ICICI ‘Video KYC’: If the lockdown is keeping you away from visiting a bank branch for applying for a personal loan or a credit card, here’s a piece of good news for you. ICICI Bank has announced the launch of a facility that makes individuals complete the ‘Know Your Customer’ (KYC) process, which is required to open a new relationship with the Bank, through video interaction.
ICICI Bank has launched a video know-your-customer (KYC) facility for its retail customers. According to a press release, this facility will be available for new customers to open a savings account, including a salary account, or avail a personal loan. The facility is also available for customers applying for the ‘Amazon Pay ICICI Bank Credit Card’. “The Bank will shortly extend the ‘Video KYC’ facility to other variants of credit cards, home loans, and other retail products,” stated the press release.
When a new customer opens an online ‘Insta Save’ Savings Account, an instant account, he/she gets the option for ‘Video KYC’. The customer gets the same option when he/she applies for the ‘Amazon Pay ICICI Bank Credit Card’.”
.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 geotagging 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 keeping 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 ICICI ‘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 KYC.