It goes without saying that completing the Mutual Fund KYC (Know Your Customer) in compliance with its key conventions is mandatory. This, as a result, calls for an immediate digitisation of the entire process with online resources and application, backing up all efforts with precision.
Talking of digitization, mobile wallet applications in India are widely embraced by the people of the country. According to a Government book report, India has more than 15 mobile wallet companies, out of which 14 are Indian-based.
Paytm Money gets a special mention here. People across the country are said to harness the potential of this application in order to complete their Mutual Fund KYC.
In case, you too are eager to utilize this platform to carry out all KYC formalities with perfection, here’s what you should know and follow.
- Download the Paytm Money App
First things first; you need to download the Paytm Money app from Google Store.
- Go to Google Store.
- Search for the Paytm Money app.
- Download the application and get it installed on your device.
- Login to the Paytm Money account
Now you need to login to the Paytm Money account using your existing Paytm account details. In case you do not have a Paytm app account, then follow the instructions mentioned below to create one.
- Tap on the “Profile” icon in your Paytm app. You will find it at the top right corner of the screen.
- Now tap on the “Create a New Account” icon.
- Enter your mobile number, email address, and a password.
- Now tap on the “Create a New Account” button.
- Wait for the OTP and verify your account and mobile number accordingly.
Once the initial process of creating a Paytm account is over, the application will validate your readiness with the help of the following documents.
- Personal Details.
- PAN Card.
- Address Proof.
- Nominee and Declarations.
- Bank Account.
- Mobile number, Email Address and other communication details.
- Enter all essential details carefully
Take note of each of the following steps in order to enter all essential details of yours for seamless completion of the Mutual Fund KYC process with Paytm Money.
- Once you log in to the Paytm account, enter your ten digits PAN card detail.
- After you are done entering the PAN card details, it’s time to upload the PAN card image. You need to ensure that the image is well-cropped and clear from every aspect.
- Now click on the “Next” tab in order to proceed with the remaining KYC process.
- In the “Personal Details” section, you need to submit the Name, Date and Year of Birth, Marital Status, Employment details and more.
- On completion of entering your personal details carefully, you need to provide your signature format to proceed to the next step.
- Take note, there are two options to provide the format. You can either add your digital signature in the app or upload a signed image separately.
- Now it’s time to upload your image. You can either upload saved images or click a fresh one using your device’s camera. The process supports both formats.
- After uploading the image, click on the “save” button. However, one must make sure that the image covers your face properly with light background.
- Acknowledge the fact that SEBI’s KYC prioritizes in-person verification and asks its users to upload a five seconds video as part the KYC completion process.
- In the video, you are required to mention your full name, as registered in the PAN card and other essential records.
- Now click on the “save” icon and move on to the next stage.
- The next stage of KYC completion asks you to provide your address details and upload the address proof as well.
- Now you are required to provide your address details by uploading the address proof.
- You need to upload both the front and back side of the image of your address proof.
- Once you are done uploading the same, click on the “save button” to proceed.
- Then you need to provide and update the section with nominee and declaration details.
- You are required to enter your residential status, annual income scale, mention whether you are politically exposed along with other details related to tax residency.
- Now, enter your mobile number and the Email ID you would like to register yourself with.
- Finally, prior to wrapping up the entire KYC verification process, you need to enter your bank details.
- Once you provide with all the verified bank details, Paytm Money will transfer 1 INR to your account for cross verification.
- On verification of this particular process, you will be asked by the app to upload a copy of a cancelled cheque leaf or a bank account statement.
Congrats! You have successfully completed your KYC using the Paytm Money app.
To Wrap Up
In addition to taking note of each of the essential steps as mentioned above, there are a few more points which need to be mentioned.
- Paytm usually takes three to four working days to verify and confirm all details you have provided during the KYC process.
- You can cross check details and status of your account conformation after a few days.
- For quicker actions and data tracking you may choose to email your registered mobile number or Email id to firstname.lastname@example.org.