Hello Readers!!
Investors who plan to start their investments in mutual funds are asked to complete the KYC (Know Your Customer) registration process first and then they are processed with their investment in mutual funds. For KYC registration, an individual must be 18 years or above in age.
Here’s what you must know about KYC formalities.
Keep Your KYC updated!
People move to different cities to seek jobs, or when they get transfers. Also, people move or shift to other countries, such people should update their KYC with changes like address, residency, and other changes. For women, when they get married they are advised to update their KYC status as their name gets changed by taking the title of their in-laws. The KYC details once done can be changed by following the prescribed process.
Does A Change In KYC Affect My Other Holdings As Well?
Well, when you go changing your KYC in a mutual fund, it will be reflected in your mutual fund folios. Your KYC in banks and Demat accounts does not change when you opt to change your mutual fund KYC.
Which Document Is Required To Update KYC?
When you choose to update your KYC, very first you need to fill ‘KYC details change’ form. You can get this form from the website of mutual funds and registrar and transfer agents (RTA) such as CAMS and K-Fin.
With the form, you will be required to submit a self-attested copy of some documents. A self-attested copy of PAN is a must with all KYC updation forms. Fill out the basic information required in the form along with your PAN number, and then select the field for which you want to change. For example, to change your address, you must give a self-attested copy of any one of passport, ration card, electricity bills, latest bank statement clearly stating the name and address of the account holder.
After you fill the form completely and attached all the required documents, submit it to the office of one of the mutual funds or RTAs. Original documents are required for verification of self-attested copies.
Can One Update Their KYC via Online Mode?
Well, here one thing must be clear, that if you are registering for KYC for the first time ever, you can do it online, but if you are updating your already done KYC registration then you have to do it physically that is from offline mode. You cannot do it via online mode. Updation of KYC takes place within 7-10 days of submitting the form.
While you register KYC for the first time via online mode, then you have to upload your photo and photo of required documents. Then, an in-person verification is also done through a video call, to ensure you are a real person and alive.
Keep reading for more updates on Mutual Fund Investment!!
For any kind of query you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).