Eastern Bank launches country’s first e-KYC account

Eastern Bank Ltd (EBL) today introduced an instant account opening solution to help customers and employees maintain maximum possible social distancing during the Covid-19 pandemic. 

EBL is the first bank that introduced e-KYC account in Bangladesh. The leading private bank named the new service "EBL Insta Account".

Now a person can open a bank account with EBL visiting any of its branches within a short time. 

Ali Reza Iftekhar, managing director of EBL, told The Business Standard, "It is the first account in Bangladesh under the electronic Know Your Customer (e-KYC) guideline, and can be opened only in a minute. There are two types of e-KYC – short and long. We launched short e-KYC for now."

"This initiative will minimise the total time spent by customers in the bank while ensuring them top-quality digital banking solutions," he added. 

He also said there is no security threat because this account will be opened with the national identity card of a customer and will offer debit card as well as free cheque book facilities. 

EBL Insta Account comes in both current and savings variant and is available in all EBL Branches.

On January 9 this year, the Bangladesh Bank has issued an e-KYC guideline to open accounts in the financial sector without filling up any paper-based documents.

The new guideline on account opening will be applicable for bank accounts, BO (Beneficiary Owners) accounts and insurance policy accounts.

E-KYC is a combination of paperless customer onboarding, promptly identifying and verifying customer identity, maintaining KYC profile in a digital form, and determining customer risk grading through digital means.