Video KYC requires an investor to update their details and upload identity proof i.e. PAN Card, Address proof, photograph, a cancelled cheque, and signatures on the AMC’s website.
Tata Mutual Fund launches “video KYC” as a digital solution to continue paperless know your customer (KYC) verification.
On uploading all documents, the investor is required to start real-time video recording using the front camera on his/her smartphone or computer and display a hard copy of all the documents for 5 seconds each. Investors have to say ‘Hi’ followed by the investor’s name at the end of the video recording.
‘How to do video KYC’ by Tata Mutual Fund is currently available in English and Hindi and will shortly be available in 4 other languages viz. Bengali, Kannada, Malayalam, Tamil and Telegu assisting the customer about the simplified ‘Video KYC’ procedure.
MVS Murthy, Head Marketing & Digital at Tata Mutual Fund said that, “According to Sebi rules investors who did their e-KYC through Aadhaar were allowed to invest only up to Rs. 50,000 earlier. To invest more, they had to complete their KYC, either by visiting a branch, or by completing in-person verification (IPV) through video KYC. The mutual funds digital KYC space is evolving and now, video KYC can be an option for any amount of investment.