Step-by-Step Guide to Completing the KYC Process in Banking
Know Your Customer (KYC) is a process that financial institutions, businesses and other organisations use to verify and identify their customers or clients in order to prevent identity theft, fraud, money laundering, untoward financing etc. Considering the delicate nature of financial activities, KYC in banking typically involves collecting and verifying various types of documents and information from customers.
Banks and financial institutions have stringent protection policies that secure the customer data. There are various reasons for which KYC is needed in banking. For instance, it can be needed to open a Savings Account or any other type of Account or apply for a Credit Card with the Bank.
How to do KYC in Banking?
There are two ways to complete KYC verification - physically or through a video call.
Generally, this is what goes into physical KYC verification:
Step 1: Contact the Bank
To initiate the KYC process at the ICICI Bank Branch you can call customer care to check for slots and availability. Choose a convenient date and time to visit the Branch.
Step 2: Gather the Required Documents:
Before your appointment, make sure to gather all the necessary documents. Commonly required documents include:
Proof of Identity: Valid Passport, PAN Card, Aadhaar Card, etc.
Proof of Address: Recent Utility Bill, Bank Statement, Aadhaar Card or Rental Agreement.
Passport-size Photographs: Carry a few recent coloured Passport-size photographs.
Step 3: Visit the ICICI Bank Branch:
On the scheduled date visit the ICICI Bank Branch where the appointment has been scheduled and inform the Bank staff that you are there for the KYC process.
Step 4: Fill out the KYC Application Form:
The Bank staff will provide a KYC application form. The form may ask for personal information such as your name, address, contact details, occupation and financial details.
Step 5: Submit the Required Documents:
Once you have filled in the application form, submit it along with the required documents. The Bank staff will verify the documents.
Step 6: Verification Process:
ICICI Bank will undertake a verification process based on the documents submitted and information provided by you. This may involve cross-checking of the information with external databases and conducting background checks.
Step 7: Confirmation and Completion:
Once the verification process is done, ICICI Bank will confirm your KYC requirements. You will receive an acknowledgement or confirmation document from the Bank.
An online Video KYC is another mode through which the customers can quickly complete their KYC for several Accounts. During the process, KYC documents are verified and the signature of the customer is recorded through a video call, which takes place with the Bank Officer.
What is needed to complete the Video KYC:
Only resident Indians can apply for this
Original PAN Card to be kept handy
A blank white paper and a black/blue pen for doing a live signature
Ensure the surroundings are well-lit with a plain clear background
A reliable Internet connection.
Steps to Complete the Video KYC
A prospective customer can avail the Video KYC facility by following these simple steps:
Apply for opening an Account or availing a Personal Loan or a Credit Card:
Here the customer has to enter their PAN number, authenticate using Aadhaar and OTP that is sent and then give a few more details. You can apply for the ‘Amazon Pay ICICI Bank Credit Card’ from the Amazon App.
Click on the Video KYC Tab:
Customer has to click on the ‘Video KYC’ Tab or the link that would be sent by the Bank Official. As per the mandatory regulatory guidelines, the customer will also be required to activate the location option on their device for geo-tagging within the country. Customer will be routed to an ICICI Bank Officer who would conduct the KYC in real time.
Submit details for Video KYC: Keep the following things handy:
PAN Card, a blank white sheet of paper and a blue/black pen. The Bank Officer will record the image of the PAN Card, signature of the customer and facial image through the video call. The Video KYC system simultaneously uses Artificial Intelligence (AI) backed facial pattern recognition feature to match the customer with his/her photo available on the Aadhaar site.
The Video KYC takes a few hours to complete. For Personal Loan and Credit Card customers, the application may move ahead for some further processing.
A digital approach saves time but a visit to your nearest Bank Branch to get an in-person verification is not a long-drawn process either. Customers can sometimes complete their physical KYC quickly since they are there to present their documents and attested copies in-person. Either way, KYC in banking is necessary.
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