On April 20, state-run Punjab National Bank (PNB) announced its video KYC facility for opening saving accounts. Now, yet another public sector bank (PSB), State Bank of India (SBI) has introduced video KYC-based account opening.
PNB took to microblogging site to announce the launch. It also claimed that it is the first PSB to do so. The bank stated that the customers do not have to visit the branch as the process is fully digital. It was in 2020 that video KYC facility was introduced by an Indian bank for the first time. That bank was Kotak Mahindra Bank. On May 18, it became the first Indian bank to onboard saving account customers using this KYC process.
In the case of SBI, the video KYC feature will be available to customers planning to open a new savings account with it. Commenting on the new feature, Dinesh Khara, Chairman, SBI said, “It gives us immense pleasure to announce the launch of online Savings Bank account opening facility which is very much necessary in the current pandemic situation. This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness. We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs. This development is yet another proof of our commitment to a digital India.”
How to avail this new facility:
- Download YONO app
- Click on ‘New to SBI’
- Select ‘Insta Plus Savings Account’
- Enter Aadhaar details in the app
- Once the Aadhaar authentication is complete, put personal details and schedule a video call to complete the KYC process
- On successful completion of video KYC, the account will be automatically opened.