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All you need to know to update your mutual fund KYC details​​​​

Getting to know one another is vital in any relationship, whether on a dating app or an investing app. Mutual fund houses mirror this thought and ask investors to complete their KYC (Know Your Customer). It contains your name, address, contact details, etc. KYC for mutual funds is a mandatory prerequisite that needs to be done by all investors. But what happens if your details are not the same anymore, and you may need to update them? Let us help you:

Steps to change KYC for mutual fund investments

You can change your KYC for mutual funds in India offline and online. It can be done through KRA (KYC Registration Agency), the AMC office (Asset Management Company) or the R&T office (registrar and transfer agent).

Offline method

Here are the steps to update KYC for various top-performing mutual funds in India offline:

- Download the KYC form from KRA or the AMC’s website. You can also get this form physically from the KRA, R&T, or AMC’s branch office.

- Enter the new details you wish to update for the mutual funds you are investing in. You can change your name, address, residential status, nationality, PAN, phone number, email ID, and other similar details.

- To update the KYC for mutual fund investments, you have to attach self-attested proofs and the form. Acceptable documents can include your passport, electricity bill copies, latest bank statements mentioning your name and address, ration card, etc.

- Submit the form and the proofs to the KRA, R&T, or AMC office.

- After this, an in-person verification will be held, wherein an authorised individual can contact you through video call and confirm the details to complete this verification.

Online process

Here are the steps to update KYC for various top-performing mutual funds in India online:

- Visit the KRA or the concerned AMC’s website.

- Click on Update KYC under settings.

- You will find your older information here. Make the changes to the existing details and update the fields with the new information.

- Upload self-attested scanned copies of the proofs mentioned above.

- Enter the one-time password (OTP) sent to you on your registered mobile number or email address.

- The KRA or AMC will review your information and update it accordingly.

- You will be notified once the changes have been made or if there are any actions to be taken from your side.

(Please Note: KYC process/ UI/UX might be wary for every AMC)

Important things to keep in mind

- Your request for updating your details can be rejected if the proofs and information submitted by you do not match. Therefore, try to be careful and ensure that there are no errors. It can avoid unnecessary delays and confusion.

- You may be investing through a SIP or in a lump sum in multiple fund houses. If you update the KYC in one mutual fund house, your details will be changed across all fund houses.

- The updated KYC details for mutual fund investments can take anywhere between a week to 10 days to reflect in your account.

- If you are changing your residential status or nationality, you must submit your passport as proof.

To sum it up

Updating your KYC for mutual fund investments is a simple process and does not take time or effort. If there has been any change in your personal information recently, you can easily follow the steps given above and change your details.

FAQs

1. Is KYC mandatory in mutual funds?</h3>

Yes, KYC is mandatory to invest in mutual funds.

2. How do I register for KYC?

You can register for KYC through the following steps:

  • Download the KYC form from KRA or the AMC’s website.
  • Enter your details — name, address, residential status, nationality, PAN, phone number, email ID, etc.
  • Attach self-attested proofs of the above, along with the form, and submit them to the KRA, R&T, or AMC office.
  • In-person verification will be held to confirm the details.

3. Can I invest in a mutual fund without KYC?

KYC compliance is mandatory for you to be able to invest with any mutual fund house.

 

 

 

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Disclaimer:
This is an investor education and awareness initiative by Nippon India Mutual Fund.
Helpful information for investors: All Mutual Fund investors have to go through a one-time KYC (know your Customer) process. Investors should deal only with registered mutual funds, to be verified on SEBI website under 'Intermediaries/ Market Infrastructure Institutions'. For redressal of your complaints, you may please visit www.scores.gov.in . For more info on KYC, change in various details & redressal of complaints, visit mf.nipponindiaim.com/investoreducation/what-to-know-when-investing This is an investor education and awareness initiative by Nippon India Mutual Fund.

The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The document has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. The sponsor, the Investment Manager, the Trustee or any of their directors, employees, associates or representatives (“entities & their associates”) do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Entities & their associates including persons involved in the preparation or issuance of this material shall not be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material. Recipient alone shall be fully responsible for any decision taken on the basis of this document. Language Disclaimer:
While utmost care has been taken in translating the article into respective regional language(s), in case of any confusion or difference of opinion, article available in English language should be deemed as final. The article provided herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional advice for the readers. The document has been prepared on the basis of publicly available data/ information, internally developed data and other sources believed to be reliable. The sponsor, the Investment Manager, the Trustee or any of their directors, employees, associates or representatives (“entities & their associates”) do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Entities & their associates including persons involved in the preparation or issuance of this material shall not be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including on account of loss of profits arising from the information contained in this material. Recipient alone shall be fully responsible for any decision taken on the basis of this article. "ABOVE ILLUSTRATIONS ARE ONLY FOR UNDERSTANDING, IT IS NOT DIRECTLY OR INDIRECTLY RELATED TO THE PERFORMANCE OF ANY SCHEME OF NIMF. THE VIEWS EXPRESSED HEREIN CONSTITUTE ONLY THE OPINIONS AND DO NOT CONSTITUTE ANY GUIDELINES OR RECOMMENDATION ON ANY COURSE OF ACTION TO BE FOLLOWED BY THE READER. THIS INFORMATION IS MEANT FOR GENERAL READING PURPOSES ONLY AND IS NOT MEANT TO SERVE AS A PROFESSIONAL GUIDE FOR THE READERS."

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