When one is tyring to start with systematic investment plan (SIP), we have to know a few things about KYC.
Before that what is KYC ?
KYC is an acronym for “Know your Customer”, a term used for customer identification process. It involves making reasonable efforts to determine true identity and beneficial ownership of accounts, source of funds, the nature of customer’s business, reasonableness of operations in the account in relation to the customer’s business, etc which in turn helps the banks to manage their risks prudently. The objective of the KYC guidelines is to prevent banks being used, intentionally or unintentionally by criminal elements for money laundering.
KYC has two components - Identity and Address. While identity remains the same, the address may change and hence the banks are required to periodically update their records.
CVL KYC is mandatory for all Mutual Fund Investments, check the status of your CVL KYC in the site http://www.cvlindia.com/inquiry_kyc01.asp.
If CVL KYC status is "Inprocess" or "Verified" then proceed ahead with the registration for SIP.
If CVL KYC status is "Invalid data" then you need to initiate CVL KYC process.
To update your KYC details you can reach out to your nearest branch and give a copy of recent photo, copy of PAN card and copy of address proof.
Posted 3 years, 11 months ago by Babulal Shiradana
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