IDFC First Bank Launched Video KYC Facility to Help Open Savings Accounts in a Zero-Contact Method

IDFC First Bank, in the wake of COVID-19 pandemic, has launched video Know Your Customer (KYC) facility so that its customers can open savings accounts without visiting a branch office.

In its recent press release, the bank said that this newly introduced zero-contact method has completely removed the paperwork or biometric verification. There is no physical interaction between the bank and customers for the KYC process.

Customers can now start earning 7% interest and maximise their returns on funds invested anywhere else.

Amit Kumar, Head of Retail Liabilities, IDFC First Bank, said that Video KYC makes the online process for opening savings accounts simpler and faster as customers do not have to go out of their homes or meet anyone from the bank for completion of the process.

This initiative is especially relevant in the current situation, given the loss of income and low return offered by most other options.

The Reserve Bank of India or RBI-sanctioned video-based KYC process to open an online savings account allows customers to open a full-fledged savings account without any limit on maximum account balance.

The lender said that the coronavirus pandemic has changed the way customers want to interact with the banks as they increasingly rely on digital & mobile channels to transact.