Investing in Mutual Funds, mandates the fulfillment of the KYC – Know Your Customer Process. The same process has now been enabled in a digital mode i.e. “e-KYC”. Anyone wanting to start investing, needs to have scans of their KYC details. These include identity proof i.e. PAN card; address proof; photograph, a cancelled cheque, and signatures. You will have to upload these documents on the AMC’s website.
Once all documents are uploaded, the investor is required to start real-time video recording using the front camera on his/her smartphone or computer and read aloud the dynamic OTP displayed on the screen. On successful completion of this process, the AMC personnel will verify them and the investor will receive an intimation, to initiate investments.
“Our contact-less on-boarding, will empower first time investors to kick-start their investing journey without the need for any physical meeting for document collection. This will benefit all channel partners and acquisition channels by reducing their paperwork and associated leg work. With the proliferation of mobiles, access to data and the trust our brand enjoys, e-KYC is the smoothest way to come on-board a strong and growing industry,” MVS Murthy, Head Marketing & Digital at Tata Asset Management said.
These facilities do not require paper-based KYC documentation. Tata Mutual Fund has enabled this feature on its website.