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What is video KYC and why is it needed?

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What is video KYC and why is it needed?

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KYC Vs Min KYC

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.

What is Min KYC?

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)

What are the differences between a Min KYC account and a Full KYC account on Fi Money?

For security reasons, a Min KYC account has a few limitations as compared to a Full KYC account.

Features

Min KYC Account

Full KYC account

Deposit limits

Up to ₹2 Lakh per year

No limits

Savings account balance limits

Maximum of ₹1 Lakh at any given time

No limits

Account validity

1 year

Lifetime validity 

Debit card

Digital debit card only

Digital & physical debit card

How do I check if my Fi Money account is a Min KYC account or not?

Here are the steps to check if yours is a minimum KYC account or not:

  1. When you open your Fi Money app, on the top left hand corner of the screen, you will see a profile icon.
  2. Tap the profile icon, and you will see your profile screen. Under your name, you will see the words Min KYC.
  3. If this is the case, then you need to upgrade your Fi Money account to a full KYC account.
  4. If you do not see the words ‘Min KYC’ written under your name, then yours is a Full KYC account and you need not worry about upgrading.

How to upgrade from Min KYC to Full KYC Account on Fi Money?

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 - Definition

Video KYC or vKYC is the process where a bank agent verifies your identity through a video call on the Fi Money app. 

How to do a Video KYC? What are the documents required?

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.

Process for initiating a video KYC:

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.

video KYC screen on the Fi money app

Things to bear in mind for the video KYC call:

  • You need to have your physical PAN card (original only, no copies allowed)
  • You will need to be in a well-lit place so the bank agent can see your face clearly
  • You will need a pen and blank paper
  • You will need to be in good internet coverage area, or have a wifi connection
  • You will need to be dressed appropriately

What happens during the video KYC call?

For your video KYC call, you will need to present your PAN card, and keep a blank paper and pen ready.

  1. Once the call begins, the agent will ask to see your PAN card. You will need to show the PAN card to the camera
  2. The agent will then ask you to sign on the paper and you will have to show the signature to camera. Note that the signature has to match that of your PAN card.

How do I know if my video KYC was successful?

After your video KYC call, your profile screen will look like this.

profie page on the fi money app

After your KYC has been approved, the ‘Min KYC’ tag on your profile will disappear.

Frequently Asked Questions

1.What is KYC video requirements?

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.

2.What happens during video KYC?

For your video KYC call, you will need to present your PAN card, and keep a blank paper and pen ready.

  1. Once the call begins, the agent will ask to see your PAN card. You will need to show the PAN card to the camera
  2. The agent will then ask you to sign on the paper and you will have to show the signature to camera. Note that the signature has to match that of your PAN card.

3.How long does video KYC take?

A video KYC call usually lasts for 3-5 minutes

4.Is video KYC is full KYC?

Once your Video KYC process is reviewed and approved, you are a full KYC user. Approval can usually take 24-48 hours.

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