Kotak Mahindra Bank launches zero-contact, video KYC savings account

Kotak Mahindra Bank on Monday announced the introduction of a video Know Your Customer (KYC) to open a full-fledged Kotak 811 savings account. “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 plus full KYC journey,” the lender said in a statement.

“Video KYC process to onboard new customers will be extended to other products in a phased manner,” it added.

In January 2020, Reserve Bank of India (RBI) amended KYC norms and introduced a video-based KYC option to onboard customers.

Via the new process, verification of KYC documents and recording a customer’s signature can be completed over 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 will get a full-fledged bank account with no restrictions on deposits or account balances.

Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank said, “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.”

To open an account, a customer is required to visit bank’s official website/app, enter personal details and provide Aadhaar and PAN details. Thereafter, they will be routed to an available bank executive who will conduct the video KYC – online.