HDFC Bank on Thursday announced the launch of Video KYC (Know your customer) facility for savings, corporate salary accounts, and personal loans. The bank said in a statement, “a consent-based Video KYC facility is an alternate method of establishing the prospective customer’s identity, during the account opening process in a safe and secure environment.”

The Video KYC process is an online, paperless, contactless, and recorded interaction between a Bank official and the customer. For Video KYC, HDFC said in a statement that customers need to have the complete an Aadhaar OTP-based EKYC in the bank application, have an original PAN card handy, should be in India while performing Video KYC and have a smartphone with good connectivity.

Once the customer completes their Aadhaar eKYC through the bank website or the insta account opening app available on Play Store, they will then get connected to a bank official who will then manage the Video KYC Video KYC’s audio-video interaction. It is valid only when the customer’s account is finally activated. During the Video KYC process, the bank official will verify customer’s information, click the customer’s picture, and PAN card image. 

Arvind Vohra, Group Head – Retail Branch Banking, HDFC Bank in statements said, “In the first phase, we’re rolling it out for Savings and Corporate Salary and Personal Loans customers and will be rolled out for other products in a phased manner. This facility is in line with our objective to leverage technology to deliver convenience to our customers."

HDFC Bank further added that as per the RBI directions, successful completion of Video KYC is equivalent to full KYC and the customers are eligible for all financial / banking products. It is available on working days from 10 am to 6 pm.