India-based Yes Bank has launched a full service digital savings account with video KYC facility as part of its strategy to build up a transformed digital bank.
The digital savings account includes virtual Debit Card that can be used for online transactions, fund transfers and shopping.
This new initiative will eliminate the need for the branch visit, physical documentation or any in-person interaction while ensuring physical distancing for customers.
The move is said to part of the bank’s commitment to support citizens and communities while the country starts unlocking in phases amidst battling Covid-19 pandemic.
Customers can open an account digitally through e-KYC which requires mobile number, Aadhaar OTP and PAN card details in the online form. It will be followed by a video KYC for verification.
Digital Savings account customers will receive free NEFT, RTGS and UPI facility. They are also offered mobile banking, net banking and phone banking facilities along with instant beneficiary and biller registration.
Commenting on the launch, Yes Bankglobal retail headRajanPental said: “The world as we know it has transformed, wherein we are now adjusting to a new way of life, a new world which has brought us socially even closer while we continue to remain physically distant.
“Leveraging on Yes Bank’s strong technology capabilities along with a higher interest rate, we are geared to serve customers in this new world with a digital solution that brings the Bank to them wherever they are, right at their fingertips.”
With the launch of full service digital savings account, Yes Bank also intends to expand its reach to cater to a diverse customer base, particularly in tier 1 and tier 2 cities.