One of the most awaited moments of the Mutual fund industry has arrived. And the good news is, as a mutual fund existing investor, you can now update or modify your KYC online.

Even though the mutual fund KYC for the new investor was already live but for existing investors, there was no other option other than updating the KYC by submitting a physical form, and that’s why many investors are not proactively updating their address with their mutual fund investments despite changing their location/address. The update of Online KYC for mutual funds is hassle-free.

In this article, I will guide you on how to update your KYC online, which may take a maximum of 10 minutes of your time, and you are done.

Why updating KYC (Know Your Customer) is important?

KYC compliance is mandatory under the Prevention of Money Laundering Act 2002. You can learn more about it in SEBI Master Circular.

It is important to update KYC because it helps:

• – To stay updated with any letter sent by AMC to their investors
• – To receive a cheque upon redemption in case your bank details are not-upto date
• – To avoid instances of Unclaimed Mutual Funds

How to Check Mutual Fund KYC Status?

In case you need to check the KYC status for mutual fund investments, there are two easy steps you need to follow:

1. Visit cvlkra.com or camskra.com or karvykra.com
2. Enter your PAN and submit

You will now be able to check your KYC status

Note: Here, you will not be able to check the complete details but just the status of your KYC if it is valid.

Documents Required to Update Online KYC For Mutual Fund Existing Investors

Here are the documents that you need to be ready with before CONTINUE:

• 1. PAN Photo- Self-attested
• 2. Address proof- Driving license, Voter ID, Passport, Aadhar Digilocker (preferably use Aadhar Digilocker for KYC Validation and smooth investment experience).
• 3. Cancelled cheque with signature
• 4. Your signature photo (make sure your signature in the photo should match the signature on the PAN Card).
• 5. Laptop/desktop with Camera to take instant photos and short video clips.

Steps to Update Online KYC For Mutual Fund Existing Investors

By visiting multiple RTA & AMC sites, I found two ways to modify/update online KYC for existing mutual fund investors.

1. RTA –  CAMS
2. AMC –  SBI Mutual Fund

Note: You don’t need to provide a folio number in both cases.

Modification / Update in KYC via CAMS is possible only when your PAN is available with CAMS KRA; otherwise, go with KYC Update via SBI Mutual Fund.

Steps to Update Online KYC For Mutual Fund Existing Investors – Via CAMS

Modification / Update in KYC via CAMS is possible only when your PAN is available with CAMS KRA.

Step-1

Visit cvlkra.com and check if your PAN is available with CAMS KRA.

If yes, proceed with the steps below; if not, jump to “Online KYC For Mutual Fund Existing Investors – Via SBI Mutual Fund.”

Step-2

Click on Proceed KYC Modification and enter your PAN, then continue

CAMS KRA online modification can help you update your Email ID, Mobile number, and Address in your KYC records available with CAMS KRA.

At a time, you can either Update your Mobile number (or/and) Email ID (OR) Update Address in a single request.

A. Change of Mobile number (and/or) Email ID:

(1) To modify Mobile number (and/or) Email ID when Mobile number (and/or) Email ID is available in CAMS KRA

Step 1: Enter your PAN and click on the continue button.

Step 2: Check modification type – Email ID (and/or) Mobile number you wish to modify and verify existing contact detail (Mobile number or Email ID) with OTP

Step 3: Enter new contact detail (Mobile number and/or Email ID)

Step 4: Verify new contact detail (Mobile number and/or Email ID) with OTP

Step 5: The KYC modification request is processed once OTP validation is successful. You will receive communication on both old & new contact details.

(2) To update Mobile number (and/or) Email ID when both contact detail(s) are NOT available in CAMS KRA

Step 1: Enter new contact detail (Email ID and/or Mobile number)

Step 2: Verify new contact detail (Email ID and/or Mobile number) with OTP

Step 3: Once OTP validation is successful, you need to upload a PAN card image and capture a live photo on-screen

Step 4: Live photo & PAN image will be subject to face match, and modification request will be:

• – Authorized instantly if face match is more than 85%

• – Sent for manual verification if face match is more than 50% but less than 85%

• – Rejected if face match is less than 50%

Step 5: KYC modification request will be processed or kept pending for verification or may get rejected based on the above logic. You will receive communication on the new contact details.

B. Change of Address:

(1) To modify Address when  Email ID (and/or) Mobile number are available in CAMS KRA

• Step 1: Verify your Mobile number (and/or) Email ID with OTP

• Step 2: You will be redirected to Digilocker for Aadhaar details download with their consent (Address, Photo, XML)

• Step 3: Preview your name as per your Aadhaar, address as per your Aadhaar, photo as per your Aadhaar, and capture of live photo

• Step 4: You will be redirected to NSDL’s eSign page to sign the modification request with Aadhaar OTP-based eSign digitally

• Step 5: Your name as per Aadhaar will be matched with the name as per CAMS KRA records, and the Address update request will be:

• Step 6: Based on the above logic, the KYC modification request will be either processed or kept pending for verification or rejected.

You will receive communication on the update.

(2) To modify the address when the Email ID and Mobile number are NOT available in CAMS KRA

In this case, you must update your Email ID (and/or) Mobile number as mentioned above in section A.2. Once the contact detail(s) is successfully updated, you can proceed to modify the address as mentioned in section B.1 after seven business days.

Steps to Update Online KYC For Mutual Fund Existing Investors – Via SBI Mutual Fund

Step-1: Visit SBI Mutual Fund and enter your PAN, Captcha, and submit to proceed.

If your PAN & Aadhar are not linked, then it will ask you to link first before proceeding.

Step-2: Click on Instant Processing & submit

Step-3: Enter your email ID & mobile and confirm, post that enter OTP received on the registered email ID & mobile number to proceed further

OTP on email ID

OTP on Mobile Number

Step-4: Click on Let’s Go as you have already arranged the document required to upload.

Proof of identity- You have the option to choose either PAN or Pan DigiLocker.

I’m choosing PAN & proceeding.

Please follow the step-by-step screenshot to Update Online KYC For Mutual Fund Existing Investors.

Proof of Address – You can choose Aadhar with OTP (DigiLocker), Driving license, Passport, or Voter ID. Please select any one option & Proceed.

a) Aadhar with OTP (DigiLocker)

b) Driving license

c) Passport

d) Voter ID

Bank Account Verification – Upload signed cheque and submit. It will automatically fetch the data.

Enter Re.1 in the Amount transferred column. Verify the details and proceed. It will credit the amt. to your bank account to verify the bank account.

Personal Information – It will fetch all your details. Any information that is allowed to edit make sure you correct it.

FATCA Declaration– Choose the one applicable to you, click the next step

Upload your signature –  click next step.

Capture your live photo from the Camera after clicking the Start button

Capture a live short video after clicking Start recording flowed by I’m ready

Speak aloud the number displayed on the screen and submit.

Once done, click next. If the recording didn’t happen properly, then retake and click next.

Step-5: Review the filled form and E-sing by clicking on E-Sign / E-Sign Contract button and verifying using OTP received on your provided mobile number

Step-6: Click the checkbox and enter Aaadhar (preferably)/Virtual ID, click on Send OTP, and enter OTP to complete the process.

At last, you will receive a confirmation email from SBI👇

I believe bringing this process of updating online KYC for Mutual Fund existing investors is a revolutionary move by the mutual fund industry and mutual fund investors.

Existing Investors – Now enjoy the hassle-free updating of your KYC at home.

💡Pro Tip: To structure your personal finance and take better control of your financial future, you must focus on learning about goal-based financial planning.

Happy investing 😊

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