How to link Aadhar with Mutual Funds?
Posted on: 14/Nov/2017 4:52:27 PM
There are a number of services being linked with the Aadhar card one after the other. The range includes bank accounts, mobile numbers, insurance policies, PAN, NSC, LPG, PPF, and so on. And now, with the latest amendment made by the Prevention of Money Laundering Act (PMLA), Rules, 2017, it is mandatory to link mutual funds with Aadhar. The mutual fund houses are told to get their customers’ accounts linked with the Aadhar.
Those who have started investing in mutual funds recently should have perhaps submitted their Aadhar already along with the Know Your Customer submissions. However, if your mutual fund investment ages a few, you need to get it linked with Aadhar. So, how to get it done? Here you go
Seek the mutual fund house
Your mutual fund house can help you with linking your Aadhar number with mutual fund folio. A few of these mutual fund houses make the procedure online. You may check with the official website of the fund home. In fact, a few of these mutual fund companies have put up a banner for Aadhar seeding.
For linking the Aadhar with your mutual fund account, you got to know the folio number and Permanent Account Number (PAN). When online option is absent, you may have to visit their office in person. Make sure to carry documents like the folio number and PAN while going.
Approach a transfer agent
You can get the linking done with ease through any mutual fund registrar or transfer agent such as computer age management services Pvt. Ltd. For this, all you need to do is provide your PAN, name, mail id or phone number and date of birth. On providing these details, an OTP will be sent to the registered phone number (the number you have submitted for Aadhar enrollment). Enter the key on the site. Upon doing this, the folio shall get linked through CAMS.
The above two are easy procedures of linking your mutual fund folio with the Aadhar number. In addition, ways to update your Aadhar details through a distributor is also being devised. The process is still not rolled out though, and the necessary works are being carried out.
Factors to consider
- It is important to ensure that the name found on Aadhar and name found on folio match with each other failing which your request for updating may get rejected.
- If the mutual fund folio has your name as a joint holder, you will have to provide your Aadhar details. There is however no specific mentioning or field for entering joint holder details. The update is being carried out through investor approval i.e. the verification is based on OTP and not biometric.
- Note that the last date to link Aadhar details is 31st December 2017 failing which it will not be possible to make further transactions in the folio.
