How to Link Mutual funds with Aadhaar Card

  • The government of India has amended the prevention of money laundering act (PMLA) Rules, in 2017.
  • The government has now made it mandatory under the prevention of money laundering Act that the customers who are investing in the mutual funds have to link their Aadhaar card with their mutual funds as their current focus is to prevent the ongoing corruption in the financial sector.
  • By the latest directive of the government, everyone has to link their Mutual Fund’s investments with the 12-digit unique identity number.
  • The last date to complete this process is 31st March 2018. If any person fails to link his/her mutual fund folio with Aadhaar then their mutual fund’s account will be frozen.
  • Moreover, No account holder can invest new amounts in the same fund account until the linking process will be completed.
  • Mutual funds come under the category of investments, and clearly, the government wants to limit the continuous inflow of unaccounted money into Mutual funds.
  • As the linking of Aadhaar has been made compulsory, the fund houses are bound to ask their customers to provide the required information.
  • Therefore, CAMS’ online facility is an effort in this direction.  CAMS (Computer Age Management Services), Registrar, and transfer (R&T) agents have launched an online facility to link mutual fund investments to Aadhaar.

Methods to Link Aadhaar Number with Mutual Funds

The process of linking your Aadhaar number with mutual funds is a very simple and a onetime process. It has been done to help the government to figure out that, the investment or a transaction is legal or illegal. There are three methods which are provided to link your Aadhaar number with mutual funds:

  • Online
  • SMS,
  • Registering with fund houses, and physical KYC or offline linkage.

If an individual holds multiple MF accounts that are handled by the one registrar then the account holder has to update his Aadhaar information only once for all accounts.

Offline Process to Link Mutual Funds with Aadhaar

The physical KYC process which is to do by the registrars has commonly known as an offline mode. The registrars like CAMS and KARVY offers the option of linking Aadhaar and mutual fund folios either online or offline. The process of linking Aadhaar card with mutual funds offline is beneficial for those investors who don’t have their email ID or mobile number registered in their mutual fund account.

Related Article- Link Aadhaar card with Insurance policy

The steps listed below are to link Aadhaar and mutual funds offline:

Step1: Visit the respective registrar’s website and download the KYC form.

Step2: Fill in the form, make sure that you mention your folio number, and attach a self-attested Aadhaar card copy.

Step3:  Now you just have to submit the form for linking either at the registrar’s office or customer care center.

SMS Method to Link Aadhaar and Mutual Funds Account

Follow the simple steps to complete the linking process through SMS:

  1. Type “DRINK” on your mobile phone’s keypad.
  2. Send a message on 9212993399.
  3. After the completion of the process, you will receive a confirmation message.

Related Article- Link Aadhaar with Mobile Number

Online process of Linking your Aadhaar to Mutual Funds

The online Aadhaar number and mutual funds linking process are very easy and simple processes, but make sure that your phone number which is registered with the Aadhaar card is operational to receive a one-time password (OTP) message. The flexibility has been provided to mutual fund holders to complete the linking process with mutual fund registrars online and not to visit each fund house specifically.

Most of the registrars have provided online tools to easily complete the Aadhar linkage process. There are many registrars like CAMS (computer age management systems), Karvy, Fraklin Templeton, and Sundaram BNP Paribas who have provided an online facility to their customers to link their Aadhar with mutual funds. Investors just have to visit the website of the registrar which services their mutual fund’s product.

Step-by-Step Guide to Link Aadhaar and Mutual Funds with CAMS

Below mentioned are the step-by-step procedure that will help you complete the process:

  1. Visit the CAMS official website:
  2. Click on “Investor service” and
  3. Select “Link Your Aadhaar”.
  4. Enter your PAN number.
  5. Select either your mobile or date of birth or email in the second box.
  6. Enter the details by the selected option in the respective box.
  7. Click on the “verify” button.
  8. It will redirect you to a new page, where you have to enter your Aadhar card number, and the registered mobile number, and your email ID is optional.
  9. Click on the “Generate OTP”.
  10. An OTP will be generated on the registered mobile number, type the OTP, and click on the “Submit” button.
  11. After successful completion of the steps, you will receive a confirmation message

Steps to Complete Mutual Funds-Aadhaar Linking with KARVY

Given below are the steps for linkage:

  1. Visit the official website of Karvy
  2. Click on the “Link your Aadhaar”
  3. Under this online linking process, enter your PAN and click on the “Generate OTP” button i.e. one-time password. Don’t forget to link your mobile and Aadhaar earlier to avoid any last-minute hassle.
  4. Tick on the mutual fund scheme which you wish to or want to link and click your consent on the confirmation box.
  5. Enter your Aadhaar number in the respective box and click on the “Submit” button.
  6. You will receive a confirmation message from Karvy regarding the linking process.

Related Article- Link Aadhaar with Ration card

Linking of Mutual Funds and Aadhaar with Franklin Templeton Portal

In case you are an investor who is holding mutual fund schemes offered by Franklin Templeton (FT) India, you have to link your Mutual fund folios through the FT portal. An FT portal investor can’t link his Aadhaar number to FT folios from any other website.

 Following are the steps to link your Aadhar and mutual funds on the FT portal:

  • Visit the Franklin Templeton portal website:
  • Click on the“Customer service” option mentioned on the website
  • Under the Instant services tab, click on the “Update Aadhar number” option
  • The page will redirect you to a new pageenter your PAN card number in the given box
  • In the select box, click on the arrow to select the option. The options include Date of Birth/Pin Code/ Last Transaction Amount
  • Enter the details of the selected option and click on the “Next” button
  • Click on the “Next” button
  • Enter the 12-digit unique identification number (Aadhaar number) in the respective field and click on the “Submit” button.

After completing the above steps, you will receive a message a confirmation message either on your Aadhaar registered mobile number or on registered email ID.

If you want to apply for personal loanshome loansmutual funds, and credit cards, you can go with FinBucket.