Money & Banking

Kotak Bank launches video KYC for opening 811 savings account

Mumbai | Updated on May 18, 2020

Kotak Mahindra Bank, on Monday, announced the introduction of video KYC to open a full-fledged Kotak 811 savings account.

“This initiative, presently being launched on a pilot basis for savings accounts, is in line with Kotak’s digital-first strategy, and is a start-to-end fully integrated, zero-contact, completely digital and paperless account opening and full KYC journey,” the lender said in a statement, adding that the video KYC process to onboard new customers will be extended to other products in a phased manner.

Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said: “In the new normal world that we must now adapt to in the aftermath of Covid-19, Kotak’s emphasis on digital-first initiatives takes on even more meaning.”

Under the facility, verification of KYC documents and recording of the customer’s signature are completed through a video call with the bank, and there will be no need to visit the branch or meet a representative for biometric verification or sharing of physical documents.

After the video KYC is completed, the customer will get a full-fledged bank account with no restrictions on deposits or account balances.

Published on May 18, 2020

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