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Here's how to invest in mutual funds using WhatsApp

​Mutual fund investing gets simpler
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​Mutual fund investing gets simpler

Investment processes have become less cumbersome over the last few years with initiatives like Aadhaar validation, common KYC, online investment platforms and payments etc. Now a few mutual fund houses and investment platforms offer the option of investing in MFs via Whatsapp.

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​Initiation
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​Initiation

To initiate the process, the investor needs to visit the service provider’s website, enter mobile number and agree to the terms and conditions. Some service providers ask the investor to send a message to a designated mobile number to initiate the transaction.

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​Conditions
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​Conditions

The facility is available only for existing resident investors who want to invest in a single holding format (joint holding is not supported using this method). Politically exposed persons are also not allowed to invest using this facility.

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​KYC confirmation
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​KYC confirmation

Once the investor accepts the terms and conditions, a message is sent to him asking for the PAN for KYC verification. The PAN is checked by the service provider to confirm that the investor is KYC compliant.

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​Investment Details
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​Investment Details

The investor can make a lump sum investment or start an SIP. He has to indicate the scheme he plans to invest in, amount to be invested and the number of installments. Next, an order summary is generated, asking the investor to confirm or edit details.

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​Payment
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​Payment

On confirmation, an OTP is sent to the investor's mobile number. He has to enter the OTP to receive a URN. The URN has to be registered with the bank to activate SIP transactions.

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​Point to note
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​Point to note

It is mandatory for the investor to have completed KYC formalities before using this facility.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)

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Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service