Bank of Maharashtra has taken a big step towards digital banking by introducing video-KYC (Video-based Customer Identification Process) for remote account opening. This innovative service allows customers to open a savings account remotely, eliminating the need for branch visits and paperwork.
VKYC, or Video KYC, is a digital identity verification process that allows customers to complete their Know Your Customer (KYC) requirements remotely through a live video call with a bank representative.
In order to remotely open a savings account, a customer needs to go to the Bank of Maharashtra website and navigate to the VCIP section. There he chooses his preferred language and selects ‘I want to open a new account via VKYC.’ After reading and agreeing to the terms and conditions provided by the bank, the customer fills in the required basic information as prompted. This typically includes personal details such as name, address, contact information, etc. After completing these steps, he is eligible to schedule a video call.
During the video call, a bank executive will guide the customer through the verification process. This involves confirming a reference number sent to his linked mobile number as part of the two-factor authentication process. The live KYC verification ensures that the information provided is accurate and verifies the user’s identity.
Once verification is complete, the account activation process usually takes place within 24 hours. New account holders then gain access to a range of digital banking services through internet banking and the MahaMobile app, including ATM/debit card management and real-time transaction alerts.
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