This ICICI Bank facility can help open savings account, avail personal loan without moving out from home; here is how

ICICI Bank today announced the launch of a facility that empowers retail customers to complete the KYC process, which is required to open a new relationship with the Bank, through video interaction.

The ICICI Bank has, to begin with, made the facility available for new customers keen to open a savings account, including a salary account, or avail a personal loan with the Bank. Photo: PTI

ICICI Bank today announced the launch of a facility that empowers retail customers to complete the ‘Know Your Customer’ (KYC) process, which is required to open a new relationship with the Bank, through video interaction. The Bank has, to begin with, made the facility available for new customers keen to open a savings account, including a salary account, or avail a personal loan with the Bank. The facility is also available for customers applying for ‘Amazon Pay ICICI Bank Credit Card’, a widely popular credit card variant. The Bank will shortly extend the ‘Video KYC’ facility to other variants of credit cards, home loans and other retail products.

Commenting on the new launch, Anup Bagchi, Executive Director, ICICI Bank said, “The facility of doing KYC verification through video interaction brings in a new paradigm as it makes the whole process digital, frictionless and fast to the customer. It assumes special significance at this time, where in the ‘new normal’, people are advised to conduct their activities digitally, as part of their continuing precaution against the Coronavirus pandemic.

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The Bank is the first in the industry to offer this facility for opening salary accounts and availing a personal loan. Armed with a digital device, PAN card, a pen and paper, a customer can complete KYC process from their home in a matter of a few minutes.

Here is the step by step guide to avail the Video KYC facility of the ICICI Bank:

1] Apply for opening an account / availing a personal loan or credit card: Customers can apply for an ‘Insta Save’ Savings Account by visiting the Bank’s website. Here, the customer needs to enter a PAN number, authenticate using Aadhaar and OTP and furnish a few other personal demographic details. They can apply for other variants of saving accounts and personal loans also online or at a bank branch, while they can visit the Amazon app to apply for the ‘Amazon Pay ICICI Bank Credit Card’.

2] Click on Video KYC tab: Once the ‘Insta Save’ account is opened or the application is done for a personal loan/credit card, the customer needs to click on the ‘Video KYC’ tab visible online or the link received from a bank official. He/she also requires to allow access to the location on the device for geo-tagging within the country, as per the regulatory guidelines. They will then be routed to an ICICI Bank officer who conducts the KYC in real time. This takes only a few minutes.

3] Submit details for Video KYC: The customer just requires to keep handy his/her PAN card, a blank white sheet of paper and a blue / black pen. Additionally, they also need to ensure robust data connectivity, as the Bank officer records the PAN image along with the customer’s signature and facial image via the video call. The Video KYC system simultaneously uses artificial intelligence based facial recognition features to match the customer with his/her photo available on the Aadhaar site. The Bank’s system records and stores all Video KYCs.

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