V-CIP

An instant way to open a bank account through Video Customer Identification Process (V-CIP)

Imagine sitting on a comfortable couch, binge watching your favourite series and enjoying the pleasant atmosphere created inside the house. It all sounds like a leisure moment, right? But, what if you had to leave all of this behind and go to a bank to complete your KYC process for opening an account? We know what it feels like.

To help our existing customers and potential clients enjoy a convenient banking experience, Indian Bank has introduced V-CIP (Video-Customer Identification Process) for customers to complete their account opening process through a video KYC. Now customers can skip the queue and open an account from the comfort of their homes, anytime.

Here’s a small backstory which led us to adding this feature to our service. Indian Bank’s IB Digi gives people the freedom to open an account online instantly. After which, the customer has to visit the bank to submit his/her KYC documents and convert the online account into a full-fledged bank account. To make this time-consuming process hassle-free and even faster, Indian Bank VCIP was added to our host of services.

What is a video KYC?

Indian Bank’s Video KYC lets users complete the KYC for their accounts in a jiffy. During the process, the submitted documents are verified and the signatures are recorded through a video call with a bank officer. This skips the entire need of physically visiting a bank branch. Video KYC documents include a physical PAN Card, a blank paper with a pen for a live signature, a clear background for better visibility and a strong internet connectivity.

Is a Video KYC safe?

Indian Bank’s video KYC ensures the safety of its customers. Personal information is stored with complete security and only used for the verification purpose.

Benefits of a video KYC based account opening

• Time-saving, secure and instant
• Paperless submission of the video KYC documents
• No need to visit the branch or meet any officials

Interested in opening an Indian Bank account online with video KYC? Here’s the process Flow of Online Account Opening through V-CIP.

1. You should initiate the online account opening through the Indian Bank website
2. You have to enter basic details (Name, Mobile No., Email id) and accept the consent form, for authentication purpose:

• Mobile No. OTP
• Aadhaar OTP (from UIDAI)
• PAN No. Validation (from NSDL)

3. After verification, your details (Name, Address, Date of Birth, Gender) will be fetched from UIDAI and displayed in non-editable fields in the next screen
4. You will be provided with an option to select whether your communication address is same or different from the Address which has been fetched from Aadhaar
5. Then, you will be given an option to provide mandatory details like Father / Spouse Name, Mother’s Name, Occupation, Annual Income, Marital status, Preferred branch, Postal Pin Code, Residential Status, Purpose of Opening account, Source of Income, Domicile, Nominee details, Requirement of cheque book (will display the minimum balance charges), Communication Address with image document (If address is different from Aadhaar address)
6. A link will be sent to your registered mobile no. and also to email id
7. By using the link, you can initiate the call immediately or later. Once a call is initiated, it will connect you to our V-CIP Hub.
8. Once your call is connected, the officer at V-CIP Hub will perform the following activity.

– Will interact with you by asking random questions for verification of identity

– Will capture live images of 5 documents viz your photo, PAN Card along with your photo, PAN Card alone, Aadhaar Card and your signature

– Will verify your location.

– Will verify all other details (Annual Income, Father’s Name, Occupation, purpose of account opening, etc.) entered in the Online Application Form.

You will be intimated about the new CIF and Account No, through SMS and Email immediately.