All you need to know

© Saurav Mukherjee IDBI Bank unveils video KYC facility for savings bank accounts: All you need to know IDBI Bank has launched video KYC account opening (VAO) facility for savings bank accounts. Customers can open a savings account with the lender through the facility from the convenience of his/her home […]



a sign in front of a building: IDBI Bank unveils video KYC facility for savings bank accounts: All you need to know


© Saurav Mukherjee
IDBI Bank unveils video KYC facility for savings bank accounts: All you need to know

IDBI Bank has launched video KYC account opening (VAO) facility for savings bank accounts.

Customers can open a savings account with the lender through the facility from the convenience of his/her home or office as there are no physical forms to be filled or visits to be made to the branch, it said in a release.

“VAO – Video KYC Account Opening is yet another step in creating more digital journeys benefiting the customers. This comes close on the heels of the “I Quick” mobile app based account opening and “WhatsApp Banking” facilities the Bank had launched recently. The Bank is endeavouring to make more such customer friendly digital conveniences available for customer delight”. Suresh Khatanhar, Deputy Managing Director, IDBI Bank after inaugurating a centralized Video-KYC hub at Mumbai said.

IDBI Bank holds 23 percent stake in life insurance venture to foreign partner Ageas for Rs 507 crore.

IDBI Bank in October 2020, implemented the new feature of document embedding facility with Letter of Credit/Bank Guarantee messages over SFMS platform of IFTAS through its middleware application [email protected] developed by IDBI Intech Limited.

Video KYC: To open a savings account in a quick and easy way from the comforts of your home, video KYC is very helpful. It ensures that the online journey for opening savings accounts remains safe, simple, and fast eliminating the need to visit the branch for KYC.

Applying for video KYC: With the help of video KYC, you can open your savings account by click on this vkyc.idbibank.co.in.

Video KYC can be carried out from 10 am to 6 pm on all days except Sundays and bank holidays.

On balance above Rs 25 lakh to less than Rs 50 lakh, IDBI Bank offers an interest rate of 3 percent. On balance of Rs 50 lakh and above, it offers 3.3 percent.

Under various deposit schemes, the bank pays interest on deposits. Time to time, interest Rates are revised. IDBI Bank offers 2.9 percent to 5.10 percent on deposits maturing in 7 days to 10 years to general customers , and 50 basis points (BPS) extra to senior citizens on these deposits.

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