If you are new to the world of investment and mutual funds, opening a SIP account might feel cumbersome. You can easily open a SIP account online, or take the help of some mutual fund distributor. Though the process is a little lengthy but is easy. Follow these steps to open a SIP account online:
1. Keep these necessary documents handy
- PAN card
- Address proof in the form of a driving license/bank statement/utility bill
- A jpg or PNG image of your passport size photograph
- Bank cheque book for bank details
2. Complete your KYC compliance
It is mandatory to comply with the Know Your Customer (KYC) requirements for investing in mutual funds. All you need to do is provide your basic information like name, date of birth, mobile number, address, etc. Even if you are investing in multiple mutual fund schemes with different fund houses, you just have to go through the process only once.
Many fund houses provide e-KYC facilities and you can become a KYC-compliant online using the eKYC channel. Visit the website of one such mutual fund house and start the process.
Just fill in the basic information and upload a soft copy of your PAN and address proof to support the details filled in the first step. Finally, a video call will be scheduled to confirm your physical presence.
3. Start the SIP online
Once you are done with your KYC compliance, visit the website of the fund house you want to invest. Search for a ‘Register Now’ or a ‘New Investor’ link. It will prompt you to fill out a simple form with your basic details and to choose a username and password for transacting online. It will also ask you to enter your bank account details to set up a monthly debit and to process the redemption proceeds when you redeem.
Simply log in with the chosen username, and password and select the scheme you wish.
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