One of the biggest pain points in mutual fund investing has been the KYC or Know your Customer. Most likely you have gone through it.
Initially, it was a plain simple application in a physical form with basic investor details. Subsequently, an In Person Verification or IPV was made mandatory.
Today, it is a much simpler process, less time consuming and completely online.
Now the big question – how do you get your EKYC done?
Thankfully, several agencies specially mutual funds have jumped onto the bandwagon to help you do your KYC. Mutual Funds houses such as Aditya Birla SunLife, Nippon, Quantum, ICICI Pru, etc are offering online facility to enable this.
There are caveats though. Some fund houses expect you to make an investment with them. So, as long as you plan to invest with them, this should not bother you.
The one service which does it without any obligation (except for your permission to send marketing messages to your email) is that of Quantum Mutual Fund.
Here’s the link to Quantum’s eKYC Process page. (best done on Chrome)
ICICI Pru Mutual Fund has come with a completely online process to do KYC in association with Signzy.
Some of the key features of online KYC service are:
- You do not need to send any physical documents.
- The whole process is instant without delay or need for any person visiting your place or online for doing IPV.
- This process is valid for only new KYCs. You cannot update your KYC for any changes using this process. All changes are to be processed via offline applications.
Once you submit the required information, it takes about 2 weeks for your KYC to be registered.
How to do your KYC with ICICI Pru MF in 10 minutes?
Before you proceed, keep the following ready.
- Latest Web browser – Chrome/Firefox/Mozilla
- A reasonably smooth internet connection.
- Working Web camera & microphone
- Identify Proof – PAN card
- Address Proof as one of Aadhar card, Voter ID, Driving License and Passport (verified via Digilocker, you should have a DigiLocker account)
- Signed Cancelled Cheque (for bank account verification)
- Signature Scan copy
Once you are ready:
- Go to https://www.icicipruamc.com/online-kyc. (For best results, use Chrome browser)
- Enter your Name, PAN, Email and Mobile. The system checks if it is a valid PAN.
- On the next page, you will get to view all the required documents as mentioned before. (If you already have a previous KYC, it will show your previous documents with an option to change them)
- In a step by step process, you will upload all the documents.
- You add your photo by clicking via your device camera. (Yes, be dressed properly)
- For your signature, you can sign on a plain piece of paper and take a picture of it. Then upload it to the site.
- Next is IPV or In person verification. Your IPV is done via a live video recording through your device camera.
- Confirm all the information you have provided and submit.
It’s done. Yes, your KYC is now uploaded to the servers and it is verified and registered within 2 weeks. You will also receive an email communication stating the same.
You can also do eKYC with CAMS as well as Karvy. However, they may insist to make an investment with one of their serviced funds. You can always choose a liquid fund with a minimum investment to get past this hurdle.
The biggest benefit of online KYC
The biggest benefit of online KYC is to people residing at distant locations including NRIs. Using this feature, you can now get your KYC done. So, get going!
And once your KYC is registered, take the next step to create your online CAN. Here’s how.
And when you are ready to take a structured approach to build generational, long term wealth, come visit here