limited KYC account that customers are given after the online account process. Here are some differences between 811 Video KYC account and 811 Limited KYC account:
|Account opened through Video KYC||811 Account Limited KYC Account|
|The account is a full KYC account||It is an e-KYC account|
|No need to visit bank or book appointment to complete full KYC process||Need to complete the full KYC process by booking appointment or visiting a bank branch|
|No restrictions on spends and deposits||Can keep only Rs.1 lakh at a time and make deposits of up to Rs.2 lakhs in a year|
|Account comes with lifetime validity||Account is valid for 12 months. Customers have to complete the full KYC process to continue.|
You need to fill the online account opening form before getting on a video call with a bank agent.
Click here to initiate the process. Click on ‘Continue’.
Enter your name, phone number and email id.
Enter the OTP that you have received on your mobile number.
Give a declaration for the voluntary use of the Aadhaar card. If you don’t want to use your Aadhaar, you can open Kotak 811 Lite account.
Enter your PAN number and Aadhaar number.
Add OTP received on your Aadhaar linked mobile number.
Add your personal details such as occupation, salary, gender, etc.
Include your nominee details.
Check your profile summary and click on ‘Continue’.
Allow the bank to access your location.
You will be connected to an agent.
The bank agent will ask three security questions.
The agent will click a photo of your face. Sit in a place with a clear background, switch on your front camera and keep you mobile phone steady.
Give your signature in a black page and show it to the bank representative through your back camera. The signature will be used for your future banking transactions.
Show your original PAN card to the agent. Keep it on a flat surface and use your back camera.
The Video KYC process is now complete and you will receive your account details within 8 hours.
After you receive the confirmation mail on your registered email, you can download the Kotak Mahindra mobile banking app to use mobile banking and register for Kotak Net Banking.
Video KYC is an account opening process where bank agents verify KYC details through a video call. The Kotak 811 opened through video KYC is a full-fledged account with no limitations on spends and transactions.
Here are the advantages:
Have a full-fledged savings account in a few hours
Zero-contact account opening process
Open account from your home or office
Paperless account opening journey
You will need your PAN card and Aadhaar number to carry out the video-based KYC process.
You need Aadhaar number to open a video-based full KYC account.
You can open the 811 account during the bank working days from 8 AM to 8 PM.
No, you don’t need to download any app to open the account. The video KYC process is done through a web browser that you can access from your computer or smartphone. You can later download the Kotak mobile banking app to transact easily.
Sure. You can add your communication address during the video KYC account opening process. You don’t need to submit any address proof. You can self-verify your communication address.
Yes. You can open a Kotak 811 online savings account by opting for the online account opening journey. However, the account will be an e-KYC account and you have to complete the full KYC process by booking an appointment or visiting the bank branch within 12 months.
An OTP is sent to your Aadhaar registered number that you need to verify. If you don’t have your Aadhaar registered mobile number, you cannot open 811 account through the video KYC process.
There is no need to book an appointment or visit the bank branch after you have opened the account through the video identification process.
As mandated by the RBI, you need to be in India to open the account through this process.
After successful completion of the video KYC process, a full-fledged savings account is opened. This means that there are no limitations on spends and deposits.
Yes, video KYC is secure. As per RBI, banks can now verify the KYC details of the customer through video-based interaction and open a bank account. Video KYC customers can access the same benefits as a regular customer.
-New Kotak customers.
-Individuals above 18 years of age
-Resident Indian citizens
-People who have PAN and Aadhaar card
Tags: kotak 811, video KYC, video based account opening ]
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