- Becoming KYC Compliant Before investing in a mutual fund, it is mandatory to comply with the KYC requirements. You need to submit your personal details like name, mobile number, date of birth, address etc., as part of the KYC process.
- eKYC You can achieve KYC compliance through the eKYC platform online. The eKYC facility is also offered by different asset management companies (AMCs) including Aditya Birla Sun Life. The process requires you to key in your basic details through the online form and upload a soft copy of PAN and address proof.
- Get the Necessary Documents Certain documents are needed for opening a mutual fund account online. These are cheque book, PAN card, passport size photograph and address proof. You would also need a cheque book for verifying your bank details such as the IFSC and MICR code.
- Start the Process After becoming KYC compliant, you can visit the website of the fund house where you want to invest. Register yourself by filling up the required details in a form. Choose a username and password that would be used for online transactions.
However, since there is uniformity across different SEBI regulated intermediaries like portfolio managers, stock brokers, collective investment schemes, mutual funds in the KYC process, you have to do this only once.
The final step of the process involves a video call which is used to confirm your presence at the location. You can also use Aadhaar to complete the e-KYC process. Note that usage of Aadhaar will actually eliminate the need for video call. However, KYC done through Aadhaar imposes a statutory limit of Rs. 50,000 per annum in any particular fund.
You will also be required to enter your bank account details, from which a regular amount would be debited on a monthly basis (if you have opted for SIP). The proceeds from redemption would also be credited to your bank account upon maturity.
After you have registered yourself, you can log in and select the option and the mode of investing. As an investor, you can either select growth, dividend or dividend reinvestment option, while starting to invest. You can also choose to either invest a lump sum or in SIP.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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