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The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) mandate that all Indian financial institutions verify the identity and address of all customers who wish to carry out any transactions with them. This process is known as KYC or \u2018know your customer.\u2019<\/p>\n\n\n\n
Online KYC is an easy, streamlined method to establish the authenticity of the customer. Read on to find out how you can complete your online KYC after signing up on Moneyfy in just five simple steps.<\/p>\n\n\n\n
Keep the following ready before beginning MF KYC online:<\/p>\n\n\n\n
After completing registration, you must do the following:<\/p>\n\n\n\n
<\/p>\n\n\n\n Completing your KYC has never been easier. You can complete your mutual fund KYC online from the comfort of your home. All you need to do is keep your documents ready for uploading and follow the steps below.<\/p>\n\n\n\n Step 1: Upload your PAN Card and Address Proof<\/strong><\/p>\n\n\n\n Your PAN Card serves as your primary identity proof. Click a picture of your PAN Card or scan it via your phone. Make sure that it is not crooked, cropped, or out of focus. If you think that the photo you have clicked is unsatisfactory, try again and upload a new one.<\/p>\n\n\n\n You can provide your Voter ID, Aadhaar Card, driving license, or passport as your address proof. You need to upload both the front and back of these documents.<\/p>\n\n\n\n Click a picture of the document you wish to upload. Make sure that all details are visible and the image is not blurred or crooked. Clarity is of utmost importance when uploading pictures online for your mutual fund KYC. This is because these documents are legally required for you to be able to operate your account.<\/p>\n\n\n\n Step 2: Upload your selfie<\/strong><\/p>\n\n\n\n Take a selfie from the front camera of your smartphone. The photo needs to be in focus, and your face should be in the centre of the frame. Make sure there is adequate lighting and your face is clearly visible.<\/p>\n\n\n\n Step 3: Upload your signature<\/strong><\/p>\n\n\n\n Mark your signature clearly on a piece of unruled white paper. Taking a plain sheet of paper for your signature eliminates any possibility of distortion. After this, take a photograph of the signed piece of paper and crop it so that your signature is clearly visible. You can try this as many times as you want. When you are happy with the result, upload the image to the app.<\/p>\n\n\n\n Step 4: Upload your selfie video<\/strong><\/p>\n\n\n\n Access the front camera of your phone and start recording a video. Make sure your face is in focus and in the centre of the frame, with adequate lighting. Then read out the numbers on your screen. The purpose of this exercise is to authenticate the identity of the account holder. It helps keep your account secure.<\/p>\n\n\n\n Step 5: Complete the Aadhar-based E-sign<\/strong><\/p>\n\n\n\n Once you\u2019ve uploaded the necessary paperwork, you will receive an OTP on your Aadhar-linked mobile number. Once you enter the OTP in the form, it is automatically sent for review. This is your Aadhaar-based electronic signature. Your account will be opened in 5-7 days!<\/p>\n\n\n\n By following the steps above, you now know how to do KYC for mutual fund online.<\/p>\n\n\n\n The reason why the government mandates KYC is to safeguard against instances of money laundering and fraud. It is to make sure that investors are using their real identities and can be tracked in case of any default.<\/p>\n\n\n\n In the case of mutual funds, an asset manager or an investment management company builds a varied investment portfolio on behalf of the investors. Without you completing your online KYC for mutual funds, they cannot access your money or act on your behalf legally.<\/p>\n\n\n\n NRIs who want to invest in Indian fund houses can update their KYC status even if they don\u2019t have Aadhaar cards. This can be done online or offline. To update their eKYC for mutual funds, they need to follow these steps:<\/p>\n\n\n\n Complete your eKYC for mutual funds online to start investing. With an easy, 100% digitized KYC process that you can complete through your phone, you will be investment-ready in just 5-7 days. If you are a new investor hoping to generate wealth through mutual funds, download Tata Moneyfy\u2019s mutual fund app. You can set a customized goal for yourself and accomplish it by investing gradually through SIPs, starting at Rs. 500. So, make good use of your idle money, and make it grow with Moneyfy.<\/p>\n\n\n\n <\/p>\n\n\n\nActivity<\/strong><\/td> Requirement<\/strong><\/td><\/tr> PAN Card + Address proof<\/td> Submit a scanned copy of your PAN Card + Voter ID\/ Aadhaar Card\/passport\/driving license (any one)<\/td><\/tr> Upload selfie<\/td> Use your smartphone\u2019s front camera to click a front-facing picture<\/td><\/tr> Upload signature<\/td> Click a photo of your handwritten signature<\/td><\/tr> Upload selfie video<\/td> Record a clip with your smartphone\u2019s front camera while reading out the on-screen numbers<\/td><\/tr> Aadhaar-based e-sign<\/td> Use the OTP received on your Aadhaar-linked mobile number to complete verification<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n How to Do KYC for a Mutual Fund?<\/strong><\/h2>\n\n\n\n
Why Is KYC Compulsory?<\/strong><\/h2>\n\n\n\n
How Can NRIs Update Their KYC Status for Mutual Fund Investments?<\/strong><\/h2>\n\n\n\n
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Conclusion<\/strong><\/h2>\n\n\n\n