Gone are the days when you had to physically visit a bank agent at a bank for them to open a bank account. Now, opening a bank account online is not just possible but super simple. A few years ago, the RBI approved digital account opening methods that allowed users to open a bank account entirely through their phones. This process of verification is called KYC or Know Your Customer.
Imagine doing a KYC process each time you needed to open a bank account, or a demat account and so on. To make things easier, there’s something called the Central KYC Registry, where all your identification data is stored and is given a unique identifier number.
Min KYC stands for Minimum KYC. It means that your KYC has been partially done. In other words, the bank has some amount of proof of your identity, but not enough. This happens when the bank that you’re trying to open an account with, has not been able to access all your KYC information at the CKYC registry.
In such cases, an online bank account is opened for you using the Aadhaar-OTP method. This means, an OTP is sent to your Aadhaar-linked mobile number, provided that number is the one you are using to open the account (i.e: the SIM card of that number is in the same phone that you’re using to open a digital bank account)
For security reasons, a Min KYC account has a few limitations as compared to a Full KYC account.
Here are the steps to check if yours is a minimum KYC account or not:
You can upgrade your account through a video KYC process. Since this a digitally opened account, you need not worry about visiting a branch.
Video KYC or vKYC is the process where a bank agent verifies your identity through a video call on the Fi Money app.
For completing a video KYC, you need only one document - your original PAN card. You need a physical copy of the PAN card for the video KYC call.
On your Fi Money app, you will see a banner on the home page, with instructions to begin a video KYC call. Once you tap the banner, you will see the screen to begin the call.
For your video KYC call, you will need to present your PAN card, and keep a blank paper and pen ready.
After your video KYC call, your profile screen will look like this.
After your KYC has been approved, the ‘Min KYC’ tag on your profile will disappear.
General Video KYC requirements are usually clear video and audio, good lighting, good network and a good camera. These factors are important to ensure complete identity verification. You will also need your PAN card, a blank paper, and a pen.
For your video KYC call, you will need to present your PAN card, and keep a blank paper and pen ready.
A video KYC call usually lasts for 3-5 minutes
Once your Video KYC process is reviewed and approved, you are a full KYC user. Approval can usually take 24-48 hours.
