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How to Complete Your KYC on INDmoney?

To start your mutual fund investment journey with INDmoney, you need to proceed with a paperless KYC process. Following are the simple steps that you need to follow to complete the process in a hassle-free way.

Step 1
Sign up with your mobile number
Step 2
Enter your personal details and upload your Aadhaar for verification.
Step 3
Record a selfie video to complete the KYC verification process.

What are the Documents Required for KYC?

KYC (Know Your Customer) is a process taken up by companies for customer identification. It is an essential procedure for financial institutions to prevent financial fraud. You just need a few documents to complete your 100% digital KYC on INDmoney.

PAN card
Aadhaar card
Bank documents (if required)

What are the Benefits of Applying for a KYC?

KYC ensures several benefits to both the financial entity and the clients, which include the following.

Prevents Frauds
Through KYC of all the clients on the platform, it becomes easier to predict any chances of fraud, or any kind of malicious activities such as black money, bribery, money laundering etc. Hence, it plays a crucial role in preventing financial crimes and the economic growth of the country in general.
Enhanced Security
With a KYC application, financial entities can assess the adequate risks on a person through their financial histories and assets under their possession. Along with that, it also helps in preventing any third party's access to the client's accounts. Hence, it ensures better security for you, when no one can have access to your free KYC investment accounts without the institution's knowledge.
Improved Customer Experience
Through KYC automation in financial entities, the system can automatically look for errors and fix them instantly before they cause any disruptions. Hence, apart from checking the authenticity of the clients on the platform, it can also help in ensuring a stress-free investment journey. Thus, creating an enhanced customer experience.

Key Takeaways

Increased efficiency: KYC ensures that the clients are provided with a convenient experience in their mutual fund's investment journey.
Better security: Through KYC, financial entities can identify and detect prospective frauds on their platform, ensuring better security.
Effective management: Financial entities can predict the risks associated with a person’s account through the details they receive from their KYC process. It helps them to manage their accounts better.
Hassle-free process: Opting for a free KYC investment account does not require much, just a few essential documents to show and you are good to go with your mutual fund's investment journey with us.
Customer satisfaction: It leads to the utmost satisfaction of the clients when they enjoy a well-managed platform for their investments. So opt for the KYC process today and take your first step towards the golden years ahead of you.

Frequently Asked Questions

Why is a KYC required to open an investment account?

KYC is one of the mandatory requirements for investors opting for an investment account. It is required to verify the identities of clients. INDmoney ensures to comply with the latest financial rules and regulations to prevent prospective fraud on their platform. Hence, the KYC process is conducted to help us secure the safety of our clients' investment accounts.

What are the charges for opening a KYC account on INDmoney?

INDmoney does not tend to charge any fee for opening a free KYC investment account on its platform. However, you can always consider visiting our official website or contacting the customer service team for the latest updates.

Is the KYC verification process instant on INDmoney?

No, the KYC verification process is not instant, but it varies based on the authenticity and clarity of the documents provided by the investor. Hence, the process may take a few days or a week to be completed. You can always check the status of the process on the INDmoney application or contact their support team for any updates you may require.

How can a KYC account facilitate me with my investment account on INDmoney?

When investors have their KYC accounts, it enables them to invest in a wide range of financial products ranging from mutual funds, and bonds to stocks etc. Apart from convenient account management, you can enjoy the benefit of enhanced security on your investments, ensuring compliance with the latest financial regulations.

Is applying for a KYC mandatory for everyone?

Applying for a KYC is mandatory for everyone who is planning to invest in mutual funds. This is because the fund houses need to ensure that the investments are proceeded in accordance with the laws of investments. Through KYC, the nature of the invested money is made sure through their respective platforms.

What are the essential components of a KYC for mutual fund investors?

Three of the most essential components of a KYC for mutual fund investors include CIP or the Customer Identification Program, CDD or the Customer Due Diligence and ongoing monitoring of transaction types, frequency, amounts and many more.

What is the limit of KYC for mutual funds?

The maximum limit of KYC for mutual funds in the case of verified investors is Rs. 50,000 per mutual fund yearly. This means a verified investor who is investing in six different funds can invest up to Rs. 3 Lakhs per year (50,000 x 6).