How do minors get KYC for mutual funds?

List of KYC documents

1. Fund Name + Folio No.
2. Self-attested PAN card copy images of First holder / all holders.
3. In case of Minor Folio, PAN card copy of Guardian duly self-attested by Guardian should be made available for upload.

Can a minor apply for KYC?

Can KYC be Done for Minors/People Less Than 18 Years in Age? Yes, KYC can be done for minors as well.

How can a minor invest in mutual funds?

Minors can invest in Mutual Funds with the help of a guardian. The minimum age to invest in mutual funds in India on one’s account is 18 years. There is no specification for a maximum age to invest in mutual funds in India.

Can a minor have a mutual fund account?

Anyone under the age of 18 (minor) can invest in Mutual Funds, with the help of parents/legal guardians until the age of 18. The minor must be the sole account holder represented by the parent/guardian. Joint holding is not allowed in a minor’s Mutual Fund folio.

How can kids invest in mutual funds in India?

Children below 18 years or minor can invest in mutual funds with the help of their parents or a guardian. This simply means that while the investment will be made in the child’s name, it will be represented by a parent or a guardian who will be required to sign off on transactions.

Where investment is by minor KYC compliance is required from?

Payment instrument (cheque from the minor’s account or from the guardian’s account). It is mandatory for the guardian to comply with KYC formalities for investments in funds. The guardian can operate the mutual fund account till the minor turns 18.

How do you invest in a minor?

To start investing in stocks on their own, your kid will need a brokerage account, and they must be at least 18 years old to open one. They can start earlier than this, but they’ll need a parent or guardian to open a custodial account for them.

How can a minor invest?

Investors under age 18 are not allowed to own stocks, mutual funds, and other financial assets outright. If you are a minor, you can make investments only under the supervision of your parent (or an adult) through a custodial account.

How do I change my major to a minor in a mutual fund?

Service Request Form duly filled in and signed by the unitholder. New Bank Account details where the status of Bank Account is changed from Minor to Major; Signature Attestation of the Major by the Manager of a Scheduled Commercial Bank/Bank Certificate/Letter. KYC Acknowledgement Letter of the Major.

Is KYC required to open a mutual fund account?

Once you have completed the KYC process, you can open an account with any other mutual fund without having to go through the process again. Thus, KYC is just a one-time requirement. KYC is a mandatory requirement and non-compliance comes at a cost.

Who is required to complete the KYC compliance?

When the investor is a minor, the guardian initiating the investment transaction must complete the KYC compliance. The minor will be required to complete the KYC process once he/ she reaches the age of majority. Further, in case of investments with joint holding, all the joint investors need to undertake the KYC compliance.

Can a minor apply for KYC registration?

The child will be the accou Well, for KYC registration, it is mandatory for the applicant to be 18 years in age, and thus minors cannot go KYC registration, however, they can invest in mutual funds.

How do I track the status of my KYC application?

Once you submit the KYC form and required documents to one of the KRAs, you can track the status of your registration through the KRA website. Once you have completed the KYC process, you can open an account with any other mutual fund without having to go through the process again.