India Post launches KYC verification for mutual funds at your doorstep

Jyoti — Wed, 09 Apr 2025 07:29:10 +0000

India Post : Now investing in mutual funds has become even easier. The Department of Posts (India Post) has started the facility of door-to-door KYC (Know Your Customer) verification in collaboration with Nippon India Mutual Fund.

The objective of this initiative is to increase the reach of mutual funds in rural and backward areas under the ‘Jan Nivesh’ campaign. This step is a big change towards empowering rural investors and making investment easy and accessible.

Why is KYC necessary?

KYC is mandatory before investing in a mutual fund. Once KYC is done with one fund house, it becomes valid for all other asset management companies (AMCs).

What will be the benefits of doorstep KYC?

Facility to do KYC at home for people in rural areas and those with limited resources. Now investors do not need to go anywhere, post office employees will come themselves. More and more people will be able to join mutual fund investment. This process is faster and easier than the traditional KYC process.

How to apply?

Download the KYC form from the KRA or AMC website.
Fill in the details like name, address, PAN and mobile number.
Attach self-attested copies of required documents.
Submit the form to the KRA, AMC office or registrar.
After this, a postal department employee will come to your home and verify your identity.
It may take about a week for KYC to be updated.

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The post India Post launches KYC verification for mutual funds at your doorstep first appeared on Rightsofemployees.com.

Income Tax Return 2024: Invest in HDFC Bank’s tax saving FD, this is the method

Pravesh Maurya — Wed, 28 Feb 2024 06:03:29 +0000

Income Tax: Investing in a 5-year FD is one of the best options to get income tax exemption. In this, along with keeping the money safe, returns are also good. However, let us tell you that on investing in a five-year FD, exemption under 80C is available only in the old tax regime. There is no exemption of 80C in the new tax regime.

This has also become the default tax regime for the financial year 2024. Most all banks offer the option to invest in tax saving FD. You can open your five year FD wherever you have a savings account.

HDFC Bank Tax-Saving FD: How to open

According to HDFC Bank, if you already have a bank account, you can open an FD by visiting the nearest branch or using your netbanking account. If you already have an account in HDFC Bank then you can open FD through your internet banking.

Go to your netbanking account. Click on FD option. Enter your branch, time period and amount and create a nominee. After this press the Continue button and verify. After this download the FD deposit receipt.

If you have an HDFC Bank account and want to open an FD in your nearest bank branch, download the FD application form before visiting the bank. Fill all the required information in the form and take a photocopy of the KYC document.

You will have to take all the original documents to your branch for KYC verification. HDFC Bank is offering up to 7.75% interest on its tax-saving FD. Tax saving FD has a lock-in period of 5 years.

Investors can claim tax exemption under Section 80C of the Income Tax Act up to a limit of Rs 1.5 lakh for investing in tax saving FDs. However, the interest received on FD will be taxable. Senior citizens can claim an additional tax exemption of Rs 50,000 under section 80TTB of Income Tax on the interest received on FD.