Many investors are starting to think about new investments now that the new fiscal year is underway. SIPs are the easiest way to invest in mutual fund mutual funds. Many investors who are looking to invest in equity mutual funds via Systematic Investment Setup (SIP), fear the legwork and paper work. You don’t have to change papers or move your leg. Simply place your leg up and plug in the computer to start a SIP online.
Before you start a SIP, the first thing you should do is to fulfill the Know Your Client (KYC) requirement. KYC is required to speculate in mutual funds. You will need to provide proof of identity, proof of address, and a photo. You must also provide proof of your physical existence by submitting an In-Person Verification (IPV).
These requirements can be completed electronically via eKYC. Many fund houses, such as Quantum and Birla Sun Life have made it possible to do this electronically through their websites. You just need to click the ekyc link, and then follow the steps.
You can also visit CAMS KRA online as a KYC registration agent. It’s both a centralized and an unresolved process. It doesn’t have to be completed with each and every fund house that you wish to speculate. CAMS is not the registrar or agency for every fund. Some mutual funds are managed by Karvy. You should verify who is responsible for the service of your fund.
Each fund house has its own set of steps, so the exact steps for eKYC may vary slightly. The structure is however, not completely, identical.
Basic Information: In the beginning, you will be asked to enter all your private information in an internet form. It would include your name, address, mobile number, and date of birth.
Upload Documents: Next, upload a scan of your PAN card or address proof.
Aadhar is primarily based on eKYC.
An AADHAR will change this process. You can access your AADHAR number and authenticate it using an OTP sent to you by UIDAI. This will pre-populate your shape with all your basic information. A video call is sufficient to complete the AADHAR ekyc procedure.
UIDAI already has your biometric information. However, if your PAN details have not been submitted, you can’t take a position exceeding Rs 50,000 within a twelve-month. You can increase the limit by submitting PAN.
The last step
Now, go to the fund house’s website and look for the registration link. Sometimes, this link can be found below the login button. This will take you to a simple form of opening a fund house web account.
You will need your mobile phone and your chequebook in case you have to enter bank details or verify your account via an OTP.
