It has now become very easy for new investors to get their KYC (Know Your Customer) done. They can easily get KYC done by visiting their nearest post office. According to the information received, the post office has signed a Memorandum of Understanding (MoU) with the Association of Mutual Funds in India (AMFI). It aims to provide KYC verification and document collection services through its more than 1.64 lakh post offices.
This initiative will make KYC verification much easier for new mutual fund investors. The Department of Posts (DOP) will provide KYC verification and paper collection service for mutual fund investors through its post offices. The employees of the Department of Posts will assist investors in filling KYC forms, verification of self-attested documents, and transferring them to asset management companies (AMCs).
How to get KYC done in a post office
The process of getting KYC done at the post office is straightforward. You can easily get your KYC done by following these steps:
1. Visit the nearest post office
First of all, visit your nearest post office where the KYC facility is available (most major branches provide this service). It is better to confirm once before going.
2. Get and fill out the KYC form
Go to the counter and ask for a KYC update/registration form. Fill in the form with your name, address, PAN, Aadhaar, mobile number, etc., correctly. Fill it carefully to avoid any kind of mistake.
3. Submit the required documents
Submit the required documents (such as self-attested copies of PAN card and Aadhaar card) along with the form. After this, biometric or OTP verification will be done, which will confirm your identity.
4. Submit and get the receipt
After submitting the form and documents, do not forget to get the receipt. This will be the proof of your application. Your KYC will be updated within 2 to 5 working days.
What is KYC
Know Your Customer (KYC) means verifying the identity of the customer and the identity of the beneficial owner. This is done through the documents submitted for Proof of Identity (POI) and Proof of Address (POA). Its purpose is to comply with the rules, regulations, guidelines, and circulars issued from time to time by the Board or any other authority for Anti-Money Laundering (AML). Simply put, KYC ensures that you are the person you claim to be, thereby preventing financial fraud and illegal activities.
How to Check Mutual Fund KYC Status
Checking your mutual fund KYC status is also quite easy. You can know your status in just a few clicks:
1. Visit the website
Visit the website of any mutual fund company or registrar and transfer agent (eg, CAMS, KFintech). These agencies handle the data of mutual fund investors.
2. Click on the KYC status link
On the website, you will find a link for “KYC Status” or “KYC Check”. Click on it. It is usually available on the homepage or in the ‘Investor Services’ section.
3. Enter PAN number
Enter your 10-digit PAN number. PAN number is the main medium to track your identity and financial transactions.
4. Check status
Your KYC status will be displayed on the screen, such as Validated, Registered, On Hold, or Rejected. ‘Validated’ or ‘Registered’ means that your KYC has been successful. If it is ‘On Hold’ or ‘Rejected’, you will have to proceed further to find out the reason and fix it.