Documents for FundsIndia account opening

One of the biggest benefits we provide as a financial services provider is that all our services are available online. Which means, investors can simply login to their accounts and not just access information, but make new investments, setup SIP, withdraw money etc. from the convenience of their home or work.

However, in order to be able to do all this one has to open an account with us. It is much like opening an account with a bank or a brokerage company. And it means, that we need some physical documents at the time of account opening to comply with regulations regarding how and when we can serve investors.

(If you know what documents to send and want to know how to send them, please read here)

What are the documents we need to open an account and why?

Application form: The simple FundsIndia account opening application form that contains an investor’s details such as name, address, PAN number, nominee details etc. This comes along with a terms and conditions document and they both (the application form and terms document) need to be signed.

PAN Card copy: A self-attested PAN card copy is required to verify the PAN number specified in the application form. All investments are tagged by this PAN and hence, we need to verify the name on the PAN card is the same as the name of the account owner.

Cancelled Bank cheque leaf: A bank cheque leaf contains all the information about the bank account of the investor. All the investments by the investor are linked to their registered bank account, and withdrawals are directly credited to this account as well. Hence, it is absolutely important that we are sure that we have the correct information in this regard. The best way to verify this is with a cancelled bank cheque leaf. Also, regulations require that we properly tie an investor’s account to only their bank account. So, we need to verify that the name on the bank account and the name on their FundsIndia account match. This will also avoid name mis-match issues later on at the time of withdrawals.

If the investor is not registered with SEBI Know-Your-Customer database (KYC), we will also need the KYC related documents from them:

KYC application form: Application to register with the KYC service providers. Requires a passport size photograph (cross-signed)

Address proof: Copy of a government issued address proof (bank statement, passport copy, ration card, drivers license, electricity bill, voters id, UID etc).

PAN card copy: All KYC registrations are done on the basis of one’s PAN. So, a proof of PAN card also needs to be submitted.

With this one time document process out of the way, it would be easy sailing going forward with all transactions enabled at the click of a button!