Good news for mutual fund investors! You no longer need to step out for your KYC (Know Your Customer) process.
India Post has teamed up with Nippon India Mutual Fund to offer KYC services right at your doorstep.
This initiative aims to make mutual fund investing easier and more accessible, especially in small towns and villages. The goal is to encourage more people to invest by simplifying the process.
According to a press release from the Union Ministry of Communications and Information Technology, “India Post’s wide reach, even in the remotest parts of the country, makes it the perfect partner for mutual fund companies looking to grow their investor base.”
How the Doorstep KYC Service Works
To use this service, investors need to download the KYC form from the website of a KYC Registration Agency (KRA) or an Asset Management Company (AMC).
After filling in the details such as name, address, PAN number, and contact info, the form should be submitted to the KRA, the Registrar & Transfer (R&T) agency, or the AMC office.
Once the form is submitted, a representative will visit the applicant’s home for in-person verification (IPV) to confirm the details provided.
Key Benefits and Growing Investor Base
This doorstep service will help spread mutual fund access to rural and under-served areas, making it easier for more people to start investing.
Remember, completing KYC is mandatory before investing in mutual funds. Once done with one fund house, the KYC is valid across all AMCs.
Investor participation is growing rapidly. Between November 2024 and January 2025, the mutual fund industry saw around 8 lakh new investors joining each month.
As a result, the total number of unique mutual fund investors has now reached 5.33 crore.
