Bank of Baroda launches Aadhaar-based online savings account opening facility
Bank of Baroda insta click savings account uses a new form of digital KYC and Aadhar based OTP authentication of the customer
Bank of Baroda (BoB), India’s third-largest public sector bank, has launched ‘Insta Click Savings Account’ for all its customers. The Insta Click Savings Account uses a new form of digital KYC and Aadhar based OTP authentication of the customer, which can be operated from the bank's website, through internet banking or mobile app. The account is activated in real-time, which means the customer can start transacting, using the Baroda M Connect Plus application with the MPIN received on the mobile number, immediately.
We are working on digitisation of all our process and intend to be 100% paperless by 2023. The only way to ensure our customers can have a safe and secure banking experience without having the need to step out of their homes is with adoption of digital products and services,” Sanjiv Chadha, MD & CEO, Bank of Baroda, said.
The product also offers the customers an option to subscribe to a wide range of digital channels like mobile banking, internet banking, UPI, and debit card.
Earlier, country's largest lender, State Bank of India (SBI), relaunched its Aadhaar-based instant digital savings account facility for customers who want to open an online account using the Yono platform. The 'insta savings bank account' will offer a complete paperless and instant digital savings account opening with just PAN and Aadhaar number, the bank said.
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First Published:23 Jul 2020, 12:44 PM IST
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