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Friday, March 25, 2016

How to complete KYC or E-KYC for Mutual Funds ONLINE?

 

One of the biggest hurdles for online savvy Mutual Fund investors is the completion of KYC process. Because as of now there is no such process which we can say ONLINE KYC or E-KYC. Recently Quantum Mutual Fund started processing KYC ONLINE also called as E-KYC. By using this facility, you can complete the KYC or E-KYC for Mutual Funds ONLINE itself.

So what is E-KYC?

E-KYC is nothing but Electronic KYC, which totally reduces the typical process of paperwork. It is purely an online process. E-KYC is a simplified KYC for investments based on PAN and Bank Account no. details.

The Quantum Mutual Fund is the first Mutual Fund Company, which started KYC or E-KYC for Mutual Funds ONLINE.

What are the documents required for Online KYC or E-KYC?

# For Resident Individuals

  • Self-attested PAN Card Copy.
  • Self-attested Proof of Address (Latest Bank Statement/Pass Book not more than 3 months old).

# For Non Resident Individuals

  • Self-attested PAN Card Copy.
  • Self-attested Proof of Address (Latest Bank Statement/Pass Book not more than 3 months old).
  • Self-attested Passport Copy.
  • Self-attested Overseas Address Proof and attested by Authorized Attesting Officials.

What is the process KYC or E-KYC for Mutual Funds ONLINE?

What is the E – IPV?

E-IPV is electronic In-Person Verification as mandated for KYC compliance. As I mentioned in the above image, during the E-IPV process, they verify your presence, original documents, applicant's verbal confirmation about the information he provided and the signature of the applicant.

Advantages of E-KYC or physical KYC

 

  • It is purely an online process. Hence, no physical paperwork. This is a boon to those who stay abroad on in remote areas, but ready to invest in mutual funds through DIRECT.
  • As the whole process is paperless, it involves low cost or you may say zero cost process.
  • Reduces the time for processing your KYC.
  • You no need to send any physical signed copies, under this process.
  • The only hurdle is your presence during the E – IPV process.

Once the whole process completed, then you will receive a letter/email confirming the same. You can also visit the websites of any KRA and verify the status online.

Few doubts still need to be clarified are as below-

  • Whether investing Quantum Mutual Fund is mandatory to go through this E-KYC process?
  • Whether one can complete E-KYC with Quantum and invest with other Mutual Fund companies?

Let us see how the details unfold. But to me Quantum Mutual Fund took a big leap in establishing E-KYC process, especially to Mutual Fund Direct Investors.

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