Curated By: Business Desk
Last Updated: August 24, 2023, 11:08 IST
A customer has to be an Indian resident to avail of this facility.
Bank of Baroda started the facility of KYC for digital savings accounts in 2021.
In a strategic move aimed at enhancing customer convenience and experience, the state-owned Bank of Baroda unveiled its Video Re-KYC (Know Your Customer) service on August 22. This innovative offering provides customers with an alternative avenue to fulfil the mandatory periodic update of their KYC documents, eliminating the need for physical visits to the bank’s branches.
Addressing a long-standing requirement, Bank of Baroda’s recently issued statement outlines the benefits of this new feature: “Customers, whose Re-KYC is due, can complete their video KYC in a few minutes without having to visit the branch.” This initiative aligns with the bank’s commitment to simplifying processes and enhancing customer satisfaction.
The video KYC facility not only streamlines the re-KYC process but also significantly elevates the overall customer experience. Bank of Baroda emphasizes that customers who have pending Re-KYC updates should take advantage of this seamless and user-friendly solution for a hassle-free completion of the verification process.
To be eligible for the Video Re-KYC facility, customers must meet specific criteria: they need to be Indian residents, aged 18 years or above, and possess a valid Aadhaar number and original PAN card.
The process to benefit from the Video Re-KYC service involves several stages. Initially, account holders are required to access the Bank of Baroda’s website. Here, they can complete an online Re-KYC application, providing basic information credentials. Upon submission of the application, a bank executive will engage in a video KYC call with the customer. For this step, customers should prepare their original PAN card, a plain white sheet of paper, and a blue or black pen. Video Re-KYC calls are available during business hours (10:00 AM to 06:00 PM) on all working days. Once the video session is completed, the customer’s updated details will be seamlessly integrated into the bank’s records, and a confirmation text message will be sent to the customer.
Bank of Baroda initially introduced the KYC facility for digital savings accounts in 2021, and the recent introduction of the Video Re-KYC service demonstrates the bank’s commitment to expanding its benefits to a wider range of regular customers.
It’s important to note that periodic KYC update is a mandatory requirement outlined by the Reserve Bank of India. Customers are urged to promptly update their KYC documents with the bank upon receiving the update notification to ensure the continued validity of their accounts.
