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The Central Government has taken the initiative to develop Aadhaar as the higher form of legal ID proof for Indian citizens. It is a mandate to link Aadhaar with mutual fund accounts. The Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules (2017) allows Mutual Fund & Asset Management companies to collect the Aadhaar number of people and link Aadhaar with all mutual funds.
Are you wondering how to link Aadhaar with mutual funds? This article will give a step-by-step for your understanding.
The initiative of linking Aadhaar with mutual funds is a move of the central government to reduce unethical and fraudulent financial activities among Indian citizens. There have been various instances of investing unaccounted money in mutual funds as an attempt to convert black money into a legal asset. The government aims to curb such activities with this initiative.
Therefore, you should link your Aadhaar with mutual funds to help the government in this initiative. It is a simple one-time process and reduces the possibilities of fraud and spam in financial activities related to mutual funds. Linking your details and KYC becomes more manageable with this move.
The process of linking Aadhaar and mutual funds might seem complicated and cumbersome. However, it is a one-time process, and you can always seek help from the Registrars if you cannot do it yourself.
Here are the steps to link Aadhaar with the mutual fund through the CAMS portal.
Step 1: Visit the official portal of CAMS. Click on the "MF Investors” option.
Step 2: Click on “myCAMS” under the "Transactions" menu. You will find the option for “Login with myCAMS Account”.
Step 3: Click on “New User”, which will lead you to a new page. Enter your PAN and select “Investor type”.
Step 4: Enter details like your name, date of birth, Aadhaar number and registered mobile number. Click on “Generate OTP”.
Step 5: Enter the OTP and click on “Submit”.
It will complete your eKYC application and automatically link your Aadhaar with your mutual fund.
You can also achieve this activity using the KARVY website. Here are the steps to do so.
Step 1: Visit the official website of Karvy. Go to the "Login" or "Register" option in the top right corner.
Step 2: After logging in, you will find a tab of “Link your Aadhaar”. Enter your PAN and click on “Generate OTP”.
Step 3: Choose the mutual fund that you wish to link with your Aadhaar. Enter your Aadhaar number and click on “Generate OTP”.
Step 4: Enter the OTP and click on “Submit” to complete this process.
Here is another method of linking Aadhaar with the mutual fund through the Franklin Templeton Portal. Here are the steps to do so.
Step 1: Visit the official portal of Franklin Templeton. Click on the "Customer Services" option.
Step 2: Select “Update Aadhaar number” under Instant Services. It will lead you to a new page.
Step 3: Enter your PAN. Enter your date of birth, PIN code, or last transaction amount to prove your identity.
Step 4: Click on “Next”. Enter the bank account number which is linked with this mutual fund and click on “Next”.
Step 5: Enter the 12-digit unique identification number. Click on “Submit”.
You can also use an offline method for mutual funds and Aadhaar linking if you are not comfortable with the online mode. Here are its steps to help you out.
Step 1: Visit the official website of your registrar’s website. Download the KYC form and get a printout.
Step 2: Fill out this form with your details with your folio number. Include a copy of a self-attested Aadhaar card.
Step 3: Visit your registrar's office or the nearest service centre of your fund manager. Submit your form here.
On successful Aadhaar seeding, you will receive an official confirmation on your registered mobile number or email ID.
Some people often wonder how to link Aadhaar to mutual funds through email. For this, you need to procure the official email ID of your asset management company. Mention your PAN and Aadhaar numbers separately in the email. Your email must be linked to your mutual funds and bank account for this facility. The authorised personnel will link your Aadhaar with a mutual fund after verifying your details and sending a confirmation mail.
Apart from that, there is an option for linking Aadhaar with mutual funds through SMS. However, your mobile number must be linked to your mutual fund for this facility. Here are the steps.
Step 1: Type an SMS with the format of ADRLNK<space>PAN<space>Aadhaar Number<space>Y on your phone. Send it to +91 9212993399.
Step 2: The authorities will verify your details upon sending this SMS. Upon successful seeding, you will receive a confirmation message.
Hopefully, now you know how to link Aadhaar with mutual funds. As this article pointed out, the process is essential to make the entire process more authentic. It will also help you contribute to reducing the possibilities of unethical financial transactions. There are both online and offline methods for linking your Aadhaar with mutual funds.
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