Last Updated on December 29, 2021 at 12:17 pm
ETMoney is an app which lets you invest into Mutual Fund Direct Plans without any commission or fees (as on date). To start investing in Mutual Funds you need to complete one time central KYC process as per SEBI guidelines. This KYC is valid across all platforms so even if you don’t want to invest via ETMoney you can still complete your KYC using their app. In this guest post, Pratik Jain explains step-by-step the online KYC process. Pratik is a final year student of computer engineering and interested in Technology, Coding and personal finance.
Perhaps accidental or coincidental, but in my opinion, the Supreme court verdict on Aadhar – that non- government agencies cannot use it – has become a blessing in disguise for online mutual fund KYC. The new format, video KYC – as seen in the previous guide on Paytm Money KYCC – has no investment limit, unlike the earlier e-KYC (with a 50K per limit investment limit) .
This is ideal for college students and young earners to quickly get started with mutual funds. Kindly note that neither I nor Pratik have any relationship with any investment portal. This article is purely informational in nature. Please suggest this method to anyone needing online KYC.
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥
ETMOney ONline KYC App Download and Signup Process:
Steps to Complete Online KYC via ETMoney:
1) To start with the process you need to download
For android : ETMoney app from google playstore.
For Iphone : ETMoney app from apple store.
2) After Installing open app, now you need to login to ETMoney. You can login directly via google account or signup using any other email id.
3) If you choose to login using email then after entering valid email id you will receive 6 digit code via ETMoney in your Email inbox, copy that code and enter in ETMoney. You are done with signup process now.
Now before starting with the KYC process be ready with the following documents:
- Original copy PAN Card
- Original Copy of Address Proof(any one of the following)
- i) Driving License
- ii) Adhar Card
iii) Passport
- iv) Voter ID
Personal Details :
1) After signing in to ETMoney you will see a screen saying Preparing your profile. In a minute or so you will see the following screen with different options. Click on Direct Mutual Funds and you will get the following screen.
2) Click on ‘find Mutual Funds to Buy’ and you will be present with categories of mutual funds and search option. Traverse to any mutual fund name and click on it you will get the following screen.
3) They provide many insights about that Mutual Fund click on ‘Invest Now’(You don’t have to buy this mutual fund so relax just click)
4) You will get the following screen saying Create Investment Account. Enter your PAN number here and it will check if you are KYC compliant. If your PAN is not KYC compliant then you will get an option to complete KYC, click on ‘Continue to KYC’.
5)As a part of KYC, it will ask for details such as Your Name, Father’s/Spouse Name, Date of Birth, Residency status, Fill the details as per PAN and click on Next.
Uploading KYC Documents:
1) Now you need to give access to the app to capture Image/Video and access to storage. Click on Allow access and allow the app required access.
2) After allowing access it will ask you to click a selfie. Click on ‘Got it’ and click selfie using your phone’s camera.
3) After selfie, you will be asked to click a picture of your PAN. Click on “got it” and click clear picture of the front side of the PAN. Make sure all the details of PAN are clearly visible in the image. If the image is not clear capture again.
4) Once you upload your PAN you need to select address proof any one of the following. Select any one whichever is available with you and click done.
5) Now click a clear picture of the Front and Back side of the document.
6) Once you upload Address Proof you will get the following screen. Here you will be asked to upload selfie video of 3 seconds. You need to hold Address Proof in your hand and record a short video(make sure your face and Address Proof is visible while recording else record again).
Signature:
1) You need to sign on screen, make sure matches your sign on PAN.
2) After sign once again you can review uploaded documents make sure all are clear if not you can re-capture by clicking on a specific document.
KYC Details:
Fill in the details as per the given document. Remember your information must match exactly with your documents or else KYC application will be rejected. So fill your Adhar number, Pincode, Address and state( as per Address Proof provided in above step).
Investment Account Details:
1) Here your name will be ppre-filled as per PAN. just cross check if it is correct and Enter your Date of Birth as per PAN. Also , fill your mobile number here you will get future updates on this number.
2) Now you need to enter bank account number. Wisely select this bank account as this will be the default bank account for redeeming money. In future if you redeem money it will come into this account so make sure account status is active and not dormant. Also one more important point is in ETMoney your bank account name needs to be matched to your name on PAN.
3) you can Enter your IFSC code directly or search for bank and branch it will autofill the IFSC.
4) It is optional to add Nominee Details but it is always better to fill this to avoid future complications. Enter Nominee Name, age and relation.
5) now you will be asked to confirm your bank account number again click on confirm and proceed.
Declarations:
To invest in mutual funds you need to declare the following things:
- Indian.
- Not Politically exposed.
- Indian Tax Resident.
Meaning of Politically Exposed – Legislative bodies, Executive bodies, Diplomatic bodies, State-owned enterprises executive, Armed Forces or any immediate family member of any of these is considered as Politically exposed. If you are politically exposed your activities are observed closely. Once you tick/untick all options then read declarations and T&C and click on Submit.
Corrections:
If you have entered any of the document images incorrect/unclear then you will receive mail as follow. In my case, all the documents were dummy pictures to show how the corrections can be done. If you receive this email you can capture a clear image and send it to them via email to same email id. There is no provision in the app to do corrections in KYC application once submitted.
ETMoney lets you transact immediately after requesting for KYC, however, your transaction at AMC will only proceed successful verification of KYC(Which means units will be allotted only after verification of KYC).
If you follow steps as mentioned your KYC process should go smooth. Congratulations now your KYC is done and you are ready to start your investment journey. Best of Luck!
Please join me in thanking Pratik for this detailed guest post.
From the freefincal Youtube channel
🔥Enjoy massive discounts on our courses, robo-advisory tool and exclusive investor circle! 🔥& join our community of 7000+ users!
Use our Robo-advisory Tool for a start-to-finish financial plan! ⇐ More than 2,500 investors and advisors use this!
Track your mutual funds and stock investments with this Google Sheet!
We also publish monthly equity mutual funds, debt and hybrid mutual funds, index funds and ETF screeners and momentum, low-volatility stock screeners.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Have a question? Subscribe to our newsletter using the form below.
- Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
About The Author
Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu Gets a Superpower!” is now available!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Do you want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or get the Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & its content policy. Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
- Twitter @freefincal
- Subscribe to our YouTube Videos
- Posts feed via Feedburner.
Our publications
You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.Your Ultimate Guide to Travel
This is an in-depth dive into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically, with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)