As we are all aware that KYC is mandatory for Mutual Fund Investments, many of us look for Mutual Fund KYC online. But sadly this ONLINE facility is not available now. However, now you can complete the Mutual Fund KYC online using Paytm Money.
This is the big game changer, especially for DIRECT Mutual Fund Investors. However, the sad part is that currently NRIs are not allowed to invest using Paytm Money. Hence, those NRIs who are eager to invest in Mutual Funds for the first time have to wait for more.
KYC is a one time process you have to complete to enter into the world of Mutual Fund as an investor. KYC process is mandated for investments in Mutual Funds as prescribed by SEBI (Securities and Exchange Board of India), Prevention of Money Laundering Act (PMLA) other relevant regulations.
Also, when you make investments, your KYC details are updated/verified with KRA (KYC Registration Agencies) and processed by the AMCs (Asset Management Companies) & RTAs (Registrar and Transfer Agents) in accordance with respective guidelines & regulations.
How to complete Mutual Fund KYC online using Paytm Money?
Let me explain you the steps to complete the Mutual Fund KYC online using Paytm Money.
Step 1-Download the Paytm Money App from Google Play Store.
Step 2– Then log in to Paytm Money account using your existing Paytm App login details. If you don’t have Paytm login, then you can create the one as a new user. Paytm Money will check your readiness in below way by using different documents and authentication.
- PAN Card
- Personal Details
- Address Proof
- Nominee & Declarations
- Communication Details
- Bank Account
Step 3-PAN Card Entry is the first process. Once you log in to Paytm Money, then it will ask for you to enter the PAN Card.
Step 4-Once you enter the PAN number and it is verified, then the next step is to upload your PAN card image. Please ensure that PAN card image is sharp and clear.
Once you click on the tab “Next”, you will see the list of the documents required to complete your KYC Process.
Step 5-Now enter your personal details as the next step.
Step 6-In the next step you have to provide your signature format. There are two options to do it. One is to add your digital signature on the app or upload the signed image.
Step 7-Next step is to upload your image using even your device camera. Then click on the tab “Save”. Make sure that the image should capture your face with light background.
Step 8-As per SEBI’s KYC regulation of in-person verification purpose, you are required to upload the five seconds video in the next step. You can refer to the sample video on the app for the guidelines. In the video, you must state your full name as it is in PAN card and other records. Save the video and click on the tab “Save”.
Step 9-Then the next step is to provide your address details and upload the address proof. You have to submit any Government approved documents such as Aadhaar, Passport, or drivers license. Do remember that, here there are two options to upload the address proof. One is front photo and second one is backside photo of your address details. Once you upload both front and back photos, then click on “Save”.
Step 10-Then you have to provide nominee and declaration details. In declaration details, you have to declare your annual income range, residential status, tax residency and whether you are politically exposed or not.
Step 11-Then you have to enter your mobile number and email id which you want to register yourself for your all mutual fund related future communication. The same can be verified by using the OTP sent to you by Paytm Money.
Step 12-Now you have to provide your bank account details. Once you provide it and then Paytm Money will transfer Rs.1 to your account as for cross verification. Once it is verified, then they will notify you for the same.
Then you would be asked to upload a canceled cheque leaf or the bank account statement. Make sure that your name and account number is clearly visible in the image.
After this, your part of KYC will be completed. Paytm Money will verify the data you provided and it usually takes around 3-4 days. After successful KYC verification, you will receive the notification in this regard.
How to check KYC Status of Paytm Money?
After few days, you can cross check the status by login to your Paytm Money. If there are any issues, then they will be displayed. Click on such messages and rectify the same. The usual messages are like “Person in the video not match with photo”, “photo is not clear” or “Signature is not clear”. You have to take steps to rectify the same.
Once all the details are verified, check the status of your KYC by clicking on the Profile tab. If your KYC is successful, then you will see the message like “Investment Ready” against your name with a green color tick mark.
If you still feel the process is difficult, then refer the below video of Paytm Money for Mutual Fund KYC online.