Personal Finance News
3 min read | Updated on April 23, 2024, 16:54 IST
SUMMARY
Know your customer (KYC) verification is mandatory for mutual fund investors. It helps to mitigate risks associated with money laundering and fraud related to money. If your KYC is on hold, you need to consult your financial advisor, mutual fund distributor or investment broker and understand the further plan of action.
How to check your mutual fund KYC status? Check this complete step-by-step guide
Mutual funds are a well-known investment option throughout India that offers a chance to amplify your wealth over a long period. However, before investing in mutual funds, it is important to complete your KYC verification. By verifying details such as identity and address, KYC helps ensure legitimacy of the investor's information.
KYC plays an important role in protecting the interests of both investors and mutual fund companies. Here's why KYC is important for investing in mutual funds:
You can check your KYC status for mutual fund investments using the below steps:
If your KYC status is "on hold", it means that there may be some discrepancy with the documents submitted. Here's what you need to do:
To conclude, KYC verification is a simple process that ensures a safe and secure investment experience in mutual funds. By completing your KYC and keeping your KYC details updated, you can invest in mutual funds with peace of mind. Remember, a KYC-compliant investor is a protected investor.
About The Author
Next Story