How to update KYC data for Mutual Funds?

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How to update Know Your Customer data?

You need to procure the KYC details change form from any of the KRAs, fill up the details, attach the relevant supporting document that proves the change in your KYC details, and submit it to your KRA. According to Sebi rules, all the KRAs should be connected to each other, so that once you change your KYC details with any of the five KRAs, within a few days all the KRAs will update your KYC details.

This inter-operability between KRAs is nearly complete. This inter-operability also ensures that once your updated KYC data is registered with one KRA, the same change in your data takes effect with all the financial market intermediaries under Sebi in which you have investments. What this means for you as an investor is that suppose you have investments in five mutual fund schemes from five fund houses. Once you have changed your house and have updated the news address with one KRA, you do not need to contact other fund houses to let them know your change of address. It should be automatically updated in every fund house's database.

However, if you do not update the changes in your KYC data, you stand to miss out on important communication from your fund house or the broker. And in case you have opted to receive funds like dividend payouts through dividend warrants, it may fall in wrong hands, or reach you late and you could miss out on some interest or a new opportunity which was available to you but you were short on funds.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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These Application Forms can be used for buying regular mutual funds also

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4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
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