Self-verification FAQs

 

The banks and financial institutions with self verification feature are as follows:

Commercial Banks Development Banks Finance Companies
Nepal Bangladesh Bank Muktinath Bikas Bank ICFC Finance
Mega Bank Nepal Ltd Kamana Sewa Bikas Bank   
Laxmi Bank Ltd Jyoti Bikas Bank Ltd   
Century Commercial Bank Ltd    
Global IME Bank Ltd    
Bank of Kathmandu    
Himalayan Bank Ltd    
Machhapuchchhre Bank Ltd
   
Nepal Bank Ltd
   
Citizens Bank Ltd
   
Sanima Bank Ltd
   
 
Currently, the feature is available in selected member banks only and other banks are in process of being added.  If your bank has enabled this feature, an option of ‘Self-Verify Account’ will be visible under pending linked bank account list.


 What is a self-account verification ?
Customers of BFIs who have enabled self-verification feature can self-verify and activate the linked bank account in connectIPS, such that user will not require to go to the bank/branch counter for account verification and activation process. If your bank is enabled for this feature the option of ‘self-verify account’ will be available in your pending bank account list.

How do I self-verify my account?
To verify account, follow the mentioned procedures:

  1. Go to ‘Link bank account’ under ‘Bank Account’ in Dashboard.
  2. Submit the required details and click on 'Send for Approval’.
  3. Re-check the details and click on ‘Self Verify Account”. If the entered details are to be corrected, you can edit by clicking on ‘Edit Detail’ button.
  4. Enter the OTP (One Time Password) received in your registered mobile number. Read the terms & conditions, accept the same and click on ‘Submit’ button. (Based on the information, entered OTP validation the status of the linked account will change to ‘AUTOACCEPTAPPROVAL’.).
  5. The linked bank account will be credited with the two micro payments, which you will have to enter sequentially and click on ‘SUBMIT’ button.
  6. Once the micro-deposit is verified, the status of the linked account will change as ‘ACCEPTED’ which can now be used for transaction (up to the specified transaction limit allowed by the bank).

 

 

 

What is the transaction limit for a self-verified account?
The per transaction limit in connectIPS is Rs. 10 lakh per bank from web channel and Rs 1 lakh per bank from mobile app. However, for self-verified account, the transaction limit will be as per the respective bank’s internal policy To know about the transaction limit of each bank, please click here.

 

I want to use full transaction limit in my self-verified account, what shall I do to get the full limit?
To increase the transaction limit allowed for a self-verified linked bank account, the user will have to follow the existing manual process of downloading the approval form and visiting the bank/branch for full verification.

 

How is the self-verification process secured?
The account selected for self-verification are be authenticated based on:

  1. Customer information available at the bank.
  2. One time password (OTP) sent to the registered Mobile Number registered at the bank (mobile number at bank and connectIPS should match).
  3. Confirmation of two micro deposits in user’s linked bank account that will be valid for 3 days (micro deposit is a fractional random amount transferred in the users bank account). 

 

Do I have to continue with self-verification process at the time of account link itself or can I continue later?
Linking of a bank account and self-verification can be done separately. After linking an account, you can go to Manage Account in the Dashboard and double-click on the requested account and click on “Self Verify Option” to initiate the self-verification process.

 

Can I proceed further in verification, if my registered mobile number at bank is different than my mobile number registered in connectIPS?
No, the self-verification process cannot be completed in case your mobile number is different at bank and at connectIPS. In this case, you can change mobile number in connectIPS from ‘Edit Profile’ -> ‘Change mobile number’ 

If your mobile is not registered at bank or is not active, you can request the bank to update the number at bank.

 

How and where can I check for micro deposit amounts?
Micro deposit is a fractional random amount transferred in the users bank account by the system for authenticating the user for self-verification. The user can check such micro deposit from its account statement from any of the available mediums (like mobile banking, internet banking, mini statement from ATM).

 

How long will the received micro deposits be valid for?
Micro deposits will be valid for 3 days only. And the micro deposits have to be entered in the sequence they are received.