Open a Bank Account From Home: Only Video KYC Required, Know the Procedure

Opening an account in SBI or any other bank under RBI in India has now become very easy. People can now open a bank account in their own name, in the name of their child or in the name of any family member from the comfort of their own home. Recently, RBI, through a post on their X platform, said that with the help of video KYC, anyone can open a new bank account or update their KYC from anywhere, anytime. For this, only a few required documents need to be shared.

How does video KYC work?

According to RBI, video KYC is a completely secure and legitimate process. In this process, an authorized bank officer talks to the customer through a live video call and verifies his identity. This process requires a CKYC number, Aadhaar card, PAN card or an identity card available in DigiLocker. The advantage of video KYC is that the customer does not have to visit the bank and the account opening process becomes quick and easy. This facility is available at the bank’s scheduled time.

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What is CKYC and why is it important?

The full form of CKYC is Central KYC. It is a central database that securely stores the KYC information of customers of institutions like banks, insurance companies and NBFCs. When an individual completes KYC for the first time, he gets a 14-digit unique number, called CKYC or KIN number. The biggest advantage of CKYC is that once KYC is done, there is no need to submit documents repeatedly for new bank accounts, insurance or investment products. Just providing your KIN number is enough, and the account or service can be easily availed if there is no change in the customer details.

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Which institutions require CKYC?

All financial institutions regulated by RBI, SEBI, IRDAI and PFRDA are covered under CKYC. These include banks, credit card companies, demat accounts, insurance companies, mutual funds and pension services.

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How is CKYC done?

When a customer avails services from a bank or financial institution, the institution registers the customer’s KYC details with CERSAI.

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This usually requires the following documents:

PAN card, proof of identity and address (Aadhaar card, passport, driving license, voter ID, etc.), and a passport-sized photograph. After the KYC process is completed, the customer is provided with a KIN number via SMS or email.

This new rule has made it easier, faster and safer to open a bank account and update KYC details from the comfort of your home.