Video KYC: Step-by-step guide on how to open bank account with video KYC

The Reserve Bank of India has now permitted regulated organisations, including banks, to complete the KYC verification via video chats in light of digital transformation and recent advancements in the financial and banking sector.

The Know Your Customer (KYC) technique, employed by financial organisations to confirm a customer's identification, falls under obligatory procedures.

To open a bank account, top public and private sector banks such as SBI, HDFC and more offer a video KYC option. 

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Video-based KYC allows users to conduct remote KYC from any location using a video call. In contrast to conventional methods, the verifier uses a video call to validate the documents, check their liveliness, and determine the person's location.

Here’s how to do video KYC:

1. Visit the required bank website 
2. Schedule a video call
3. You will receive an automatic email or SMS confirmation with a joining link
4. Get on a video call with a bank official
5. OSV Checks of Officially Valid Documents
6. Real-time image capture, erratic bodily motions, and other liveliness tests
7. Address Verification using Google Maps and Geotagging by the Customer
8. Face Match with Documents & Validation
9. After verification, the verifier accepts or rejects the KYC application.
10. The auditor examines the information and completes the application.

The customer will get a notification when the KYC process is completed.

List of banks that have successfully implemented Video KYC solutions are:

• Kotak Mahindra Bank
• State Bank of India
• HDFC Bank
• ICICI Bank
• Yes Bank