Digital e-KYC: You can get your mutual fund KYC done from the post office, the government has changed the rules

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Mutual Fund : Do you invest money in mutual funds or are you planning to invest? If you are worried about the hassle of KYC or submitting documents. Now this work will be done from home.

You can complete the KYC process related to mutual funds at your nearest post office. The Postal Department has started a new system in collaboration with AMFI, an organization of mutual fund industry, through which more than 1.64 lakh post offices across the country will now do the work of KYC verification and document collection.

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The Department of Posts (DoP) and the Association of Mutual Funds in India (AMFI) have signed an agreement, under which more than 1.64 lakh post offices across the country will now provide the facility of KYC verification and submission of documents. Now you will not have to run around anywhere for KYC. You can easily fill your form by going to the nearest post office, submit the documents and the employees there will also help you.

What is KYC?

KYC i.e. Know Your Customer is a process in which your identity and address are verified. This ensures that the person investing is genuine.

Which documents will be required?

For KYC, you will have to provide any one of these identity and address proofs.

  • Aadhar card
  • Passport
  • Driving License
  • Voter ID
  • NREGA Job Card (Signed by Government Official)
  • Letter issued from National Population Register

How will this feature work?

The post office staff themselves will help you fill the form, check the documents and send them to the mutual fund companies. AMFI is running this service on behalf of its member mutual fund companies so that the investor’s information can reach KYC Validated status in the records of the KYC agency.

How to know whether your KYC is done or not?

  • Visit the website of any mutual fund or registrar.
  • Find the link to check KYC Status.
  • Enter your PAN number.
  • The status will be displayed – Validated / Registered / On Hold / Rejected
  • Meaning of KYC status
  • KYC Validated: You can do any transaction comfortably.
  • KYC Registered: Old investments will work, KYC will have to be done again before investing in new funds.
  • On Hold or Rejected: Documents may be incomplete or PAN is not linked to Aadhaar, needs to be rectified first.
  • Now, all these works will be done in the post office, which will make investing easier even in villages and towns.
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