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KYC FAQs
 

KYC FAQs

 

1. What is KYC?

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2. What are the KYC requirements for a mutual fund investor?

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3. How do I become KYC compliant? Do I need to repeat the KYC process every time I invest in a mutual fund?

To simplify KYC norms, make it more investor friendly and uniform across all intermediaries, SEBI has vide circular dated December 26, 2013 prescribed standard formats for KYC across all SEBI registered intermediaries.

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4. Do I need to submit my KYC application in person at the center?

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5. Is KYC applicable for all investors? Is there any exemption?

All investors (individuals and non-individuals) need to be KYC compliant to invest in mutual funds. This includes for the registrations of systematic investment plan as well, and is irrespective of the amount. Note the following cases:

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6. From what date is it mandatory for an investor to be KYC compliant?

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7. What are the consequences of KYC cancellation/rejection?

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8. Does the KYC Acknowledgement have an expiry date?

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9. What happens if I hold multiple folios/ accounts?

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10. Is there a charge I need to pay to get myself KYC compliant?

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11. I am an NRI. How do I apply for KYC?

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12. Are there any additional requirements for an NRI ?

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13. Are there any special requirements for a PIO (Person of Indian Origin)?

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14. Whom do I inform about change of Name/Address/Status/Signature etc.?

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15. If I am already providing my PAN/PAN Proof for my investment in Mutual Fund. Is that not sufficient for meeting the KYC requirement?

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16. Why do I need to give my income details? How can I be sure that it will not be misused?

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17. In case of a change in my income, would I be required to update the details?

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18. Can an investor give a COA (Change of Address) along with redemption request?

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19. I completed my KYC in the year 2000. Do I again need to do KYC?

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20. Why am I required to submit additional KYC details in the application form, even when I am KYC certified?

To bring uniformity in KYC process, effective January 1, 2012, SEBI has introduced a common KYC procedure across all the SEBI registered intermediaries viz. Mutual Funds, Portfolio Managers, Depository Participants, Stock Brokers, Venture Capital Funds, Collective Investment Schemes etc.

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21. What is FATCA?

Under the FATCA provisions of the United States Hiring Incentives to Restore Employment (“HIRE”) Act, a withholding tax may possibly be levied on certain United States of America (“US”) sourced income / receipt of the Schemes unless the Schemes comply with FATCA.

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