MUMBAI: Yes Bank its allowing customers to open a full-service digital savings account without branch visits using eKYC. This will alow customers to open an account from anywhere in the country during the lockdown without having to provide any physical documents at the branch.
Customers who open an account through the digital route will immediately get a virtual debit card. They will also be able to do over a 100 transactions through the bank’s mobile application.
All that a customer needs to do is initiate an e-KYC by clicking a link on the bank’s website. The eKYC will require a mobile number, Aadhaar OTP and PAN card details in the online form, followed by a video KYC.
“With this launch, the Bank aims to embrace inclusivity by widening its reach to cater to a diverse customer base, especially in tier 1 and tier 2 cities, in line with the Bank’s strategy of building a transformed ‘Digital Bank’,” Yes Bank said in a statement.
Customers will be eligible for a higher interest rate on their savings deposit. The average monthly balance for a full-service account is Rs 10,000. If the customer uses the account as a salary account there is no minimum balance requirement.