HDFC Bank Digital Account: What Happens if You Skip Video KYC?
Many banking customers have the convenience of opening digital accounts with HDFC Bank, but there are specific requirements to ensure the account is fully compliant. One of these requirements is completing the video KYC process. If you have opened a digital account with HDFC Bank but haven't completed the video KYC, this article will help you understand the implications and what happens next.
Account Status
Once you open a digital account with HDFC Bank, if you do not complete the video KYC, your account may remain inactive. Most financial institutions require KYC (Know Your Customer) verification to comply with regulatory norms and ensure account security. Inactive accounts may not allow you to perform transactions or access certain services until the KYC process is completed.
No Issues for Non-Completion
If you do not intend to use the account, leaving it inactive might not pose any issues as long as you have no outstanding balances or pending transactions. However, it is recommended to confirm with HDFC Bank to understand any potential consequences, such as fees or penalties.
Contact the Bank
If you are concerned about the account status or need to close it for certain reasons, it is best to contact HDFC Bank’s customer service. They can provide you with detailed information regarding your account status and the necessary steps to either activate it or close it if you no longer wish to retain the service.
Reasons for Inactivity
As per banking guidelines, a new account can only be activated after completing KYC. If you have not completed the video KYC process, your account will most likely remain in an inactive state. This means you will not be able to perform any transactions until you fulfill the necessary verification steps. It is advisable to finalize the KYC process to avoid any future complications or to retain the account if you need it.
Securing Your Data
Skipping the KYC process can leave your data vulnerable to misuse by scammers. Complete KYC verification ensures that your personal information is protected and that you are in compliance with regulatory standards. If you have no intention of using the account, it is wise to either complete the KYC process or formally close the account through HDFC Bank’s branches or online platforms.
In conclusion, while skipping video KYC might seem like a convenient option, it can lead to account inactivity or even account closure. To avoid any unnecessary issues or data vulnerabilities, ensure that you comply with all required KYC procedures as soon as possible.