Know Your Customer (KYC) is a mandatory regulatory process in the financial industry that involves verifying the identity of customers to prevent fraud, money laundering, and terrorist financing. Traditionally, KYC required customers to visit a bank branch and present their original documents for verification. However, with technological advancements, banks like HDFC have introduced Video KYC as a more convenient and secure alternative.
HDFC Bank offers Video KYC through its mobile banking app, NetBanking portal, and select branches. Here's a step-by-step guide to completing your HDFC Video KYC:
Download the HDFC Bank Mobile App or Visit the NetBanking Portal: If you don't already have the HDFC Bank Mobile App installed, download it from the App Store or Google Play. Alternatively, you can visit the HDFC Bank NetBanking portal at https://www.hdfcbank.com/personal/ways-to-bank/netbanking.
Login to the App or Portal: Login to the HDFC Bank Mobile App or NetBanking portal using your customer ID and password.
Select Video KYC: Once logged in, navigate to the 'KYC' section and select 'Video KYC' as the verification method.
Schedule a Video Call: Choose a convenient time slot for your Video KYC call. You will receive an SMS and email with the call details.
Prepare Your Documents: Before the scheduled call, gather the following documents:
- PAN card
- Aadhaar card or passport
- Address proof (utility bill, bank statement, etc.)
Join the Video Call: At the scheduled time, join the Video KYC call via the provided link. Make sure you have a stable internet connection and are in a well-lit location.
Verify Your Identity: The HDFC representative on the call will guide you through the verification process. You will be asked to hold up your documents for clear visibility and confirm your personal information.
Record Your Consent: Once the verification is complete, you will be asked to record a short video of yourself stating that you understand the KYC process and consent to the bank using your provided information.
HDFC Video KYC offers several benefits over traditional KYC methods:
According to a survey by the Financial Action Task Force (FATF), 90% of financial institutions worldwide now use KYC to combat money laundering and terrorist financing. The survey also found that KYC has helped to reduce the number of financial crime incidents by 50% in the past decade.
Feature | Traditional KYC | HDFC Video KYC |
---|---|---|
Convenience | Requires branch visit | Can be completed remotely |
Time | Can take days | Typically completed within minutes |
Security | Can involve handling physical documents | Uses facial recognition and data encryption |
Transparency | Limited updates available | Real-time status monitoring |
Document Requirement | Traditional KYC | HDFC Video KYC |
---|---|---|
PAN card | Required | Required |
Aadhaar card or passport | Required | Required |
Address proof | Required | Preferred |
Benefits of KYC | ||
---|---|---|
Prevents fraud and money laundering | Enforces regulatory compliance | Builds trust and credibility |
HDFC Video KYC is a transformative service that offers quick, convenient, and secure account verification for customers. By embracing this innovative technology, HDFC Bank is setting new standards for customer convenience while ensuring regulatory compliance and safeguarding the integrity of its financial operations.
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