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How to complete KYC or E-KYC for Mutual Funds ONLINE?

October 16, 2015by Basavaraj Tonagatti

One of the biggest hurdles for online savvy Mutual Fund investors is the completion of KYC process. Because as of now there is no such process which we can say ONLINE KYC or E-KYC. Recently Quantum Mutual Fund started processing KYC ONLINE also called as E-KYC. By using this facility, you can complete the KYC or E-KYC for Mutual Funds ONLINE itself.

So what is E-KYC?

E-KYC is nothing but Electronic KYC, which totally reduces the typical process of paperwork. It is purely an online process. E-KYC is a simplified KYC for investments based on PAN and Bank Account no. details.

The Quantum Mutual Fund is the first Mutual Fund Company, which started KYC or E-KYC for Mutual Funds ONLINE.

What are the documents required for Online KYC or E-KYC?

# For Resident Individuals

  • Self-attested PAN Card Copy.
  • Self-attested Proof of Address (Latest Bank Statement/Pass Book not more than 3 months old).

# For Non Resident Individuals

  • Self-attested PAN Card Copy.
  • Self-attested Proof of Address (Latest Bank Statement/Pass Book not more than 3 months old).
  • Self-attested Passport Copy.
  • Self-attested Overseas Address Proof and attested by Authorized Attesting Officials.

What is the process KYC or E-KYC for Mutual Funds ONLINE?

I explained the whole process through this below image.

E-KYC or Online KYC

What is the E – IPV?

E-IPV is electronic In-Person Verification as mandated for KYC compliance. As I mentioned in the above image, during the E-IPV process, they verify your presence, original documents, applicant’s verbal confirmation about the information he provided and the signature of the applicant.

Advantages of E-KYC or physical KYC

  • It is purely an online process. Hence, no physical paperwork. This is a boon to those who stay abroad on in remote areas, but ready to invest in mutual funds through DIRECT.
  • As the whole process is paperless, it involves low cost or you may say zero cost process.
  • Reduces the time for processing your KYC.
  • You no need to send any physical signed copies, under this process.
  • The only hurdle is your presence during the E – IPV process.

Once the whole process completed, then you will receive a letter/email confirming the same. You can also visit the websites of any KRA and verify the status online.

Few doubts still need to be clarified are as below-

  • Whether investing Quantum Mutual Fund is mandatory to go through this E-KYC process?
  • Whether one can complete E-KYC with Quantum and invest with other Mutual Fund companies?

Let us see how the details unfold. But to me Quantum Mutual Fund took a big leap in establishing E-KYC process, especially to Mutual Fund Direct Investors.

Recently Reliance Mutual Fund also started the eKYC process. and the procedure is as below.

E-KYC process of Reliance Mutual Fund

Reliance Mutual Fund eKYC

Once E-IPV is completed, your KYC details will be shared with KRA. Once KYC is registered, you will receive the confirmation via email / letter.

What lags in E-KYC process of Reliance Mutual Fund?

  • In my view, during the processing of KYC itself, you have to mention the fund for which you want to invest. So if you have to be an investor with Reliance AMC to get the E-KYC process.
  • It is not purely an online process. Because at the end, you have to send the physical KYC application form to Reliance AMC.
Category: Mutual FundTag: E-KYC, E-KYC for Mutual Funds ONLINE, online KYC

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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Reader Interactions

Comments

  1. Abhishek dalvi

    February 1, 2019 at 10:46 PM

    Is there any mutual fund company who provides e kyc and c kyc API Application Program Interface

    Reply
    • Basavaraj Tonagatti

      February 2, 2019 at 6:25 AM

      Dear Abhishek,
      Currently NO.

      Reply
  2. K.Sudha

    December 15, 2018 at 8:07 PM

    Hi I have a question in 2012 in have done my KYC… recently I have started to invest in MF. I have also updated my address and phone number in CAMS. Now I want to know whether mine is eKYC or physical KYC.. Please advise.

    Thanks

    Reply
    • Basavaraj Tonagatti

      December 15, 2018 at 8:18 PM

      Dear Sudha,
      It is Physical KYC.

      Reply
  3. Ashwani

    November 23, 2018 at 5:14 PM

    Hi
    I have registered in central kyc but while at karvy link its not showing my ckyc id.
    Why nd how to check it?

    Reply
    • Basavaraj Tonagatti

      November 23, 2018 at 7:58 PM

      Dear Ashwani,
      Cross the status with whom you provided the CKYC application.

      Reply
  4. Himanshu

    June 18, 2018 at 10:13 PM

    hi

    i have done Aadhar based KYC. Now when i want to convert it to full KYC through quantum website, it does not give me option to modify as it says i am already KYC compliant.

    Reply
    • Basavaraj Tonagatti

      June 19, 2018 at 5:35 AM

      Dear Himanshu,
      If your KYC is completed, then why you want to do it again? Just go ahead for investment (if you are looking for investment in Mutual Funds).

      Reply
  5. Jitendra

    April 4, 2018 at 7:16 PM

    Sir I already have KYC done but now I have to update my KYC address for that I should have CKYC no. So how do I get CKYC no?

    Reply
    • Basavaraj Tonagatti

      April 5, 2018 at 12:30 PM

      Jitendra-By using the same CKYC form you can update it.

      Reply
  6. Neethu Antony

    January 23, 2018 at 11:38 PM

    Hi Mr Basu,
    I am an NRI and have opened recently a 4 in 1 account with Axis bank through which I am investing in shares. Now I am planning to invest in some direct plans for SIP’s but all MF’s asking CKYC no. But when I put my pan no in Karvy platform, it is showing KYC registered with NDML without a number. Please can you advice on what I should do to enroll in SIP Direct plans

    Reply
    • Basavaraj Tonagatti

      January 24, 2018 at 5:56 AM

      Neethu-I think that is sufficient. By taking the printout of the Karvy platform acknowledgement, you can start investing directly in MF. The problem with CKYC is that it is not yet centralized as it was thought initially. Sad but the reality.

      Reply
  7. Sharda Nand Kumar

    December 30, 2017 at 8:45 AM

    Hi Basu,
    I started investment in MF as an E-KYC complaint so there is a limit of 50K Per AMC per year.Recently i had applied for conversion of e-KYC to regular KYC in cams office and i did all the procedure as guided by officer there but application was finally rejected due to absence of IPV and cams advised me to do the document processing again. I have done some other investment through ICICI securities limited and they have processed my C-KYC. I have already got an email of my C-KYC processing and c-KYC number allotment.I need to know that do i still need to do the processing through cams as i am already C-KYC complaint?please reply.Thanks in advance.

    Regards

    Reply
    • Basavaraj Tonagatti

      December 30, 2017 at 9:20 AM

      Sharda-Sadly the broker CKYC is not acceptable to MFs as of NOW. So you have to undergo once again the KYC.

      Reply
  8. Purna Dave

    December 25, 2017 at 5:44 AM

    I have already ekyc complaint. But now my address is charged.
    Can I change my address in ekyc online (with proof of bank passbook not more than 3 months) without any physical work?
    Thanks for your this service.

    Reply
    • Basavaraj Tonagatti

      December 25, 2017 at 7:27 AM

      Purna-You can do so if the financial institution provides you eKYC facility.

      Reply
  9. Sameer

    July 6, 2017 at 2:09 PM

    Hi Basu,

    My first question is similar to the one you’ve already answered but that was more than 8-9 months ago. I am asking again just in case there are any changes.

    Question 1: I did my eKYC through Karvy online. I want to invest more than 50k / year in mutual funds. Therefore, in order to convert my eKYC to regular KYC, is the process still the same as advised in the earlier post?

    Question 2: If I invest in mutual funds through Karvy website, would I be paying them any commissions now or in the future?

    Question 3: Is it possible to invest in mutual funds through my wife’s demat account with ICICI?

    My wife and I are both NRIs but since my wife doesn’t have any income I transfer some amounts to her NRE account from my own NRE account.

    Would really appreciate your valuable inputs to all above queries.
    Thanks.

    Reply
    • Basavaraj Tonagatti

      July 6, 2017 at 7:22 PM

      Sameer-1) YES. 2) If you invest in REGULAR funds, then yes they earn a commission. 3) Demat account is not required and costly way of investing in MF.

      Reply
  10. Arpit Garg

    October 7, 2016 at 2:50 PM

    My e-KYC is done. Now Mutual fund like Franlkin not accepting investment more the 50K. Tey said investment made under eKYC can only be made upto 50K. Now I want to convert my eKYC to physical KYC so that I can invest more money.

    Issue is that when I submitted documents for KYC to distribution center Bajaj, they said that you need to first make physical investmentment by them, then only eKYC willl be converted to regular physical KYC.

    You can not do online translation without it.

    Thta logic sounds wierd to me that eKYC can not be converted into KYC without physical investment.

    Please suggest how to get done physical kyc.

    Reply
    • Basavaraj Tonagatti

      October 7, 2016 at 3:18 PM

      Arpit-Instead of submitting the KYC to Bajaj, why can’t you submit it to Franklin directly?

      Reply
      • Arpit Garg

        October 7, 2016 at 3:22 PM

        I am leaving in ghaziabad and there is no Franklin office nearby. Can i do it online or post them.

        Reply
        • Basavaraj Tonagatti

          October 7, 2016 at 3:24 PM

          Arpit-You can’t do it online. But you can post them.

          Reply
  11. Praveen Kumar Singh

    July 19, 2016 at 12:13 PM

    Can kyc be done from other state??

    Reply
    • Basavaraj Tonagatti

      July 19, 2016 at 5:36 PM

      Praveen-YES.

      Reply
      • Praveen Kumar Singh

        July 19, 2016 at 5:43 PM

        How can it be done.And is all my documents required signed by me..

        Reply
  12. panthak

    April 12, 2016 at 4:02 PM

    its kind of bullshit procedure … its just KYC …. when u can trace pan card details and also bank accounts name from number , even trace adhar card no.

    3 tracing system available still u need to print n fill details on paper and scan n upload it again … not stop from that point asking for skypee … mobile varifcation etc…

    who say its paper less …. it paper waste n time consuming process …

    suggest ….

    e – kyc mean its must me easy like opening email id
    1> ask pan details …. trace the name in system
    2> ask bank a/c. details …….trace name in system , and make initial process fee , should be min. and make payment through net banking
    3> ask mobile no. ……. verify by otp system
    4> verbal confirmation by call …

    thats it …….

    re check after register … 2 days later , 5 days , 10 days , 15 days ,…. randomly

    so thinking of fraud case is 0 …….

    re think and initiate this kind e kyc … which is actual e kyc …

    Reply
    • Basavaraj Tonagatti

      April 15, 2016 at 11:58 AM

      Panthak-Thanks for your sharing.

      Reply
  13. venkat

    January 1, 2016 at 6:10 PM

    Sir bloggers residing in India earning money through Google adsense what they should mention for Occupation and source of welcome, please clarify thanks.

    Reply
    • Basavaraj Tonagatti

      January 1, 2016 at 7:36 PM

      Venkat-It is business income.

      Reply
  14. karthik

    December 29, 2015 at 7:21 AM

    hi basavaraj ji, i am nri.. and already a KYC Compliant, but now i got an email from HDFC mutual fund stating that i need to again go thru KYC procedures to continue my SIP investments from 1st jan 2016. but i am not yet still IPV compliant…so pls. advice…how to go ahead further… as my physical presence and other documents again i need to send..
    regards
    karthik

    Reply
    • Basavaraj Tonagatti

      December 29, 2015 at 11:14 AM

      Karthik-I think it is related to FACTA but not the new KYC. Better you communicate with HDFC MF.

      Reply
  15. Manoj

    December 9, 2015 at 9:34 AM

    I completed my KYC @ Reliance today. I didn’t send any documents by post and KYC status is verified-new user

    Reply
    • Basavaraj Tonagatti

      December 9, 2015 at 10:07 AM

      Manoj-You have to send the documents.

      Reply
      • Manoj

        December 9, 2015 at 8:05 PM

        But I already got Registration letter from Karvy by mail. It says you are now KYC compliant.

        Reply
        • Basavaraj Tonagatti

          December 9, 2015 at 8:36 PM

          Manoj-Check the same now in CVLKRA.

          Reply
          • Manoj

            December 9, 2015 at 9:42 PM

            KARVY KRA KYC REGISTERED – New KYC with status date,time and kyc date,time

            Reply
            • Basavaraj Tonagatti

              December 10, 2015 at 9:39 AM

              Manoj-Then no need to send.

              Reply
  16. ranjeet pandey

    November 28, 2015 at 4:23 AM

    if i have done e kyc verification for one MF company for my first investment. so i need to go for another round e kyc/kyc for another MF company.. please help me

    Reply
    • Basavaraj Tonagatti

      November 28, 2015 at 11:22 AM

      Ranjeet-No, one is enough.

      Reply
  17. Vinod

    November 4, 2015 at 4:24 PM

    Hi Basu,
    Could you write a post about mandatory additional KYC requirement for all existing and new mutual fund investors.(Additional KYC, FATCA, CRS & UBO declaration) I had completed my KYC while registering for CAN. Now i have two mutual funds axis and franklin -SIP. So now
    (1) Should i submit the additional KYC requirement in individual fund house or CAMS(i took CAN from there).
    (2) Though MFUtilities still have not started investor login as its almost more than a year,I can see additional KYC forms available in their website. Can i sent them the new forms or should i personally go and submit.
    (3) If i dont submit will my SIP be rejected after the proposed deadline of december.

    Thank You.

    Reply
    • Basavaraj Tonagatti

      November 4, 2015 at 6:39 PM

      Vinod-Please wait. I will write a post on this.

      Reply
  18. Arul Selvan

    October 17, 2015 at 2:08 PM

    I tried it. I did not get the one time SMS. So, could not proceed further. Anyone else completed successfully?

    Reply
    • Basavaraj Tonagatti

      October 17, 2015 at 7:54 PM

      Arul-When you tried? Also, with which company?

      Reply
  19. Brahmananda Reddy

    October 16, 2015 at 11:45 AM

    Most uselful info Basu sir. Thank you somuch 🙂

    Reply

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