Just like opening a bank account requires some paperwork in the beginning and then you can use all its services in a hassle-free manner, investing in Mutual Funds also offers a similar experience. The basic requirement for starting your Mutual Fund journey is to complete your KYC by submitting the necessary documents for verification. Once KYC is complete, you can invest in any mutual fund for any amount at any time.
KYC is a one-time process that holds the key to the world of Mutual Funds. It makes your entry into any Mutual Fund seamless and you can do all of this from the comfort of your home once you are KYC verified. Now-a-days, you can even opt for an e-KYC that is completely online. But e-KYC limits your investments to Rs.50,000 a year per fund house.
After completing KYC verification, you can invest in any Mutual Fund with ease either through a distributor or directly. You can withdraw your money anytime by submitting a redemption request with the Mutual Fund and the money will be credited to your bank account directly in 3-4 working days. In fact, you can now do most of your transactions like investing through SIP or lumpsum, selling, and switching from one scheme to another online from the comfort of your home.