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Monday, February 13, 2017

eKYC for Mutual Fund


Have you ever invested in mutual fund? If you are a first time investor or a current investor in Mutual Funds, you must complete the Know Your Customer (KYC) formalities. Do you know what KYC is? Let's know more about it here.

KYC is a onetime implement made compulsory to invest in Mutual Funds. The submission of KYC comprises of KYC form, ID proof, PAN Card Copy, Address Proof, and In-Person Verification (IPV). Why KYC is necessary? It is considered as one of the greatest obstacles in attracting new investors into Mutual Fund Investments. Moreover, to conquer this, Quantum Mutual Fund has launched eKYC facility which will allow first time investors to fill up a simple form online and finish their KYC formalities easily. In addition, there is no need to submit any documents proofs. IPV is also not required.

What is Mutual Fund eKYC?

Electronic KYC is a KYC Compliance process that permits investor to complete his KYC formalities fully online without any paperwork. E-KYC is a simplified KYC for Mutual Fund investments based on PAN and Bank account information. eIPV is compulsory.

eKYC process at Quantum Mutual Fund:

Here is the procedure for Mutual Fund e-KYC.

  1. Go to the website
  2. Fill up the form with your name, mobile number and Email ID.
  3. In the next page, fill up your Personal Bank Account details.ekyc2
  4. Now, upload your supporting documents. Document upload in case of Resident individual is optional and for NRI's this step is compulsory.ekyc3

Before you enter details and upload document as mentioned above, you must agree and accept the statement to submit the details online. After you submit the KYC form online, your next step is e-IPV. It is a face to face online meeting with the investor through Skype or Webex. You must show your original PAN Card and bank statement at the time of online meeting. In addition, you will be asked to sign on blank paper in non-black ink color, and it should match with your PAN card signature.

The Reliance Mutual Fund house has also begun accepting eKYC online applications. Here is the process of eKYC at Reliance Mutual Fund.

eKYC process at Reliance Mutual Fund:

  1. Go to Reliance Mutual Fund website for eKYC
  2. Now enter your KYC non-complaint PAN.
  3. On the next page, you can find eKYC process details.ekyc5
  4. Press on "Get Started" and now on the next page, enter your personal and bank account details.ekyc6
  5. Now, download Pre-filled KYC form. Sign it and upload it with the self-attested copies of PAN card and Address Proof.
  6. Arrange a Video Call with the customer care and complete your IPV verification.
  7. You can now begin to purchase Mutual Fund Units.
  8. You also need to send the physical copy of your pre-filled and signed KYC application form to Reliance AMC.Once your EIPV process is completed, your KYC details will be shared with KRA. When it is registered and validated you will get a conformation mail or letter. You can also visit the website of any KRA and confirm your KYC status onlineFor any queries related to eKYC for Electronic KYC for Mutual Fund then please leave comment below!

Best Tax Saver Mutual Funds 2016 or ELSS Mutual Funds for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. IDFC Tax Advantage (ELSS) Fund

4. ICICI Prudential Long Term Equity Fund

5. Religare Tax Plan

6. Franklin India TaxShield

7. DSP BlackRock Tax Saver Fund

8. Birla Sun Life Tax Relief 96

9. Reliance Tax Saver (ELSS) Fund

10. HDFC TaxSaver

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