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Home >Industry >Banking >SBI new video KYC: Now you can open a savings account without visiting branch

SBI new video KYC: Now you can open a savings account without visiting branch

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State Bank of India launched a Video KYC based account opening feature

  • This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness, said Dinesh Khara, chairman, SBI

State Bank of India (SBI) on Friday launched a Video KYC based account opening feature on its mobile banking app – YONO. This new feature will help customers open an account with SBI without having to visit a bank branch, India's largest lender said.

State Bank of India (SBI) on Friday launched a Video KYC based account opening feature on its mobile banking app – YONO. This new feature will help customers open an account with SBI without having to visit a bank branch, India's largest lender said.

"This digital initiative powered by Artificial Intelligence (AI) and Facial Recognition Technology is a contactless and paperless process," the lender further added.

"This digital initiative powered by Artificial Intelligence (AI) and Facial Recognition Technology is a contactless and paperless process," the lender further added.

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Commenting on the new functionality, Dinesh Khara, chairman, SBI said, “It gives us immense pleasure to announce the launch of online Savings Bank account opening facility which is very much necessary in the current pandemic situation. This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness."

Customers who are planning to open a new savings account with SBI, will be able to avail this new feature. Here's how you can use this new functionality

1) Download YONO app on your phone

2) Click on ‘New to SBI’, and select ‘Insta Plus Savings Account’

3) Then, the customer needs to enter their Aadhaar details in the app

4) Once the Aadhar authentication is complete, the user need to input personal details

4) Then, the customer has to schedule a video call to complete the KYC process

5) On successful completion of Video KYC, the account will be automatically opened.

"We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs. This development is yet another proof of our commitment to a digital India," Khara added.

Launched in November 2017, YONO has 80 million downloads and over 37 million registered users. SBI has partnered with over 100 e-commerce players in more than 20 plus categories on the YONO platform.

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