An Overview about Online Account Opening in India

Online Account Opening is Digital, Safe, Convenient, Instant & Paperless.

Online account opening is a convenient way to open a bank account without visiting a branch. Many banks in India offer online account opening services. For instance, Union Bank of India provides online account opening for savings accounts, NPS, and Re-KYC. IndusInd Bank offers a simple four-step process for opening an online savings account. Central Bank of India allows account opening by visiting any of their branches or by sending scanned account opening forms and required documents to any of their branches by email. SBI also provides online saving bank account opening with mobile and internet banking features and SMS alerts

Online account opening is a safe and secure process. However, it is important to be cautious while sharing personal information online.

Top benefits of online account opening include

Please note that the benefits may vary depending on the bank and the type of account you are opening.

  • Convenience: Online account opening allows you to open a bank account from the comfort of your home or office.
  • Time-saving: You can save time by avoiding the need to visit a bank branch.
  • Easy documentation: Online account opening requires minimal documentation and is a hassle-free process.
  • Mobile and internet banking: Online account opening provides access to mobile and internet banking features, which allow you to manage your account on-the-go.
  • SMS alerts: You can receive SMS alerts for transactions, balance, and other account-related activities.

How long does it take to open an online bank account?

The time it takes to open an online bank account varies depending on the bank and the type of account you want to open. However, most banks have similar procedures to open a savings account online, which usually takes around 10-15 minutes

Which documents do I need for online account opening?

Online account opening process is completely Paperless which means you don't need to submit any physical documents to your service provider. It's completely online & digital.

Many banks in India offer the option of opening an online bank account through video KYC. The process of opening an account through video KYC is similar to opening an account through Aadhaar OTP based E-KYC.
Here are the general steps to open an account through video KYC:

  1. Fill up a digital account opening form online.
  2. Provide consent to the bank to fetch your Aadhaar details and enter your PAN number and upload your photograph.
  3. Provide additional mandatory details such as occupation, nomination, etc.
  4. Click on a link and proceed for Video KYC.
  5. Allow camera, microphone, and location access.
  6. Sixth, just because

Video KYC Process Explained.

The video KYC process is a remote method of completing the Know Your Customer (KYC) process using video technology. The Reserve Bank of India (RBI) has made it mandatory for banks, Non-Banking Financial Companies (NBFCs), and fintech startups to complete the KYC process remotely using video technology

The video KYC process is similar to opening an account through Aadhaar OTP based E-KYC. The customer’s live photo should be geo-tagged to confirm they are located within India. The application for the video KYC must be developed by the regulated entities and made available at specific customer touchpoints. Third-party video platforms are not to be used. The video process can only be initiated from the lender’s domain and should be stored safely and securely by the lending entity. The application will only be accessed through a live OTP, time OTP, or log-in ID and password. The documents required to complete the verification can be either captured by video or uploaded.

What are the benefits of opening an account through Video-KYC?

The benefits of opening an account through video KYC include:

  1. Time-saving: Video verification enables you to open a savings account much faster as compared to the traditional customer verification process.
  2. Provide consent to the bank to fetch your Aadhaar details and enter your PAN number and upload your photograph.
  3. Cost-effective: Video KYC is cost-effective for both banks and customers
  4. Provide consent to the bank to fetch your Aadhaar details and enter your PAN number and upload your photograph.
  5. Convenience: Anyone with basic smartphone operating knowledge can open a savings account through video KYC
  6. Remote account opening: You can open an account online from any location in India, without having to visit a branch

How Safe is Video KYC process?

Video KYC is considered to be a safe method of customer verification. The Reserve Bank of India has issued guidelines for video KYC, which include mandatory consent from customers, geo-tagging of the customer's live photo, and the use of regulated entities' applications for the video process. The video process can only be initiated from the lender's domain and should be stored safely and securely by the lending entity. The audio-visual interaction is initiated only by the bank, which customers need to click on. The use of the latest technologies safeguards the integrity of the video KYC process.

How long does it take to complete a video KYC process?

The duration of a video KYC process varies depending on the bank and the type of account you are opening. However, the process is generally much faster than traditional customer verification methods, and can be completed within a few minutes. For example, ICICI Bank claims that their video KYC process can be completed within a few minutes. Standard Chartered India states that the entire process takes approximately 6 minutes.