Digitisation has made our lives easier, especially when it comes to banking and investments. Mutual funds have become one of the preferred investment options for individual investors.

Investing in mutual funds has become easier in the last few years. With the rise of Do It Yourself (DIY) investors, many DIY individuals face hurdles while completing their Know Your Customer (KYC) process. It is a one-time process and differs from the bank KYC. After the mutual fund KYC process is complete, you can invest in any scheme from any fund house.

Thanks to digitisation, you can become a mutual fund investor from the comforts of your home by completing the eKYC process. The meaning of eKYC is electronic KYC, i.e., KYC is done without paperwork.

In this blog, we will describe eKYC for mutual funds, what it is and how you can do eKYC for your mutual fund investment.

What is eKYC?

e-KYC for mutual fund investments is an entirely paperless, PAN-based approach to complete the KYC requirements. Individuals can provide their details such as the PAN, Proof of Address, additional KYC and FATCA & CRS details and to complete the KYC process.

You may visit the websites of platforms such as Central Depository Services Limited (CSDL), National Securities Depository Limited (NSDL), and others to complete your eKYC online.

Moreover, you can also visit Aditya Birla Sun Life Mutual Fund’s eKYC page to complete your PAN based Video KYC and invest in any of our schemes within a few hours.

How to complete E-KYC for Mutual Funds?

You don’t have to go anywhere to complete your eKYC, as you can do eKYC online through Aditya Birla Sun Life Mutual Fund’s platform.
Visit this site to initiate the process.

Here are the steps:

Step 1: Enter your details

In this first step, you need to enter your details such as your name, PAN, email id and mobile number and verify the same through an OTP.

Step 2: Upload your documents

Then, you can upload your PAN (Proof of Identity) and address proof. The accepted Proof of Addresses include Aadhaar card, Driving License, Voter ID card or Passport. The documents will be verified using OCR (Optical Character Recognition ) where the details on the documents will be auto captured and displayed for confirmation.

Step 3: Personal Information Details

You need to enter some personal information like Gender, Marital Status, Father/Spouse Name, Mothers Name, Residential Status, etc

Step 4: Complete the FATCA declaration form

FATCA (Foreign Account Tax Compliance Act) declaration is required to confirm if you are paying taxes in any other country other than India.

Step 5: Signature Upload

Upload a scanned signature if you have one or sign on a blank white paper and capture a photo to upload.

Step 6: Photo and Video verification

Next, you would be promoted to take a photo and record a short 15 second video. You would be promoted to read out the CAPTCHA displayed on the screen and submit the video.

Step 7: Review KYC Application

At this step you can review the entire KYC application and post your consent you would be directed to carry out eSign through Aadhaar and OTP. Post successful eSign, your KYC application will be submitted for verification and you may proceed with our folio opening process

What are the benefits of PAN-based KYC over regular KYC?

• eKYC is an entirely online process with no paperwork.

• Individuals don’t have to submit multiple copies of their documents.

• Video eKYC, i.e., completing the verification process through video, is a start-to-end process. Individuals don’t have to visit any office to complete their KYC process.

• The physical KYC process takes five to seven business days, whereas eKYC would be processed within 2 days.

Conclusion

Digitisation has made it easier for individuals to invest in mutual funds. So, if you haven’t invested in mutual funds, doing your video eKYC online would be the best way to invest in a mutual fund of your choice instantly.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.