EBL Introduced First e-KYC Account in Bangladesh

Eastern Bank Ltd (EBL) introduced the country's first internet-based instant account opening solution "EBL INSTA Account."

The bank launched the solution on Sunday inline with Bangladesh Bank's electronic Know Your Customer (e-KYC) guideline to help customers and employees maintain maximum possible social distancing amid the Covid-19 pandemic said a press release. 

It is the electronic copy of the physical form of the bank. A customer needs to fill up only the electronic form and it is not required to fill up the physical form. 

Customers need to produce their National Identity Card (NID), TIN and several other basic documents to open this account. One of the most significant features of this is, it does not require an introducer like the traditional accounts. 

Even though it is an online-based account, you have to visit nearby EBL branches to open this account but with any physical document. But,  anyone can easily open this account in minutes. 

Ali Reza Iftekhar, managing director and CEO of EBL, said, "The account can be opened conveniently and securely in a minute, minimizing the total time spent by customers in the bank, while ensuring them top-quality digital banking services." (Source: Dhaka Tribune)

Eligibility:

- Any individual with Valid NID (Old NID or Smart Card).  

- Monthly Transaction (withdrawal/deposit) requirement within BDT One Lac

- Currently, Insta Account can be opened by new customers only.

 

Photo Requirement:

- Customer’s Photo taken Live

- Photo of NID (Old or Digital) Front and Back side both

- Photo of Nominee (Can be taken from Nominee’s still picture)

- Photo of Address Proof ( I.e. Utility bill)

Account Features:

-Both Current and Savings Variant Are available

-Opening Balance: BDT 1000

-Interest Rate: Below 1 lac 2%, 1 lac and above 3%

-Interest Calculation: Calculated on monthly Average Balance.

-Interest Paid: monthly.

-Minimum Balance for Interest: BDT 5,000

-Cheque Book: First Cheque Book free

-E-Statement: Auto enrolled.

-Free SKYBANKING APP

 

How is it Different?

-The account will be opened in Insta Banking App, under Bangladesh Bank EKYC Guideline.

-No need to fill the Hard Copy Form, Only 2 page pre-Printed AOF will be signed

-Automated mail and SMS will be sent after Customer ID and Account creation

-All CIF and Account will be auto authorized, No maker checker required.

-No Physical Document of Customer will be kept by Bank, Only Photo will be taken

-No Introducer Required

-No Transaction Profile needs to be filled by Customer

-AML checking will be done automatically in the App,

-Proof of deposit sent to customer via SMS.

- Photo of E-TIN (Optional)

Note: All Original documents needs to be shown to Relationship Manager

-For Savings

-Debit Card: Visa Classic Debit/Mastercard Titanium Debit (Subject to availability)

For Further Info: ebl.com.bd