In today’s digital world, managing your finances and investments has become easier and more accessible. One innovation making this possible is eKYC for Mutual Funds. eKYC stands for electronic Know Your Customer, a paperless process that allows you to complete the KYC (Know Your Customer) requirements online. It eliminates the need to visit a branch or submit a bunch of documents.
If you are interested in investing in mutual funds, you’ll need to complete eKYC Verification so that mutual fund houses can assess whether there is any risk. In this guest post, we will walk through the process step-by-step so that you can understand how it works and how to complete it smoothly.
What is eKYC Online?
eKYC is the digital version of the traditional KYC process. KYC is a process that is used by financial institutions, like banks and mutual fund companies, so they can verify the identity of their customers. With eKYC Mutual Fund, you can complete this verification online through digital platforms. This makes the entire process easy and convenient for everyone involved.
The regulatory authority (SEBI—Securities and Exchange Board of India) requires eKYC for mutual fund investments. This helps ensure that your identity is authentic and that the investment is made under the right legal framework.
Step-by-Step Guide to Complete eKYC for Mutual Fund
Here is a step-by-step guide for investors so they can complete their identity verification online and start their investment journey immediately.
Choose Your Mutual Fund Provider
First, you need to decide which mutual fund house or platform you want to invest through. There are a number of online platforms and mutual fund companies that offer the eKYC Verification process. You can visit their official websites or use popular investment apps as per your needs.
Begin the eKYC Process
Once you have chosen your platform, go to the “eKYC” section. Most platforms have a clear link or button labeled “Start eKYC” or “Complete KYC” on their homepage or within their app.
Enter Basic Details
To complete the eKYC Mutual Fund, you will be asked to provide your basic details. This usually includes:
- Name
- Date of Birth
- Mobile Number
- Email Address
Make sure your contact details are correct, as you may receive OTPs (One-Time Passwords) on your mobile number or email for verification.
Aadhaar Authentication
One of the key features of eKYC Online is Aadhaar-based authentication. You’ll be asked to enter your Aadhaar number. This is the unique identification number assigned to every Indian citizen.
- You will need to authenticate using your Aadhaar-linked mobile number.
- An OTP will be sent to your registered mobile number.
- Once you enter the OTP, the platform will verify your details directly from the UIDAI (Unique Identification Authority of India) database.
Document Upload
In most cases, the Aadhaar authentication itself is enough to complete your eKYC for Mutual Fund. However, in some cases, you may need to provide additional documents. This might include:
- PAN Card (Permanent Account Number)
- Bank Account Proof
You should ensure that your documents are clear and legible.
eSign Your Application
After verifying your details and completing the video call (if required), you will need to sign the KYC form digitally. This is done using an e-signature, which is a legally recognized digital signature. Additionally, you may need to authenticate your signature through OTP. so that mutual fund houses can ensure that the authorized person is signing the application.
Conclusion
In conclusion, we can say that eKYC for Mutual Funds is a quick, easy, and secure way to complete your KYC process for mutual fund investments. By following the simple steps outlined above, you can complete the process in just a few minutes and start investing in mutual funds from the comfort of your home.
If you are new to mutual funds, remember that it’s always a good idea to research and understand the different types of funds before investing. Along with that while you are using eKYC Mutual Fund your information is safe and secure. If you are a business that is looking to offer a streamlined eKYC Verification to your investors then you can connect with the team of Meon. They are the leading eKYC provider in India.
