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Opening a 101 Account using Aadhaar OTP based e-KYC

  1. How does the ‘Aadhaar OTP based e-KYC’ account opening work?

  2. You will be able to open your account only if you agree for Aadhaar OTP based e-KYC. The Aadhaar OTP based e-KYC account opening allows instant paperless account opening from the comfort of your home! All you need is your Aadhaar card and PAN card. During the account opening process, you’ll receive an OTP on your Aadhaar registered mobile number. The OTP will be used for authentication and identity verification to open your savings account. A customer verified through the Aadhaar OTP based e-KYC is deemed a ‘Partial KYC’ customer. Therefore, as per RBI guidelines, it is mandatory that all customers on-boarded through the Aadhaar OTP based e-KYC process, need to complete Full KYC (biometric based e-KYC) within 1 year of onboarding with the Bank/101 account opening.

  3. How do I convert my account to a Full KYC account/ How do I become a full KYC customer?

  4. Full KYC requires a face to face verification and biometric authentication. You can visit the nearest Fincare branch to get a full KYC done. Alternatively, the Bank will provide customers instructions to schedule doorstep KYC, if possible in the geography. As soon as full KYC is done, your customer number will be flagged off as a ‘Full KYC’ customer and any limitations associated with ‘Partial KYC’ customers will no longer apply. Conversion from a ‘Partial KYC’ customer to a ‘Full KYC’ customer must be done within 1 year of onboarding/101 account opening, otherwise any account including the 101 account opened as part of the Aadhaar OTP based e-KYC, will be closed.

  5. What limitations will my account have?

  6. As per RBI guidelines, if a customer opens an account using the Aadhaar OTP based e-KYC process, the customer will be flagged as a ‘Partial KYC’ customer with following limitations:

    • Sum total of all balances (101 account plus FD, for instance) held by the customer cannot exceed INR 1 Lakh including interest. Consequently, the customer cannot maintain a balance that exceeds INR 90,000 (excluding interest)
    • Sum total of all transactions should not exceed INR 2 Lakh including interest credits. Consequently, the customer cannot credit more than INR 1,90,000 (excluding interest credits)
    • Customer cannot avail any other borrowal account other than a term loan not exceeding INR 60,000 in a year

    The customer must get his/her Full KYC done for the above limitations to not apply. How can I convert my account to a Full KYC Account?

  7. I have not received my Aadhaar OTP. What do I do?

  8. Please make sure that your mobile number is registered with Aadhaar. If not, press the resend button and wait for a few minutes. You can let us know in case you are stuck on this step by telling us here

  9. My current address and Aadhaar address are different. What do I do?

  10. You can enter your alternate/current communication address as part of the account opening flow. Please note, you would have to provide an officially valid document as proof for your communication address as per RBI KYC guidelines and upload the same during the account opening process. So keep your Communication Address proof ready.

  11. Why do I need to add a nominee to my account?

  12. Adding a nominee is recommended since in the unfortunate event of an accident and untimely death, the funds in your account will be transferred to your nominee quickly and easily.

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