eKYC for Mutual Fund Investments by Quantum / Reliance Mutual Fund Houses

If you are a first time investor or an existing investor in Mutual Funds, completing KYC (Know Your Customer) formalities is mandatory. This includes submission of KYC form, ID proof, PAN copy, address proof and IPV (In-Person Verification). Know Your Customer (KYC) is a onetime exercise made mandatory to invest in Mutual Funds.

Sometimes getting KYC compliant can be a time-consuming task. Completing KYC formalities is considered as one of the major hurdles in attracting new investors into mutual fund investments.

To overcome this, Quantum Mutual Fund has launched eKYC facility. Quantum will allow first time investors to fill up a simple form online and complete their KYC formalities in a paperless manner. There is no need to submit any forms/document proofs. IPV (Physical appearance) too is not required. So, no need to visit AMC office or CAMS or KRA offices (KYC Registration Agency).

Reliance Mutual fund house has also started accepting eKYC online applications. I strongly believe that all major Mutual Fund houses will soon enable this facility on their respective websites.

What is Mutual Fund eKYC?

eKYC or Electronic KYC is a KYC compliance procedure that allows you to complete your KYC formalities completely online, without any paperwork whatsoever. E-KYC is a simplified KYC for mutual fund investments based on PAN and Bank A/c no. details. eIPV (electronic In-Person Verification) is mandatory.

What is the eKYC process at Quantum Mutual Fund?

Below is the procedure on ‘how to get Mutual Fund e-KYC done.’

  • Visitekyc. quantumamc.comeKYC quantum mutual fund
  • Provide name, mobile number and email id details.
  • Provide your Personal and Bank Account details.E-KYC process quantum mutual fund
  • Upload your supporting documents. Document upload in case of Resident individual is optional and for NRI’s this step is mandatory.E-KYC process online application

Post entering the details and uploading of document, as stated above, you have to agree & accept the declaration and submit the details online.

After submitting the KYC form online, the next step is e-IPV. The customer care team of Quantum will schedule e-IPV (Electronic In-Person Verification). EIPV is a face to face online meeting with the investor (applicant) through Webex or Skype via desktop/laptop/smartphone. You need to show your original PAN card and Bank statement (or passbook) during the online meeting (EIPV). Also, you will be asked to sign on plain paper in non-black ink color, this signature of yours should match the signature in the PAN card.

(In case of NRI’s, in addition to the above, the Original Passport and Original overseas address proof needs to be shown in the IPV process.)

What is the eKYC process at Reliance Mutual Fund?

  • Visit Reliance Mutual Fund website for eKYC. Click here..
  • Reliance mutula fund ekyc login process detailsEnter your KYC non-compliant PAN.
  • In the next window you can find eKYC process details.Reliance mf ekyc process
  • Enter your personal and bank account details.Reliance mutual fund ekyc procedure
  • Download Pre-filled KYC form, sign and upload it along with the self-attested copies of PAN & address proof.
  • Schedule a Video call with the customer care and complete IPV (In-Person Verification process).
  • You may now start buying mutual fund units. (Redemptions are allowed after the company receives the physical copy of your pre-filled form.)
  • You have to send the physical copy of your pre-filled and signed KYC application form to Reliance AMC.(No need to send physical copies of supporting documents).

Once EIPV is done, your KYC details will be shared with KRA. Once your KYC is registered and validated, you will receive the confirmation via email / letter. You can also visit the websites of any KRA and verify your KYC status online.

KYC is a one-time process. So I believe that once your PAN is KYC compliant (through the above eKYC process), you can make mutual fund purchases or redemptions of any mutual fund house schemes.

Mutual Fund Houses are also in talks with SEBI (Securities Exchange Board of India) to allow investors to invest in MFs by simply using the Aadhaar number. Let’s hope that a truly paperless eKYC for mutual fund investments will beocme a reality in the near future.

(Image courtesy of Stuart Miles at FreeDigitalPhotos.net)

  • RAUNAK says:

    Thanks a lot Amit. Really informative article.

  • Sanjoy Acharjee says:

    Following you article I started submitting E-KYC. I stuck in a step while
    it comes to uploading documents. In addition to PAN, I have only one document
    such Voter ID Card. Passport though I have, it expired in April,2016 and Renewal
    awaiting. It is demand of the portal to upload at least two documents. I do not under stand what to do about it. Please suggest.
    Moreover, the portal for e-Kyc asks for certified copy to be uploaded.
    Does it mean as I understand
    First to scan copy of document, then to certify and upload thereafter.
    This is the only way to submit certified copy of document to submit.
    Please suggest.

  • PJ says:

    Is it compulsory to buy MF from quantum or reliance amf if we do e-kyc from them?

  • Dhruv says:

    Hi Sreekanth,

    First of all thank you for sharing such important information with us. I want to ask you that I lost my PAN Card & have only photo copies of my pan card with me. So, may I eligible for applying eKYC ?

    Though I have my Aadhaar card, passport & driving license with me.

    Please help me regarding this.

  • Justin says:

    Dear Sir
    My name is not accepting in this form even though I write my name as it is in Pan Card.

    Always coming like Please enter your full name as given in PAN .
    So please help me to register with KYC.
    Thank You
    Justin

    • Dear Justin,
      Kindly note that that First name, middle name & last name of your PAN can be stored in the IT departments (PAN) in a different way. You have to keyin the details exactly.
      Try at this link…

      • Justin says:

        Dear Sreekanth
        Thanks for your reply. Regarding Bank details for KYC, which account I have to give, NRI account or saving account?. Is there any drawbacks to give NRI account.
        Justin

  • Amit says:

    Hello Sreekanth ,

    This will resolve a lot big problem
    but if i get done my KYC from Reliance and in future if i want to invest online in UTI or any other AMC
    can i do it online

    Amit

    • Dear Amit..Yes, once your PAN is MF KYC compliant then you can invest in any of the MF schemes.

      • Amit says:

        Thank you shreekant
        I have been planning for long but did get done KYC when i visited india
        but now with the help of e-KYC i’ll get done my KYC and will start investing in mutual fund
        i have got enough help from you, your articles are very very simple and informative.

        Thanks a lot

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