(Image source from: The Hindu)

The Non-resident Indians, living in nearly 40 countries, can now be able to open an account in IDBI Bank without submitting paper documents, the lender said on Tuesday.

IDBI (Industrial Development Bank of India) has launched the ‘NRI-Insta-Online’ account-opening process for NRIs living in Financial Action Task Force (FATF) member countries, it said in a release.

There are currently 38 members of the FATF; 36 jurisdictions and 2 regional organizations (the Gulf Cooperation Council and the European Commission), including the United States, United Kingdom, India, Japan, China, and France, among others.

The person will not be required to provide physical documents and KYC (Know your customer) proofs for opening an account with the bank.

“NRIs desirous of opening account can now access the ‘NRI Insta-Online’ on the bank’s website via web module, upload the supporting documents and choose the branch in which the account needs to be opened,” IDBI Bank said.

As soon as successfully uploading and verification of the scanned documents is done, the account is instantly opened and electronic advice is sent to the customer.

The lender said this user-friendly initiative will help NRIs to open an account without any demand to visit the branch or submit physical documents.

FATF is an intergovernmental organization which devices policy and sets standards to combat financial crime. Recommendations created by the FATF target money laundering, terrorist financing, and other threats to the global financial system.

By Sowmya Sangam