Electronic or eKYC is now available and can be completed either on your fund house’s website or through a registrar and transfer agent
Completing know-your-customer (KYC) formalities is a one-time exercise that every investor must undertake to be able to invest in mutual funds. The procedure is the same for all first-time investors. Once KYC has been completed, you can invest across schemes and fund houses. Electronic or eKYC is now available and can be completed either on your fund house’s website or through a registrar and transfer agent (RTA). Here’s a step-by-step guide on how to do it:
To do your eKYC formalities, first of all go online to a mutual fund website that offers the provision of online eKYC. You can also go through websites of mutual fund RTAs such as CAMSOnline.com or distributor websites. You have to fill the online KYC application form. Use your permanent account number (PAN) to start with the process and provide your personal details such as name and date of birth, among other details, so that you can register on that particular website.
Ensure that you have documents showing your proof of identification, such as PAN, Aadhaar card and so on. You will also need documents for proof of address, such as voter ID card, passport, electricity bill or Aadhaar card. Passport-size photographs, along with the online KYC application, are also required to complete the process.
Scan and keep soft copies of all these documents ready for uploading when you start the eKYC process on a website.
The last step involves an in-person verification (IPV) through a web-based video chat. A representative of the fund house that you are using for your eKYC or the RTA will come on a video chat and verify your identity in person. Once this step of the process is done, all the requirements to complete the eKYC are fulfilled from your end.
Once all the steps are through, you will get a KYC identification number, which means you can start transacting in mutual funds.