India-based IDBI Bank has launched the Video KYC Account Opening (VAO) facility for opening a savings account with the bank.

The new solution is introduced in response to the customers’ demands for a virtual account opening facility in the wake of the Covid-19 pandemic.

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It offers contactless and paperless onboarding to customers.

Customers can now open a savings account with IDBI Bank at the convenience of their home or office, through VAO.

They need not fill any physical forms or visit the branch for opening an account.

The video KYC service can be carried out on all days between 10 AM and 6 PM, except on bank holidays and Sundays.

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For maintaining an account balance of over INR2.5m ($34,138) to less than INR5m ($68,276), the bank offers 3% interest, while for balance INR5m or above, the account holder will receive a 3.3% interest.

IDBI Bank offers interests on various deposit schemes between 2.9% to 5.10%, on maturity periods from seven days to 10 years.

IDBI Bank deputy MD Suresh Khatanhar inaugurated the centralised Video-KYC hub in Mumbai, India.

Khatanhar said: “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.”

Recently, IDBI Bank divested 23% stake in its life insurance business to Ageas for INR5.07bn ($69.2m).