{"id":6633,"date":"2015-12-07T08:50:19","date_gmt":"2015-12-07T03:20:19","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=6633"},"modified":"2018-04-15T17:46:55","modified_gmt":"2018-04-15T12:16:55","slug":"fatca-kyc-mf","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/fatca-kyc-mf\/","title":{"rendered":"Mutual Fund Investors – Do FATCA Declaration and Additional KYC Online"},"content":{"rendered":"

If you are an existing Mutual Fund investor, you might already have received communication about additional KYC<\/strong><\/p>\n

\"FATCA
FATCA Declaration & Additional KYC Online<\/strong><\/figcaption><\/figure>\n

(Know Your Customer) and FATCA declaratio<\/strong>n that need to be completed by December 31, 2015. The post explains why and how you can complete this additional KYC.<\/p>\n

Why additional KYC for existing investors?<\/h2>\n

KYC has become a pain point for mutual funds. Though it\u2019s said that KYC is required only once but every 2-3 years there is additional information required for better monitoring and compliance. This time with the additional KYC, you also need to provide FATCA declaration.<\/strong><\/p>\n

What is FATCA?<\/h2>\n

FATCA is Foreign Account Tax Compliance Act<\/strong>, a law enacted by USA in 2010. According to this law, any individual who is resident of USA (citizens or green card holders) or financially connected to the US or have any tax residency in US have to declare all their foreign income and investment details to US Tax Authorities. The law was enacted to prevent tax evasion through offshore investments by US residents.<\/p>\n

India is signatory of the above law and hence all the financial entities like Banks, Insurance Companies, Mutual Funds, Brokerages, etc have to furnish their client information to the Indian Government, which in turn would share it with US Government. In case you have no income connection with USA, you are not impacted but still need to give the declaration.<\/strong><\/em><\/p>\n

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Also Read:<\/strong>\u00a0Why Investing in Mutual Fund NFOs is Bad Idea?<\/a><\/p>\n<\/blockquote>\n

How to do additional KYC\/FATCA declaration Online?<\/h2>\n

Thankfully this time it\u2019s much easier to do additional KYC and FATCA declaration, as it’s online<\/strong>. The online service is being provided by the Registrars of Mutual Funds<\/strong>. So depending on which mutual funds you want to invest, you need to do KYC with their respective registrars.<\/p>\n

Step 1:<\/span> <\/strong><\/p>\n

Check which Registrar services your mutual fund from the list below<\/p>\n\n\n\n\n
CAMS<\/strong><\/td>\nKARVY Mutual Fund Services<\/strong><\/td>\n<\/tr>\n
Birla Sun Life Mutual Fund
\nDSP BlackRock Mutual Fund
\nHDFC Mutual Fund
\nHSBC Mutual Fund
\nICICI Prudential Mutual Fund
\nIDFC Mutual Fund
\nIIFL Mutual Fund
\nJP Morgan Mutual Fund
\nKotak Mutual Fund
\nL&T Mutual Fund
\nPPFAS Mutual Fund
\nSBI Mutual Fund
\nShriram Mutual Fund
\nTata Mutual Fund
\nUnion KBC Mutual Fund<\/td>\n		AXIS Mutual Fund
\nBaroda Pioneer Mutual Fund
\nBOI AXA Mutual Fund
\nCanara Robeco Mutual Fund
\nDeutsche Mutual Fund
\nEdelweiss Mutual Fund
\nGoldman Sachs Mutual Fund
\nIDBI Mutual Fund
\nIndiabulls Mutual Fund
\nJM Financial Mutual Fund
\nLIC Nomura Mutual Fund
\nMirae Asset Mutual Fund
\nMotilal Oswal Mutual Fund
\nPeerless Mutual Fund
\nDHFL Pramerica Mutual Fund
\nPrincipal Mutual Fund
\nQuantum Mutual Fund
\nReliance Mutual Fund
\nReligare Invesco Mutual Fund
\nSahara Mutual Fund
\nTaurus Mutual Fund
\nUTI Mutual Fund<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Additionally\u00a0Sundaram BNP Paribas Fund Services<\/strong> are registrars for\u00a0Sundaram Mutual Fund and\u00a0Franklin Templeton Investments<\/strong> for\u00a0Franklin Templeton Mutual Fund<\/p>\n

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Also Read:<\/strong> How are Mutual Funds Taxed?<\/a><\/p>\n<\/blockquote>\n

Step 2:<\/strong><\/span><\/p>\n

Click on respective links to visit the respective registrars additional KYC & FATCA page<\/p>\n