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Bank of Baroda (BoB) on Wednesday said it has launched ‘Insta Click Savings Account’, a 100 per cent paperless digital self-assisted online savings account.
India’s third-largest public sector bank, in a statement, said the Insta Click Savings Account uses a new form of digital KYC (know-your-customer) and Aadhaar-based OTP (one-time personal identification number) authentication of the customer, which can be operated from the bank’s website, through mobile phone, IPad, laptop, and PC.
The account is activated in real-time, which means the customer can start transacting, using the Baroda M Connect Plus application with the MPIN received on the mobile number, immediately, it added.
The product also offers customers the option to subscribe to a wide range of digital channels like mobile banking, Internet banking, UPI (unified payments interface), and debit card.
Sanjiv Chadha, MD and CEO, Bank of Baroda, said, “We are working on digitisation of all our process and intend to be 100 per cent paperless by 2023.
“The only way to ensure our customers can have a safe and secure banking experience without having the need to step out of their homes is with adoption of digital products and services.”
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