Tata Mutual Fund Launches ‘contactless’ Onboarding for First Time Investors

Sep 29, 2020 Hubbis

Tata Mutual Fund has launched ‘contactless onboarding’ for first time investors in Mutual Funds. This process makes the account opening experience paperless.

It empowers the Investor to open an account without waiting for anyone to show up at the door, the firm said in a press release.

Investing in Mutual Funds, mandates the fulfilment of the KYC – Know Your Customer Process. The same process has now been enabled in a digital mode i.e. ‘e-KYC’. Anyone wanting to start investing, needs to have scans of their KYC details handy. These include identity proof i.e. PAN card; address proof; photograph, a cancelled cheque, and signatures, Log-on the AMC's website and upload them. Once all documents are uploaded, the investor is required to start real-time video recording using the front camera on his/her smartphone or computer and read aloud the dynamic OTP displayed on the screen. On successful completion of this process, the AMC personnel will verify them, and the investor will receive an intimation, to initiate investments.

MVS Murthy, Head of Marketing & Digital, Tata Asset Management, said: “Our contact-less on-boarding, will empower first time investors to kick-start their investing journey without the need for any physical meeting for document collection. This will benefit all channel partners and acquisition channels by reducing their paperwork and associated leg work. With the proliferation of mobiles, access to data and the trust our brand enjoys, e-KYC is the smoothest way to come on-board a strong and growing industry.”