Punjab National Bank launches video-KYC for opening savings account

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In a bid to make the banking process customer-friendly, Punjab National Bank (PNB) has started conducting Know Your Customer (KYC) formalities over video.

With the help of this service, anyone can open a savings account with PNB from his or her home or office. Customers don’t need to visit any branch of the bank or fill physical forms.

PNB has become the first public sector bank in the country to launch this service. On Tuesday it twitted the announcement of the new service.

Just a few days ago, the bank celebrated its 127th foundation day.

‘Welcome the much-awaited #VideoKYC facility for Online Savings Account! PNB becomes the first Public sector Bank to launch this fully Digital Service for customers.’ the PNB said on Twitter on Tuesday.

(PNB Twitter Link: https://twitter.com/pnbindia/status/1384363696730873857)

Customers have to follow 4 easy steps to complete Video KYC facility.

Know Your Customer (KYC) is a mandatory process for all customers. According to Reserve Bank of India guidelines, KYC should be updated on a regular basis. If KYC is not done, then banks can freeze the account.

Individual customers can submit any one from the six documents as officially valid documents for identity proof. These are passport, the driving license, Aadhaar card, the voter’s identity card, job card issued by MGNREGA and a letter issued by the National Population Register (NPR).