Banks ditch fully digital account openings after fraud spike
Big Indian banks like ICICI, HDFC, SBI, and others are rolling back fully online account openings after a rise in scams involving fake "mule accounts."
They're bringing back in-person checks to keep things safer and cut down on fraud.
What's changing for new accounts?
ICICI has stopped instant online account openings (except for salary accounts), so now most people will get a home visit from a bank rep.
HDFC is mixing digital sign-ups with branch or manager verification.
Basically, opening an account just got less "one-click" and more hands-on.
Why the sudden switch?
The RBI is cracking down on banks for weak KYC checks, and banks are seeking stricter proof of income.
After last year's mule account mess, physical verification—even after starting online—is now standard.
It's all about stopping shady transfers before they happen.
What does this mean for you?
If you love quick digital banking, expect more steps: hybrid processes are replacing instant sign-ups nationwide.
Banks will also limit who can open accounts based on how close you live to a branch.
The upside? Better protection against fraud and potentially faster help if your account gets frozen by mistake.