KYC stands for “Know Your Client”, which is commonly used in the client's identification process. KYC forms are mandatory for every financial institutions and intermediaries, including mutual funds. Any client registering in the mutual fund must always fill the KYC form first, to avoid any further chaos.
All the investors who wish to invest in any of the mutual fund schemes need to fill KYC form irrespective of the amount. There is no exemption available for an individual (joint holders/ mandate holders) or non-individuals.
No, it will be registered against your folio in all the future account statements. Once the acknowledgement is made to the desired financial institutions, you can invest in a number of mutual funds without a KYC form.
For an individual, identity proof (Voter ID, PAN Card, Driver's License, Passport), address proof (Utility bill) and colored photographs are required. For a non-individual, legal status of the entity & authorized signatories are required.
You will have to get the KYC acknowledgement updated against each folio. Detailed description of the portfolio will be done.
Nowadays, KYC is done free of cost. But if you get enrolled in KYC through a broker, then you might have to pay some amount.
When any KYC form lacks the required/mandatory information, then its further procedure gets cancelled.
Yes, there is:
In addition to the certified copy of passport, a certified copy of the overseas address & permanent address is required.
If any of the document (address proof) is in the foreign language, then it has to be converted in English language before submission.
The documents must be attested by the overseas scheduled banks or the ones registered in India.
Change about the name/address/status/signature must be intimated to the authorized PoS. The desired changes to your documents will be done after 10-15 days of your intimation. You need to give a verified PAN card copy in case of name/address change.
KYC application form is a mandatory document, which has to be filled before you want to invest in the mutual fund. These forms are available on the website of mutual funds. You must read all the important instructions mentioned on the form.
No. If the investor can't visit the PoS personally, then the KYC application form & other required documents can be sent through a distributor who can complete all the formalities of the KYC process on the investor's behalf.
KYC forms are mandatory nowadays, for all the mutual funds applicant. So if you are acknowledged about KYC form, then fill & submit it as soon as possible to avoid any inconvenience.
Once your KYC form is acknowledged, you should attach the form with the transaction slip while investing first time in the mutual fund. If the transaction slip is not accompanied with the KYC form, your request will be cancelled.
Once you have filled & submitted the form to PoS, and it is acknowledged, then attach the form with the transaction slip while you are investing first time in the mutual funds. After that, your information will be stored, and you need not provide the KYC form again.
Yes, you need to. Every time you have increase/decrease in the income status inform the PoS and get it changed in your KYC application form. No proof is required for the same.
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