SBI new video KYC: No need to visit branch to open savings account

SBI said, "This digital initiative powered by Artificial Intelligence (AI) and Facial Recognition Technology is a contactless and paperless process."

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State Bank of India (SBI) - on its mobile banking app Yono - has launched a Video KYC based account opening feature. With this new feature, India's largest lender will allow customers to open an account with SBI without having to visit a bank branch.

SBI said, "This digital initiative powered by Artificial Intelligence (AI) and Facial Recognition Technology is a contactless and paperless process."

“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," Dinesh Khara, chairman, SBI said.

Khara further added, "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."

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

-Download YONO app on your phone

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

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

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

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

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

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