No Need to Visit the Bank Anymore, Open an Account Easily This Way

Video Call KYC: Now, the process of opening an account at any bank under the RBI, including SBI, has become simpler than ever. Customers can open a bank account in their own name, their children’s name, or other family members’ names from the comfort of their homes. The Reserve Bank of India recently shared information on its X platform, stating that opening a new bank account or updating an existing KYC is possible through Video KYC. Customers do not need to visit a bank branch.

According to the RBI, Video KYC is a completely secure and legitimate process. In this process, an authorized bank official speaks to the customer via live video call and verifies their identity. This process is stored in digital records, reducing the possibility of fraud.

The RBI clarified in a social media post that customers can open an account by speaking to an authorized bank official via live video call. During Video KYC, the customer’s identity is instantly verified. This requires a CKYC number, Aadhaar, PAN card, and identity documents stored in DigiLocker. This facility is available as per the bank’s schedule.

What is CKYC, and why is it important?

CKYC, or Central KYC, is a central database where institutions like banks, insurance companies, and NBFCs store customer KYC information. When an individual completes KYC for the first time, they receive a unique 14-digit number, called a KIN or CKYC number. The biggest advantage of this is that once KYC is completed, there is no need to submit documents repeatedly for new bank accounts, insurance, or investment services.

Which institutions perform CKYC?

Almost all financial institutions regulated by the RBI, SEBI, IRDAI, and PFRDA are covered under CKYC. This includes banks and credit card companies, demat accounts, insurance companies, mutual funds, and pension services.

How is CKYC completed?

When a customer first accesses services from a bank or other financial institution, the same institution enters their KYC information into CERSAI. This process is typically completed using a PAN card, proof of identity and address, and a photograph. Once KYC is complete, the customer’s KIN number is sent to them via SMS or email.