Can we open multiple digital accounts ?

[Cebu]

Can we open multiple digital accounts from various banks . I had opened Axis online and when I was opening account with Au I read the following :-

I also confirm that I have no other account opened nor will be opened by me using OTP based KYC in non-face-to-face mode with any other Regulated Entity.

Now I have all my accounts opened digitally such as Kotak 811 . Am I in any trouble ?

 

[Umang85]

Can we open multiple digital accounts from various banks . I had opened Axis online and when I was opening account with Au I read the following :-

I also confirm that I have no other account opened nor will be opened by me using OTP based KYC in non-face-to-face mode with any other Regulated Entity.

Now I have all my accounts opened digitally such as Kotak 811 . Am I in any trouble ?

Don't think it should cause any issues. Almost all banks are moving towards video kyc. Even if a representative visits your place, account opening is done through a phone or a tab. And aadhaar is also digitally validated.

 

[panchabhut]

This restriction is applicable for adhaar OTP based acct without any other form of KYC. Once V-KYC and adhaar digilocker verification is completed, it is no longer a OTP KYC acct.

 

[pothi]

This restriction is applicable for adhaar OTP based acct without any other form of KYC. Once V-KYC and adhaar digilocker verification is completed, it is no longer a OTP KYC acct.

+1

As per RBI, an OTP based account has a validity of 1 year. After that, the account should be closed or migrated to a regular savings account after proper KYC (physical or vKYC).

We can have as many digital accounts as possible as long as full KYC is done. I have opened at least 5 digital accounts so far in the recent months... HDFC, Ujjivan SFB, Airtel payments bank, Jio payments bank, NSDL payments bank to name a few.

 

[ashwinkashwink is verified member.]

You can only open online account once at any bank and once account closed you can't open new account digitally with same bank, only possible to open account again via through branch.

But you can open account digitally across multiple banks as NTB without any such restrictions.

I have personally holding more than 30+ accounts and most of them are opened via digitally.