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Do you also invest in mutual funds…? Add nominee name like this, know step by step process

Highlights

Enables the nominee or persons to receive the benefits of the investment in the event of the death of the investor.
There is always a column in the application form for the appointment of nominees.
Knowledgeable and prudent investors do make their investment nominations.

New Delhi. If you invest in mutual funds, then this news is of your use. Actually, from August 1, the option of giving the name of ‘nominee’ to the investors investing in mutual funds or exiting them has been added. At the same time, from October 1, it has been made mandatory to enter the name of the nominee in your mutual fund investment. If you do not follow this rule for the current folio by March 31, 2023, your investment will be banned.

The Security Exchange Board of India has issued a circular for this. In this, SEBI has said, ‘No witness is required to make a nominee. It will be necessary for the account holder to sign the nomination form. Further, the nomination/declaration form filed online using the e-sign facility will also not require a witness.

Let us see how you can nominate someone in your mutual fund investments…

Also read: Build a fat fund or take regular income after retirement, know the specialty of this scheme

Nomination facility enables the nominee or persons to receive the benefits of investment in the event of the death of an investor. Let us tell you that this facility is there in mutual funds for years. There is always a column in the application form for the appointment of nominees. Knowledgeable and prudent investors do make their investment nominations.

Offline Add Nominee Name:
If you want to add the nominee name offline, you can fill the nomination form, sign it and then submit it to the Registrar and Transfer Agent (RTA) or Mutual Fund House.

For accounts opened online:
If you have opened an investment account online, check your mutual fund details to see if you have a nominee in your folio. Just as it is necessary to nominate someone for your bank account, there should be nomination in your mutual fund folio too.

If you are transacting through an intermediary, then this process can be done online through two-factor authentication. After logging in to your account, you can provide your enrolled details with the help of One-Time Password (OTP). If the folio is a joint then the investor needs verification. For this, a separate OTP will be sent to the mobile phone or email.

Two-factor authentication is a one-time job. Once you have completed this, you can log in to your account using your login ID, password and a required security image. Also any additional information your depository may require.

Tags: business news in hindi, mutual fund, mutual fund investors

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