How to Become a KYC Compliant Savings Account Holder: KYC via Bank Visit or Video KYC

Posted on Monday, September 11th, 2023 | By IndusInd Bank

Opening a savings account is a crucial step towards managing your finances effectively. However, before you can enjoy the benefits of a savings account, you need to become KYC (Know Your Customer) compliant. KYC is a mandatory process that helps banks verify the identity and address of their customers. In this blog, we will explore the importance of KYC and the two common methods for completing it: through a bank visit or Video KYC.

Importance of KYC: 

KYC holds immense significance in the financial world for several reasons: 

1. Preventing Fraud and Money Laundering: KYC helps banks identify and verify the individuals opening accounts, reducing the risk of financial fraud and money laundering. 

2. Enhancing Security: KYC ensures that your account is protected from unauthorized access, enhancing the overall security of your funds. 

3. Regulatory Compliance: Banks are required by law to comply with KYC regulations, making it a vital part of their operations and your account setup. 

4. Building Trust: KYC builds trust between you and your bank, as you know that the institution has taken measures to ensure the safety of your financial transactions. 

5. Efficient Banking Services: Once KYC is complete, you can access a wide range of banking services, such as online transactions and investments, with ease. 

Physical KYC or Video KYC: Which is better? 

Video KYC offers several advantages over regular KYC processes. The most significant benefit is the elimination of the need for physical bank visits. With Video KYC, you can complete the KYC process from the comfort of your home or office, reducing the time and effort required for in-person visits. Moreover, Video KYC is just as compliant with regulatory requirements, ensuring that all necessary checks and verifications are conducted to confirm your identity. This innovative approach not only streamlines the process but also aligns with the growing trend of digital and contactless banking, making it a win-win solution for both customers and banks. It’s a testament to how technology is transforming traditional banking into a more accessible and convenient experience for all. 

IndusInd Bank Online Savings Account and Video KYC: 

Now, let’s talk about the IndusInd Bank Online Savings Account, which offers a hassle-free way to become a KYC compliant savings account holder. With IndusInd Bank Online Savings Account, you can complete your KYC through the innovative Video KYC feature. Here’s why it’s a game-changer: 

1. Convenience: Video KYC allows you to open an account anywhere, at any time, without the need for a physical bank visit. All you need is your PAN card. 

2. Time-saving: Skip the long queues and paperwork associated with traditional bank visits. Video KYC streamlines the process, saving you time. 

3. Secure and Reliable: IndusInd Bank ensures the highest level of security during the Video KYC process, protecting your personal information. 

4. User-Friendly: The Video KYC process is user-friendly and can be completed within a few minutes, making it accessible to all. 

5. Seamless Access: Once your Video KYC is done, you can enjoy uninterrupted access to IndusInd Bank’s digital banking services, including online transfers and investments. 

Conclusion:

Becoming a KYC compliant savings account holder is an essential step in securing your financial future. IndusInd Bank Online Savings Account with Video KYC simplifies this process, making it convenient and secure. Say goodbye to the traditional bank visit hassles and open your savings account with just your PAN card. Join IndusInd Bank today and experience the ease of modern banking at your fingertips. Your financial journey starts here! 

Open IndusInd Bank Online Savings Account today

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision.  IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.