OTP-based e-KYC works as per the guidelines. They provide a safe and hassle-free experience. With low cost documentation, customers can open a fast and convenient transaction limit account.
Aadhaar Based Bank Account: Public sector Indian Overseas Bank (IOB) has launched Aadhaar-OTP based account opening and Application Programming Interface (FPI) banking facility on the occasion of its 89th foundation day. Giving information about this, an official said that this venture has been prepared to provide easy banking services to personal and corporate customers.
The Bank has started the facility of opening accounts based on Aadhaar OTP (Single Use Password) at its head office in Chennai, which will enable customers to easily open savings accounts through the Bank’s website.
OTP based e-KYC
The bank has said that, ‘The same digital process works as per the Reserve Bank of India (RBI)’s ‘Aadhaar’ OTP-based e-KYC guidelines.’ It provides a secure and hassle-free experience. With low cost documentation, customers can open a fast and convenient transaction limit account. Similarly, to meet the growing need for automation in corporate banking, Indian Overseas Bank said that they have launched API Banking services which will enable corporate customers to conduct live transactions and inter-bank transfers through their accounting systems on a ‘real time’ basis.
What is Aadhaar based account?
Aadhaar based account is a bank account which can be opened and operated using your Aadhaar number. In this, the account is opened on the basis of OTP. It is revealed through Aadhaar number. Or the process does not require much paperwork.
Benefits of Aadhaar based bank account
The process of opening an Aadhaar based bank account is very simple. For this you do not need to go to the branch and submit many documents. You can easily open an account by giving your Aadhaar number and some basic information. In an Aadhaar based bank account, you will only need to present your Aadhaar card as proof of identity and proof of identity. This reduces the hassle of paperwork and makes the process of opening an account faster. Aadhaar based bank accounts are linked to Aadhaar number, which is a unique identification number. This increases the security of your account.
How to open Aadhaar based bank account?
To open an Aadhaar based bank account, you will have to go through the following process. First of all go to your nearest branch. You have to open an Aadhaar based account, please tell the bank officer. Enter your Aadhaar number and some basic information. The bank officer will check your information. After the information is verified, your Aadhaar based bank account will be opened.