The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) mandate that all Indian financial institutions verify the identity and address of all the customers who wish to carry out any transactions with them. This process is known as KYC or ‘know your customer.’ 

Online KYC is an easy, streamlined method to establish the authenticity of the customer. Here is how you can complete your online KYC after signing up on Moneyfy in just five simple steps.

Prerequisites

Before you begin your KYC process, you must download the Moneyfy app and authenticate yourself with your mobile number. Then you must complete the registration process by providing your name and email id. You must enter your name exactly as it appears on your PAN Card. 

Once your details are validated, you will have to provide your account number and your bank’s IFSC code. You can authenticate your bank details by uploading a picture of a cancelled cheque. Or, you can choose the penny drop system where Moneyfy will deposit Re. 1 in your bank account to verify it.

Step 1: Upload your PAN Card 

Your PAN Card serves as your primary identity proof. Click a picture of your PAN Card or scan it via your phone. Make sure that it is not crooked or cropped. If you think that the photo you have clicked is unsatisfactory, try again and upload the new one. 

Additional Read: How Do I Invest in Mutual Fund with Moneyfy?

Step 2: Upload your address proof.

You can provide your Voter Id, Aadhar Card, driving license, or passport as your address proof. You need to upload both the front and back of these documents. 

Click a picture of the document you wish to upload. Make sure that all details are visible and the image is not blurred or crooked.

Step 3: Upload your selfie.

Take a selfie from the front camera of your smartphone. The photo needs to be in focus, and your face should be in the centre of the frame. 

Step 4: Upload your signature.

Mark your signature clearly on a piece of unruled white paper. Then, take a photograph of the signed piece of paper and crop it so that your signature is clearly visible. You can try this as many times as you want. When you are happy with the result, upload the image to the app. 

Step 5- Upload your selfie video.

Access the front camera of your phone and start recording a video. Make sure your face is in focus and in the centre of the frame, and read out the numbers on your screen.  

Additional Read: 5 Golden Rules of Mutual Fund Investing for First-Timers

Step 6: Complete the Aadhar-based E-sign

Once you’ve uploaded the necessary paperwork, you will receive an OTP on your Aadhar-linked mobile number. Once you enter the OTP in the form, it is automatically sent for review. Your account will be opened in nearly 5-7 days!

In conclusion

With an easy, 100% digitized KYC process that you can complete through your phone, you will be investment ready in just 5-7 days. If you are a new investor hoping to generate wealth through mutual funds, download Tata Capital’s Moneyfy app. You can set a customized goal for yourself and accomplish it by investing gradually through SIPs, starting at Rs. 500. So make good use of your idle money, and make it grow with Moneyfy.

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