Exploring the role of Aadhaar eKYC Online for Mutual fund investors

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Nowadays, investors are actively showing their interest in Mutual funds. However many of them are facing issues in understanding the Aadhaar eKYC Online process of mutual funds. This situation has become more complicated after the recent update of 1 April 2024, which has categorized the KYC status of the investors into three categories: validated, verified, and on hold. But don’t worry, we’ll go over the entire KYC procedure in depth in this article so that we can make this process simple for you.

How Digital KYC for Mutual funds different from Traditional KYC process:

The Digital KYC process is a bit different from the traditional paper-based KYC process for mutual funds. In the paper-based KYC process, the applicant needs to submit multiple documents including the KYC registration form signed to form the investor, and identity documents attached with the application such as a PAN card, Driving license, and others. Once the required copies of the self-assessed documents are ready then the investor needs to physically visit the verification office so that he can verify his identity and income proof.

During the traditional KYC process, if there is any need for re-KYC of the documents or investors have made any changes in their documents, then it requires a re-visit to the verification office.

But Meon Digital eKYC solution has completely eliminated the need for physical verification of the documents and does not require to visit the office. The whole process has now become very simple based on the aadhaar verification. To proceed with the online KYC process, you will need to ensure that your phone or email is linked with your aadhaar number.

What are the steps involved in Aadhaar eKYC Online?

The Digital KYC process of Mutual funds takes only 10-15 minutes to complete. Here are the steps that you need to follow to complete the online KYC process.

To continue with the process you just need to carry your aadhaar number linked with your phone or email. The combination of an Aadhaar card linked with a phone number, PAN card, and an active account number is a must-have for investors so that they can start the verification process.

Once you have all the required documents and using the Customer Onboarding Software, then you will need to enter the 12-digit aadhaar number when you are prompted to the screen. After entering the aadhaar number, you will receive a one-time password from the UIDAI website for a limited time. Enter the OTP to provide your authentication to proceed with the process. In case you have not received the OTP, then you can check your number again or ask for the resend option.

After submitting the correct OTP, the investors will receive a confirmation document to complete the signing process. Now the investor has to e-sign the document and send it to KUA for further verification. You will need to wait for 5-10 minutes, as the process takes time.

That is all, the Aadhaar eKYC Online process is now complete and the investors can now start investing in the Mutual funds. However, there are some limitations for the eKYC investors compared to the offline KYC investors. In case you want to upgrade your limit then you can opt for the e-biometric verification process.

How to do Digital KYC for investing in Mutual funds:

The Digital KYC process has simplified the KYC process for mutual funds. This has completely eliminated the need for physical verification by visiting the KYC office and investing hours for a task of 15 minutes. Here we will provide you with the steps that you can follow to complete the KYC process:

In the first step, visit the KYC verification page of the website for which you are doing verification.
Now you will need to enter your PAN and Aadhaar number.
You will be redirected to another website where you can complete the eKYC service. Here you will need these documents:

A PAN card and an Aadhaar card that is linked with a mobile number.

A white paper for your signature. If possible you can also sign using the screen of your device.

Now your Mobile number and Email address will be displayed on the screen. If the details are correct, then click on continue.

In the next step. Upload the PAN card as proof of your identity.

Once the PAN card is successfully uploaded, this will redirect you to Digilocker Customer Onboarding Solution for the KYC process.

Here you will need to enter your Aadhaar number followed by a captcha code. An OTP will be generated and sent to your registered mobile number. Enter the OTP within the time limit and once it gets successful then you will need to enter the 6-digit digilocker pin.

Provide your consent to the KRA so that they can verify your identity and verification for further process.

Conclusion:

In conclusion, the Digital eKYC solution has transformed the verification process for investors. This process has replaced the long and complex paper-based KYC with a very simple and easy process. In this guest post, we have tried to provide you with complete details about the online KYC process so that you will not face any difficulties during the process. I hope this has helped you to know more about the eKYC serviceand the next time you try opening an account for investing, you can get help from the above-mentioned process.