Mutual Funds: PAN,KYC, MIN and Other Documents

[gkcom123]

confused between MIN and KYC

Hi

I have already applied for on-line mutual fund transaction(HDFC Bank) with KYC form.

So, Do i need to take MIN(Mutual fund Identification Number) also?

what is diff between KYC and MIN

 

[magnet]

Re: confused between MIN and KYC

i guess instead of min now pan is the only number u need.....

Kyc is added jus to prevent money laundering and u should apply once and will get acknowledgement...which u should paste a copy when u make application for new Mf

the only doubt i have is how the 50k limit is applicable.....50k at one go???or 50k all ard n different funds....and wht if i make a 55k investment all together in 13 months??

 

[milind]

Re: confused between MIN and KYC

MIN and KYC are essentially for the same purpose - for them to ensure that you really exist, can be found at certain address and are not a bad dude. Last year they called it MIN and gave a number. Then they had second thoughts about yet another tracking number and dropped it in favor of using just the PAN number.

If you had applied and got a MIN number last year, just take the acknowledgment for that to the AMC.

-- Milind

 

[rajsingh]

Re: confused between MIN and KYC

i guess instead of min now pan is the only number u need.....

Kyc is added jus to prevent money laundering and u should apply once and will get acknowledgement...which u should paste a copy when u make application for new Mf

the only doubt i have is how the 50k limit is applicable.....50k at one go???or 50k all ard n different funds....and wht if i make a 55k investment all together in 13 months??

Kyc is applicable for single transaction of 50k or greater. You can transact as many transactions as u want for less than that.

 

[magnet]

ohhh...actually i have invested 32k in 3 elss funds..and need to invest 20k more to save tax.....so total 52k and no need to fix Kyc copy...kool.....but is it good i get one for future time saving purpose...how long is the Kyc stuff eligible(1year)???

 

[rajsingh]

Its a one time process until they come up with something else.

 

[cooolcaat]

I have applied for KYC through HDFC Bank. They have accepted my form and the supporting documents.

When I enquire status of KYC at the CDSL site, it says "PRESENT_IN_PROCESS".

I have not yet received the KYC acknowledgement.

Please let me know where I stand, and what I should do now.

Thanking you in advance.