Investors would have moved from one city to another city due to transfers. Many of us would have moved to another city in search of jobs. Some of the investors would have gone out of India. One of the pain area where mutual fund investors are facing is to update postal or communication address across mutual fund schemes. It is easy to change address in bank account or demat account as these can be done online. However, if you are investing in various mutual fund schemes, none of these requests would help you in updating KYC details / address details. Investors need to put a separate request to update KYC details / to update communication address. In this article we would details how to change KYC details / communication address / permanent address across mutual fund schemes.
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How to update KYC details across Mutual Fund Schemes – Offline
If you have updated KYC details / address details in bank account or demat account, these would NOT reflect in your mutual fund portfolios. To update mutual fund KYC, one need to fill and submit “KYC details modification form / KYC details change” form.
Where to get these KYC update forms?
One can find KYC details change forms from any of the AMC websites or from R&TA (Registrar and Transfer Agents) like CAMS or K-Fintech.
What documents required to be submitted for KYC details change?
Along with KYC details change form, one need to submit relevant documents to reflect the updated address and contact details.
1) Download the KYC change form from AMC website or Cams/Karvy. Check CAMS KYC change form link at camskra.com à Downloads à KYC Details Change form PDF
2) Fill the basic details in the form.
3) Update relevant fields that needs to be modified. E.g If investor want to update address, they need to fill correspondence address and permanent address details.
4) For change of address, mutual fund investors need to submit address proofs with self attestion. Documents accepted are passport, ration card, electricity bills, aadhaar card, latest bank statements containing name and address of the account holder etc.
5) To update email ID or mobile number also , investor can just fill those details too. MF Central (new portal of Cams/Kfintech) now allows to update email ID and mobile number across portfolios even old investments.
6) One can update correspondence address and permanent address separately in case your new address is temporary. Otherwise you can write single address in both fields.
7) Submit this set of documents (KYC change form along with PAN Card and relevant address proofs) to one of the office of the mutual fund house or R&TA office. One should note that while you submit self attested proofs along with KYC change form, they need to produce all original copies while submitting the documents. In case original documents are not available for some reason, you can use attested copies from the list of competent authorities indicated on the KYC change form. Due to covid-19, Cams/Kfintech are accepting documents through post too. Just ensure you send attested copies to avoid rejections.
8) Once these KYC documents are submitted, KYC details including address, email and mobile number would be updated within 15 days.
How to update KYC details across Mutual Fund Schemes Online?
If you are new to mutual fund schemes and investing for the first time, you can submit the KYC documents online. When you visit any AMC website or through third party agent/distributor to initiate your first mutual fund investment / SIP, you can submit the latest address proofs. In-person verification is done through the video call to check real person and alive. After first verification, if you wish to invest in any other mutual fund scheme, the latest address/email Id/mobile number would automatically updated without having investors to submit again.
However if mutual fund investors want to change KYC details including address change, this cannot be done online. MF investors need to follow offline process indicated above to update KYC details including address.
Do I need to update KYC details for each and every mutual fund scheme?
No. If you submit KYC change request with one mutual fund or at CAMS or at Karvy, the changes would reflect across all mutual fund schemes handled by a registrar. If you are investing across all mutual fund schemes, submit one form to CAMS and another to Kfintech. Alternative you can submit one form to AMC who is part of CAMS and another to AMC which is part of Kfintech.
Hopefully MF central (new portal of CAMS and Kfintech) should handle all these changes online in coming years.
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