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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