Businesses typically carry out frequent, and sometimes, high-volume transactions. A savings account is – as the name suggests – meant for saving money and comes with strict restrictions on withdrawals and deposits. Businesses thus require a feature-rich current account for smooth financial management. Tailored to meet the unique financial requirements of businesses, a current account allows a business entity the flexibility to withdraw or deposit funds any time without any restrictions. Best of all, it is simple to open a current account online today through a convenient video KYC (Know Your Customer) process – all you need is a stable internet connection, and essential but minimal documentation.
What is Video KYC?
The Know Your Customer (KYC) verification process has been mandated by the Reserve Bank of India (RBI) to protect customers and financial institutions against fraud and other illegal activities. This process helps banks verify the authenticity of customers to mitigate risk.
With video KYC, banks complete this verification remotely. Deploying the latest arsenal of technology such as machine learning, facial recognition, and automatic data extraction, banks accurately verify a customer’s personal and business details over a video call. This eliminates the requirement of physical paperwork, making the account opening process convenient, efficient, and quick for customers.
During the video KYC, bank officials connect with customers through a video call to:
- Capture their live photo.
- Capture KYC documents in real-time, such as PAN Card, Aadhar Card, and any other valid ID.
How to Open a Current Account Online with Video KYC
Many banks today offer a 100% paperless & digital process for instant current account opening via video KYC. Enumerated below are the steps to open a current account online:
Step 1: Enter your contact, personal and business details and submit the online application.
Step 2: A bank official will get in touch with you for a video KYC appointment. During the KYC, they will capture your live photo and ID card and ask you some questions to verify your identity.
Step 3: Following successful verification, the bank will create a current bank account for your business.
Benefits of Video KYC for Opening a Current Account
When you open a current account online using video KYC, you enjoy:
- Accessibility: You can do this with ease from anywhere in the world as the KYC procedure is entirely digital.
- Speed: You are not required to visit the bank branch physically and endure the hassle of long queues to open an account. The process is streamlined and quick.
- Data Security: With no intermediaries involved in the process, you can rest assured that your personal and business information is secure with the bank.
Open Your Current Account Instantly via Video KYC
Thanks to the speedy and simple video KYC process, businesses now have the option to instantly open a current account online.
Well-known new-age banks like IndusInd Bank are taking this convenience a step further with their customized banking solutions. You may choose your desired account number, group your current account with your savings accounts, avail of hassle-free doorstep banking services, and take your pick from industry or sector-specific current accounts for customised banking solutions, among others. You can also avail of digital payment solutions for your business, such as a POS device, payment gateway, soundbox, and QR to accept digital payments from customers. Last but not least, the bank offers a seamless video KYC process to help you get started on your business banking journey as quickly and smoothly as possible.
Visit their official website to open your instant current account today.