How to do Online KYC via ETMoney to start investing in Mutual Funds

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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.

How to do Online KYC via ETMoney to start investing in Mutual Funds

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.

ETMOney online KYC sign up process step one

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.

ETmoney login page

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.

ETMoney email verification code

Now before starting with the KYC process be ready with the following documents:

  1. Original copy PAN Card
  2. Original Copy of Address Proof(any one of the following)
  3. i) Driving License
  4. ii) Adhar Card

iii) Passport

  1. 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.

ETMoney introduction screen one

ETMoney introduction screen two

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.

ETMOney mutual fund categories screenshot

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’.

ETMoney app Pan entry screen one

ETMoney app Pan entry screen two

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.

KYC personal details entry form

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.

Uploading KYC Details in ETMoney

2) After allowing access it will ask you to click a selfie. Click on ‘Got it’ and click selfie using your phone’s camera.

ETMoney click selfie screen

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.

Uploading Pan image in ETmoney

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.

Uploading address proof in ETMoney

5) Now click a clear picture of the Front and Back side of the document.

Capturing image of document front in ETMoney for mutual fund KYC

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).

ETMoney recording video for KYC

Signature:

1) You need to sign on screen, make sure matches your sign on PAN.

ETmoney sign on screen page

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).

 

ETmoney enter matching KYC details

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.

ETMoney investment account details

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.

ETMoney Nomination entry screen

5) now you will be asked to confirm your bank account number again click on confirm and proceed.

Bank account confirmation page in ETMoney

Declarations:

To invest in mutual funds you need to declare the following things:

  1. Indian.
  2. Not Politically exposed.
  3. Indian Tax Resident.ETMoney Fatca declaration screen

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.

KYC Corrections screen in ETmoney (1)

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

 

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2 Comments

  1. Thank you M. Pattabiraman and Pratik for this detailed post on becoming investment ready by completing online KYC through ETMONEY app.

    Hope your readers are able to make full use of this paperless and convenient application process.

    Just to add – First time investors can opt to complete their KYC directly, without selecting a mutual fund scheme. The app also provides an option to create a free mutual fund account and be ready for investments before having to invest in a scheme. For that users can select ‘Direct Mutual Funds’ on the home screen choose the option of ‘Open Free Mutual Fund Account’ visible at the bottom. Through this they can then follow the same process of uploading required documents and complete their KYC.

    And regarding re-uploading documents in case of incorrect/unclear images received, we will be adding the option to do so in our coming app updates.

    Thank you again & happy investing!

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