e-KYC can only be used to open one bank account apparently

Sushubh

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RBI allows eKYC to use OTP for account opening - The Economic Times

"A declaration shall be obtained from the customer to the effect that no other account has been opened nor will be opened using OTP based KYC either with the same regulated entity or with another regulated entity (banks).
Noticed this on IDFC account creation page.

locationsSA

 

mhsabir

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https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10770&Mode=0

Accounts opened in terms of this proviso i.e., using OTP based e-KYC, are subject to the following conditions:
There must be a specific consent from the customer for authentication through OTP
the aggregate balance of all the deposit accounts of the customer shall not exceed rupees one lakh.
the aggregate of all credits in a financial year, in all the deposit taken together, shall not exceed rupees two lakh.
As regards borrowal accounts, only term loans shall be sanctioned. The aggregate amount of term loans sanctioned shall not exceed rupees sixty thousand in a year.
Accounts, both deposit and borrowal, opened using OTP based e-KYC shall not be allowed for more than one year within which Customer Due Diligence (CDD) procedure as provided in section 16 or as per the first proviso of Section 17 of the Principal Direction is to be completed. If the CDD procedure is not completed within a year, in respect of deposit accounts, the same shall be closed immediately. In respect of borrowal accounts no further debits shall be allowed.
A declaration shall be obtained from the customer to the effect that no other account has been opened nor will be opened using OTP based KYC either with the same RE or with any other RE. Further, while uploading KYC information to CKYCR, REs shall clearly indicate that such accounts are opened using OTP based e-KYC and other REs shall not open accounts based on the KYC information of accounts opened with OTP based e-KYC procedure.
REs shall have strict monitoring procedures including systems to generate alerts in case of any non-compliance/violation, to ensure compliance with the above mentioned conditions.
 

mhsabir

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Question is - Having closed IDFC - Can you open another (same bank or another) using the OTP method - Or is it one at any point of time...
 
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amish

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Oh didnt read quoted text at all! Just read title of link.

Dont know havent tried!
 


amish

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DO NOT open ONLINE Account with IDFC bank.

First they opened account online with Aadhar OTP.

Now after 2 months they called me just now and telling me that due to RBI rules

They need my fingerprint.

So I said I am not ready to give my fingerprint.

There are other ways to do KYC.

Guy says this is the only way.. I have to give fingerprint for verification.

So I said no - I want to close the account.

So he replies that My account is FROZEN and I will not get money back till I give fingerprint!!

EXCELLENT!!
 

Sushubh

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honestly since you use aadhaar to open the account, i do not see why they cannot ask you to verify that you are who you are. otp can be provided by anyone. fingerprint verification is part of aadhaar based kyc. jio does it. airtel does it. i do not see why idfc did not require it before the account was actually opened.
 

Sushubh

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honestly. i have no idea how idfc opened your account before completing kyc properly. they should have asked you to give fingerprint before account was activated and fund transfer was possible. so they definitely fucked up somewhere. you should write to their escalated customer support and tell them that you want to close your account and they should allow you to take your money out.
 

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