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Friday, September 29, 2017

How to Open a Bank Account Using Aadhaar Card

How to Open a Bank Account Using Aadhaar Card?

Open Bank Account using Aadhaar
Aadhaar is a 12-digit unique identification number issued by the UIDAI (The Unique Identification Authority of India) by capturing a person's biometric details such as fingerprints, iris scan and demographic information such as date of birth and address.

The importance of Aadhaar card has been growing significantly in India. Not only is it useful in availing subsidies, filing ITR and getting a gas connection but the government also made the Aadhaar card mandatory for opening bank accounts. Axis Bank was the first to introduce the KYC (Know your customer) service that allows customers to open the bank account simply by providing his/her unique identification number. However, this service is now being used by many banks across India.

Under this facility, the fingerprints of the customer are captured and sent to UIDAI for validation of identity and address proof.  Upon successful verification from UIDAI, the e-KYC service will ask for demographic details like the name of the person, his/her date of birth, address, phone, email, and photograph. Based on this information, the e-KYC certificate will be issued to the customer stamped with Quick Response (QR) Code to avoid duplicity of the certificate by the third party. This certificate will be used to open an account subject to satisfying other account opening requirements.

Benefits of Using Aadhaar Based e-KYC
  1. Opening bank account using Aadhaar based e-KYC eliminates the need to submit the address and ID proof.
  2. Secondly, the process to open a bank account using Aadhaar card based e-KYC is more convenient and time-saving.
  3. Aadhaar based e-KYC is completely safe and paperless, thus reducing the chances of forgery and theft.
  4. With Aadhaar based e-KYC, you no longer have to visit a bank to open your account and can complete the bank opening process while being at home.
  5. It saves you from standing in long queues at the bank. Just an OTP that you receive on your registered mobile number is required.
Application Process for Aadhaar Card Based e-KYC

Opening a bank account using Aadhaar card based e-KYC is quite simple and easy. All you need to do is to:
  1. Get an Aadhar card and submit it to the bank as your identity & address proof.
  2. Next, you will have to allow your bank to access data from the UIDAIs Central Data Repository.
  3. Visit the official website of your bank, and fill in the online application form and upload the required documents along with the photograph.
  4. An OTP (one-time password) will be generated and sent to your mobile number mentioned on the Aadhaar card.
  5. OTP should be entered and the form should be submitted.
  6. The bank will contact the customer for physical verification through Electronic In-Person Verification. It is an immediate video verification process.
  7. During this verification, customers will have to show their Aadhaar card or PAN card along with their respective bank statement.
  8. Once their KYC is registered, you will receive confirmation of it through e-mail and this status can be verified online.
  9. Sometimes banks may also ask the customer to sign and send a physical KYC application form.
While you wait for their verification, their bank looks for the approval of UIDAI to facilitate the use of e-KYC service. Once all essential details are obtained by the bank, the customer’s account will be opened immediately. e-KYC is a fast, easy and convenient procedure to open a bank account using Aadhaar card. Note that this process can only be utilized by Aadhar card holding citizen of India. So by now if you have not applied for your Aadhar card, do it right away to avail this service.
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