Key Highlights
- Video-Based KYC eases KYC updation for seniors, aligning with RBI regulations.
- KYC updation frequency varies based on risk profiles; video KYC streamlines the process.
- Steps for video KYC involve digital form submission and live verification via video call.
now Your Customer (KYC) updation is crucial for banks and financial institutions to maintain regulatory compliance and mitigate risks. For seniors, this process can be particularly challenging. However, with the introduction of Video-Based KYC, updating KYC details has become more accessible, aligning with RBI regulations. Let's delve into why KYC updation matters and how seniors can benefit from Video-Based KYC.
Why KYC Updation Is Essential
In the financial realm, KYC serves as a foundational process for identifying and verifying customers. RBI mandates periodic KYC updation to manage risks effectively. For senior citizens, staying compliant can pose logistical hurdles, but Video-Based KYC offers a seamless solution.
Navigating KYC Updation for Seniors
Seniors often find it cumbersome to visit banks for KYC updation. With Video-Based KYC, this process becomes hassle-free. The RBI's directive allows for remote verification, ensuring seniors can update their details without leaving their homes.
Step-by-Step Guide to Video KYC
Online Form Submission: Begin by filling out the digital account opening form on the bank's website.
Authentication:
Verify your identity via OTP sent to your registered mobile number.
Aadhaar Consent:
Provide consent for the bank to fetch your details from Aadhaar.
Document Upload:
Upload necessary documents like PAN card and a photograph meeting specified requirements.
Initiate Video KYC:
Follow the provided link to start the video call for KYC verification.
Live Verification:
Display original documents to the bank official during the video call.
Answer Queries:
Respond to any questions posed by the bank officials for validation.
Completion:
Upon successful validation, await the bank's confirmation or welcome kit.
Video-Based KYC not only simplifies the process for seniors but also ensures regulatory compliance. By embracing technology, banks can enhance accessibility and inclusivity in financial services, catering to diverse customer needs.
