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EBL launches 'INSTA Account'

FE Report | June 02, 2020 00:00:00

Eastern Bank Ltd. (EBL) on Sunday introduced an instant account opening solution -EBL INSTA Account - for the first time in Bangladesh under the e-KYC guideline.

The leading private commercial bank (PCB) launched the solution to help customers and employees maintain maximum possible social distancing during the COVID-19 pandemic.

Interested persons can open such account within a minute, according to the EBL.

Talking to the FE, an EBL official said this account will be opened with the NID of the customer and will offer debit card as well as free cheque book facilities.

He also said EBL Insta Account comes in both current and savings variants, and is available in all EBL branches.

"This initiative will minimise the total time spent by customers in the bank, while ensuring them top quality digital banking solutions," the private banker explained.

Earlier on January 08 this year, the central bank of Bangladesh issued a circular pertaining to e-KYC (know your customer) applied to the country's financial institutions.

The Bangladesh Financial Intelligence Unit (BFIU) had released the e-KYC guideline containing a set of instructions for the banks and non-banking financial institutions (NBFIs) to enable them to conduct customer due diligence in a digital manner.

The 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.

The deadline for implementing the e-KYC is December 2020.

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