Bank Account KYC Process: Opening an account in SBI or any bank under the RBI has become easier than ever before. Now, anyone can open a bank account in their own name, or in the name of their children or any family member, from the comfort of their home. The RBI recently announced on its X platform that through Video KYC, people can open a new bank account or update their KYC from anywhere, anytime. Only some necessary documents need to be shared.
What is Video KYC and how does it work?
According to the RBI, Video KYC is a completely secure and valid process. In this process, an authorised bank official interacts directly with the customer through a video call and verifies their identity. The account opening process is completed through a live video call, and the customer’s identity is verified instantly. This requires a CKYC number, Aadhaar, identity documents available in DigiLocker, and a PAN card. This facility is available during the bank’s designated hours.
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What is CKYC, and why is it necessary?
CKYC, or Central KYC, is a central database where financial institutions such as banks, insurance companies, and NBFCs securely store customers’ KYC information. When a person completes the KYC process for the first time, they receive a 14-digit unique CKYC number or KIN number. The biggest advantage of CKYC is that once KYC is done, there is no need to submit documents repeatedly for every new bank account, insurance policy, or investment. Simply share your KIN number, and you can easily get a new account or financial service, provided there are no changes in your information.
Which institutions implement CKYC?
All institutions under the control of RBI, SEBI, IRDAI, and PFRDA follow the CKYC process. This includes banks and credit card companies, demat accounts, insurance companies, mutual funds, and pension services.
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How is the CKYC process completed?
When a customer avails of a service from a bank or any financial institution, their KYC information is registered in CERSAI by that institution. This typically requires a PAN card, proof of identity and address such as Aadhaar, passport, driving license, or voter ID, and a passport-sized photograph. Once the KYC process is complete, the customer receives their KIN number via SMS or email.