Credit Card Apply Online: 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.
The Bank has, to begin with, made the facility available for new individuals keen to open a savings account, including a salary account, or avail a personal loan with the Bank. The facility is also available for individuals applying for ‘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.
This facility comes handy for individuals as it allows them to complete the KYC process digitally within a few minutes, without physically meeting a bank official at the branch or their home.
It gains even more significance during the ongoing Coronavirus pandemic, as new individuals can complete their KYC requirements for an array of banking services remotely and digitally.
Armed with a digital device, PAN card, a pen and paper, an individual can complete the KYC process from their home in a matter of a few minutes. Once completed, the new customer’s savings or salary account gets fully operational in a matter of a few hours with zero physical contact.
When a new individual opens online ‘Insta Save’ Savings Account, an instant account, he or she gets the option for ‘Video KYC’. The customer gets the same option when he or she applies for the ‘Amazon Pay ICICI Bank Credit Card’. The ‘Video KYC’ facility is also available for other savings account variants like ‘The One’, Gold Privilege account; salary accounts and personal loan.
To avail the facility, one can connect with the Relationship Manager or branch official. During the process, the verification of a prospective customer’s KYC documents and signature are recorded via a video call with an ICICI Bank officer, thus doing away with the need of the customer physically visiting a bank branch. It also brings forth the convenience of significant time-saving to the individual as it takes only a few minutes as against the paper-intensive, in-person KYC verification process at a bank branch that is more time-consuming.
Anyone (Indian citizen residing in India at the time of account opening) can avail the Video KYC facility by following these simple steps:
1) Apply for opening an account / availing a personal loan or credit card: One can apply for an ‘Insta Save’ Savings Account by visiting the Bank’s website. Here, the individual needs to enter PAN, authenticate using Aadhaar and OTP and furnish few other personal demographic details. They can apply for other variants of saving accounts and personal loan 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 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 individual 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 feature to match the customer with his/her photo available on the Aadhaar site. The Bank’s system records and stores all Video KYCs.
Post the Video KYC, the savings or salary account, the savings/salary account customer gets a fully operational bank account without any restrictions of the account balance or deposit. This entire process takes only a few hours to complete. For personal loan and credit card customers, the application moves ahead for further processing.