KYC Guide for Mutual Fund Investments
Nikhila Sastry
3 May 2023
minutes
2

KYC for mutual funds is like an initial introduction to someone new. It's a way of introducing yourself as an investor, and it's essential to complete this process to begin investing. The process is completely free of charge, and if you encounter any issues, you can always reach out to our support team for assistance.
In case you're struggling at any step of the KYC process, contact us at support@moneyplanned.com
Why is KYC required for investing?
The KYC process has been made a mandatory requirement in order to ensure that investments are not compromised by fraudulent activities or money laundering schemes. It is a formal introduction between fund houses and you to ensure
Once your PAN is verified, the financial institution can check if you have defaulted on any payments in the past.
What are the documents required?
Keep the following documents handy before starting your KYC process.
PAN Card
Address Proof (Passport, Drivers Licence etc.)
Cancelled Cheque Copy
What is the detailed step-by-step process?
We have divided the steps involved into three simple steps for following along.
Install the MoneyPlanned app and go to the profile section where you can click on Verify to get started, follow along and let's get this started. Step #1: PAN Verification & Personal Details
a: Click on 'Verify' and proceed.
b: Enter your PAN Number and Aadhar Card Number as prompted on the screen. c: Verify OTP sent to the number linked to Aadhar.
d: Confirm your name as mentioned on your PAN card. Tap on 'Submit'
e: Enter your personal as mentioned on your Aadhar & PAN Card. Name Gender Date of Birth EMail Mobile Number Marital Status Occupation Source of Income Father's / Spouse's Name Mother's Name Gross Annual Income Tap on 'Next' to continue. Step #2: Residential Details
a: Country of Birth and Country of Citizenship b: Enter Full Address c: Enter Pincode d: Check the declarations and click on 'Next'
Step #3: Add your bank account details
a: Enter your Bank account number b: Enter the 'IFSC code' of the Branch and Nominee Details. Tap on 'Next'. Step #4: Upload Documents
a: Upload a clear picture of the following. Make sure all the details are clearly visible in the picture. Take the picture in a well-lit environment.
'Address Proof' such as Passport, Aadhar Card or Voter ID. PAN Card Signature (Clear picture of your signature on a paper) Photo (Take a picture of yourself against a plain BG using the front camera) Cancelled Cheque Verification Video (Record yourself reading out the unique code on the KYC screen) Geo location Tap on 'Finish' once all the documents have been uploaded. b: Complete the E-sign verification process
Once done, your KYC documents will be sent for verification. The status of your KYC verification will be updated within 24 to 48 hours.
Frequently Asked Questions
Is my data safe with MoneyPlanned?
Your personal and confidential information is secure on MoneyPlanned and we do NOT store any of your details shared during the KYC.
Why do you need my PAN and Aadhar card details?
We are a SEBI registered company and are licensed by AMFI as a Mutual Fund Distributor. It is mandated by the government authorities to use PAN and Aadhar for KYC of the investor.
I am already investing in Mutual Funds. Do I need to do KYC verification again?
Once you enter your PAN card, we will be able to determine if you have already completed your KYC for mutual funds. If you are already KYC compliant, then you can directly create your investment account and get started with your goals.
My KYC is pending although all documents are submitted. What to do?
It takes 24 to 48 hours to process a KYC. If the status is shown as pending beying 48 hours, please reach out to us support@moneyplanned.com
I don't have a PAN card, can I still invest in mutual funds?
As per the guidelines of SEBI, investments cannot be made without a PAN card.
Why should I record a verification video?
Video KYC is mandatory part of the due diligence process set by SEBI, this is done to authenticate and validate your identity.
What should I do during the KYC verification video?
You should record yourself reading out the unique code on the KYC screen.
My KYC got rejected. What should I do?
Once your KYC gets rejected, you will also receive the reason for rejection. Please follow the KYC process again and follow the steps again carefully rectifying the stated reasons.
Can I re-apply if my KYC gets rejected?
Yes, you can be reapplied again with valid documents.
I am stuck in the middle. What do I do?
Don't worry. We are here to help. Please reach out to us at support@moneyplanned.com and you can also call us on our 24x7 helpline at +91