MyWealthJunction is a consumer brand of Wealth Junction Consultants Private Limited. We have been in the offline space for 10 years now. We have diversified into online space recently. We are one-stop financial solution company offering complete in-depth Financial Planning, Investments Platform, Succession Planning, Tax filing services and Digi document locker.
MyWealthJunction is the only financial solution company offering complete in-depth Financial Planning, Investments Platform, Mutual Fund Direct Plans, Succession Planning and Tax filing services – all under one roof.
MyWealthJunction Financial Planning tool analyzes all the information/data provided by you to deliver an accurate report. The financial recommendations mentioned in the report allows you to manage your funds accordingly or you may call our financial planner for any assistance.
Our value-added services comprise of comprehensive financial planning, tax planning, investments planning, e-will and document locker.
Currently, we are operating from Bangalore (India) only.
CFPCM are the professionals who have in-depth knowledge of financial products, financial markets and financial calculations. When you work with a CFPCM practitioner, your needs drive the Financial Planner's recommendations. As a client, you can choose from a wide variety of planners and planning services.
If your Advisor is a CFPCM, they are known to be committed to competent and ethical behaviour when providing Financial Planning services. CFPCM practitioners have taken the extra step to demonstrate their professionalism by voluntarily submitting to the rigorous CFPCM certification process. In addition to significant education and experience requirements, they must pass a comprehensive exam that tests their Financial Planning knowledge and skills, continually update their abilities and abide by FPSB India Code of Ethics and Professional Responsibility (Code of Ethics) and Financial Planning Practice Standards (Practice Standards).
You can use our services anywhere in the world.
We provide phone assistance from Monday to Friday between 9:30 am to 6 pm. You may write to us on support@mywealthjunction.com
Our Platform works on DIY (do it yourself) concept. You can access all its features while using our platform all by yourself. You can also call our financial planner/adviser between stipulated times on working days.
Currently, we are only on the web. Going forward, we will come up with an App as well.
As you provide detailed information about your finance including your total assets, liabilities, income and expenses, MyWealthJunction Financial Planning tool analyzes the data and provide the report with recommendations.
Currently, we do not provide package facility. For family members, you are supposed to get a separate account.
No, you only get OTP at the time of sign up.
If the customer leaves the MyWealthJunction before they complete their service period, there shall be no entitlement to a refund of paid service fees. Any request about a refund should be mailed to support@mywealthjunction.com. MyWealthJunction.com shall refund if you decide to cancel the subscription within 7 days of payment. You should not use our Financial Planning Software/Tool and send us an email at support@mywealthjunction.com. However, if you use or commence data entry of any information or such attempt, no refund shall be made.
The renewal fee will not be waived off.
No, right now English is the only language in which you can use our Platform.
We ensure that the personal information given to us by you on the web is placed in the secured portion of our website. We use 2 layer securities. First is a 256-bit encryption. Second is the most advanced encryption technology, Secure Socket Layer (SSL), to ensure that the information transmitted between you and us across the Internet is safe and cannot be accessed by an outsider.
We provide subscription for 12 months. We advise you to renew your subscription before the expiry date. After the expiry date, you will not be able to use paid features of our Platform again. You will have to make payment for a subscription. Your login ID doesn't expire.
You can make a payment through Debit Cards/ Credit Cards/ Net Banking/ UPI/ Mobile Wallets.
We only accept the online mode of transaction. We do not accept cash or cheque.
Yes, you can pay from any bank account, where the bank is registered with NPCI.
You can write to us at support@mywealthjunction.com. Our team will help you with your queries.
As soon as you make the payment, you can use our
Platform Services.
A financial planner helps you meet your life goals and long-term financial objective. Financial Planner takes a ‘big picture’ view of your current financial situation and makes investment recommendations that are suitable for you. The planner can look at all your needs including budgeting, saving, taxes, investments, insurance and retirement planning. This big picture approach to your financial goals sets the planner apart from other financial advisors, who may have been trained to focus on a particular aspect of your financial life.
A financial plan is the comprehensive evaluation of an individual's current and future financial state by using the current known variables to predict future income, asset values and withdrawal plans.
It is always better to have a financial planner to manage your funds. Normally Human Financial Advisors charge a very high fee. At MyWealthJunction, we provide Robo Financial Advisory which is very reasonable in comparison to the Human Financial Advisory.
If you buy an investment product based on the financial planner’s advice and recommendation, you make investment decisions, contributing to your long-term financial goals. At MyWealthJunction, you have access to a wider range of choices than one can assess realistically on your own. You also have more reliable security services. For example, protection would be given where unsuitable advice was given or your advisor is found to have not acted in your best interests. Similarly, non-advised investors would also be secured if they were misled or mis-sold a product.
Yes, we are CFP's. Choosing a Financial Planner may be one of the most important decisions you make for yourself and your loved ones. Financial Planners can provide you and your family with guidance over your lifetime, or work with you to address specific concerns as needed. Regardless of how you choose to work together, a planner can play a central role in helping you meet your life goals and achieve financial well-being. Consequently, take the time to select a Financial Planner who is competent and trustworthy, one on whom you can depend for professional advice and services.
Analysis of existing Investments is an integral part of the Financial Planning Process. During the Financial Planning Process, we collect all the details about your existing investment. Our team of experts analyses the data and advise corrective action. You can provide your existing Policies, Mutual Funds and Stocks for analysis.
7. How will my Financial Planning be done?
We identify the current financial situation, manage risk appetite, identifying goals, map assets, identifying risks, create and implement a Financial Action Plan and perform constant monitoring.
Our platform consists of Financial Planning, Tax Filing, eWill writing, Document Locker, Investment Planning.
To change the DOB you have to make a request on support@mywealthjunction.com with valid Id proof.
Yes, you need to sign the letter of engagement with us. After making the payment, you will be directed to the letter of engagement page on which you have to click on the agree with option.
Risk Profiling is a mandatory step for Financial Planning and investments. This is a process for finding the optimal level of investment risk for our client. We consider the following criteria for risk profiling: a. Risk Tolerance: How much risk you prefer to take. b. Risk Capacity: How much risk you can afford to take. c. Risk Required: How much risk you need to take.
Yes, you will get a trigger mail once you have achieved your goal.
As soon as you feed your data on the platform, our proprietary tool will analyze and provide you with your financial plan.
Other than the DOB, you can change your details at any point of time.
We work on the DIY ( Do it Yourself ) concept. You may or can map your funds to your future goals yourself or call our financial advisor for assistance.
Yes, we have a research team who does an in-depth analysis of funds and make recommendations accordingly.
We provide three types of plans. Under the Basic Plan and Standard Plan, two free reviews are done yearly. For extra review, there will be an additional charge of Rs 250 + applicable tax. In Advance Plan, we offer four reviews annually.
MyWealthJunction provides Robo Advisory Services, in which a fixed set of algorithms and formulas calculate the data provided by you and thereby provide a financial plan.
We work on DIY ( Do it yourself ) concept.
You may or can map your funds to your future goals. You can also
call our financial advisor for assistance.
A Mutual Fund collects money from the investor and invests money on behalf of the investor. They invest in different markets segment like equity, bonds, debts etc. A small fee is charged in return. The fund manager manages the money.
For a retail investor who does not have the time and expertise to analyze and invest in stocks and bonds, mutual funds offer a viable investment alternative. This is because:
- Mutual Funds provide the benefit of cheap access to expensive stocks
- Mutual funds diversify the risk of the investor by investing in a basket of assets
- Team of professional fund managers manages them with in-depth research inputs from investment analysts.
- Being institutions with good bargaining power in markets, mutual funds have access to crucial corporate information which individual investors cannot access
Net Asset Value (NAV) represents a fund's per unit market value, the price at which Investors buy units from a Mutual Fund company and sell them to a mutual fund company.
In an open-ended mutual fund, there are no limits on the total size of the corpus. Investors are permitted to enter and exit the open-ended mutual fund at any point of time at a price that is linked to the net asset.
Debt Funds invest in fixed-interest generating securities like corporate bonds, government securities, treasury bills, commercial paper and other money market instruments.
A Balanced Fund is a mutual fund which provides a one-stop investment mix by investing its portfolio in a mix of debt and equity instruments to balance the risk-reward ratio.
In the growth option, profits made by the scheme are invested back into it. Dividends are declared only when the scheme makes a profit and it is at the discretion of the fund manager.
Liquid funds are simply debt mutual funds that invest your money in very short-term market instruments such as treasury bills, government securities and call money that hold the least amount of risk. These funds can invest in instruments up to a maturity of 91 days. It is better to invest your money in Liquid Fund, as it generates a better return.
Sector and Thematic Funds are generally referred to as a single category fund which means they cannot take exposure to multiple sectors or themes.
An international fund is a fund that can invest in companies located anywhere outside of its Investors' country of residence. International funds differ from global funds, which can invest in companies from any country in the world. International funds may also be referred to as foreign funds.
The exit load is a percentage applied on the NAV (net asset value), and the reduction in the amount is credited back to the investor. For example, a mutual fund defines its exit load to be 1% on redemption within a year. If an investor invested his money at the beginning of the year on 10th January and he decides to redeem it on 10th April, when the fund’s NAV is at around Rs 25, since 10th April is much before the agreed period of the redemption, the investor will attract an exit load on failing to honour his commitment. The amount returned to the investor post the exit load will be 24.75. The exit load amounts to Rs 0.25 (1% of Rs 25), where different AMC have different exit loads. Maximum Exit load charges are 2.5%.
12. What are Mutual Fund Ratings?
A mutual fund rating is usually a measure of a fund's historical risk-adjusted performance over different time frames compared with the funds in the same category. Mutual Funds are independently rated by various rating agencies such as CRISIL, Morningstar and Value Research.
These are liquid mutual fund schemes that support instant redemption i.e., an instant credit into your bank account when you withdraw your investment. There is no charge or exit load on withdrawal.
A SIP allows you to invest small amounts of money over time to build a corpus. Generally, one starts with an STP when there is a lump sum to invest. An STP helps spread investments over a while to average the purchase cost and rule out the risk of getting into the market at its peak. Whereas, SWP allows you to withdraw a designated sum of money from a fund at regular intervals. Such a system is mainly suited to retirees, who are looking for a fixed flow of income.
No, a PAN card is compulsory to invest in a mutual fund.
16. Where and how can I be a KYC compliant? Do I
have to repeat the KYC process with every mutual fund?
MyWealthJunction does KYC for all the customers. Therefore, you need not repeat the KYC process with every Mutual Fund.
No, DEMAT is not required for investment in Mutual Fund. It is required only when you are doing investment in stocks or shares.
Nowadays, it is much easy and simple to buy a Mutual Fund. Initially, you have to submit KYC (PAN and Aadhaar) details and Bank Account details. We have a tracing facility for our customers.
It's up to you. DEMAT is not required on our platform.
We are not taking any commission; we are a fee-based RIA.
Yes, we have that option on our platform.
Yes, you can make an additional investment on our Portal.
No, we do not entertain Cheque and Cash options in our platform.
You can make the investments through banks which comes in the schedule list of RBI.
Yes, you can invest in the name of your spouse and relatives but you need to have a different account for that.
We have tied up with 38 AMCs.
No, there is no cost involved in Direct Plans.
Yes, there is a minimum investment amount which is decided by AMC. The minimum investment amount is around Rs. 1000 to Rs. 5000 and it varies from AMC to AMC.
For the Basic and Standard Plan, the review takes place twice a year. For Advanced Plan, we review the portfolio four times a year.
We are a customer-oriented company. Regular funds AMCs have hidden charges as a commission (%) on your investment, but there are no hidden charges in Direct Plan. No commission will be added on your investment.
Yes, you can invest on your own. We just suggest best fund options after doing an in-depth analysis of top-rated funds. We help you reach your goal.
We provide a fund recommendation on our platform.
Most of the online platform provides regular plans and charge commissions from AMC. Due to which, the investors get a smaller number of units whereas MyWealthJunction provides direct plans through which each customer is at profit and gets more units. We do not charge any commission neither from AMC nor from customers.
An NRI can also use this platform. They have to use NRE or NRO Account.
Advance tax means income tax paid in advance in small chunks instead of a lump sum at the end of the year
Salaried taxpayers, freelancers and businesses need to pay Advance Tax if their tax liability exceeds Rs 10,000 in a year. Senior citizens who do not run a business are exempt from paying Advance Tax.
Starting FY 2016-17, taxpayers who opt for the presumptive scheme have to pay the whole amount of their advance tax in one instalment on or before 15th March. If they miss the due date, they can still pay all of their tax dues by 31st March. Starting FY 2016-17, businesses with a turnover of Rs 2 crores or less can opt for this scheme.
Starting FY 2016-17, this scheme has been extended to professionals such as doctors, lawyers, architects etc. if their gross receipts are not more than Rs 50 lakhs. Such taxpayers have to pay advance tax as per quarterly due dates scheduled by the government.
You can now file your Income Tax Return electronically through MyWealthJunction eTax Filing service in association with ClearTax. We provide self e-filing service where you may file your return of income yourself. Alternatively, you can also file your tax return using our assisted online tax e-filing service, where qualified and trained tax experts will prepare and e-file your returns.
Earlier, one was allowed to file the return for any given assessment year till the end of one financial year from the end of the respective assessment year.
After the recent changes, one can file the return for any given assessment year only till the end of that assessment year. The return will not be allowed to be filed after the assessment year is over.
Ex. For A.Y. 2018-19 (i.e. F.Y. 2017-18) return can be filed maximum by the end of the assessment year 2018-19. The assessment year 2018-19 will end on 31st March 2019, it means that the return for A.Y. 2018-19 can be filed max by 31st March 2019.
You can go to the I-T department’s website at https://incometaxindiaefiling.gov.in website, log in and provide basic details like PAN and assessment year to which refund relates to check the status of the refund.
Once your tax expert has e-filed your Income-tax return, the acknowledgement form ITR-V will be ready for download from your account on e-filing portal. We will be keeping the document available in your account, whenever and wherever you need it. Alternatively, you may also now electronically verify your return using the EVC or Electronic Verification Code.
Yes, you can read our blogs on different income tax topics. We also have a guides section where we have included information on important tax filing and tax savings topics to ease the tax filing process for you.
You can e-file using our “Online Tax E-filing” application which is an intuitive, secure, simple online platform through which taxes are filed. Just submit your basic details, upload your Form 16 and our application will pre-populate the return for you. Check the return and file it yourself.
You can alternatively do this by logging in to the https://incometaxindiaefiling.gov.inTo get experts to prepare and e-file your returns just register with our Assisted Online Tax e-filing and we will assign you a tax expert. This expert will prepare your tax return and file it for you.
You may pay these online through a payment gateway for payment of taxes on the Income Tax website of the government https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
- Select challan 280 to pay taxes which is an option to pay income tax or corporation tax.
- Select the assessment year for which you are paying taxes and fill in all details like PAN, Address, phone number, email address etc. Here you need to select the option Self-Assessment Tax if you are paying the tax due for the FY that has just ended.
- Here you will be re-directed to the net banking page where you need to pay tax. There are spaces for surcharge, interest and education cess that need to be kept blank.
- On payment of tax, you should receive your challan 280 that contains details of tax paid by you.
Generally, for salaried individuals’ taxes are deducted at source and hence no taxes are due on the return filing date. However, you may be liable to pay taxes when you have income from sources other than salary e.g. from house property income, income from capital gains, sale of shares, income from other sources etc. In this case, you may still have to pay taxes on the income earned rom these transactions.
These taxes may be paid at the time of filing your return of income i.e. on or before 31st July.
The government offers an array of schemes in which you may invest your money and the amount invested is deductible from your taxable income as well as offer you a very good return on money invested.
The various tax saving schemes that save you money and are allowed as a deduction under section 80C are:
- Provident fund
- Voluntary provident fund
- Life insurance premium
- Equity-linked saving scheme
- National savings certificate
- Mutual Fund / SIP
- Unit linked insurance plans (ULIP)
- Fixed deposit/ Post office time deposit schemes
These are the most popular schemes of tax savings. Apart from this, there are certain schemes under different sections like 80D for investment in medical insurance premium, 80CCC for investment in certain specified pension funds, 80CCD for investment in central government pension schemes by government employees. Apart from the above if you invest in the National Pension Scheme (NPS) then you are eligible for a deduction from your total income.
Will is a written declaration by a person about his wishes for all the matters such as distributing his/her properties, assets, wealth to family, relatives, outsiders, charities etc. after their death, to be made in the presence of two witnesses.
Preparing a will ensures that all your assets and properties are distributed and disposed of as per your wishes after your death avoiding disputes or legal interference in the family. Also, if you wish to give more share to some of your relatives/heirs and want to ensure that a certain person should not get any of your assets and properties, then will is the only effective document to do the same. For example – if one wishes to donate organs, give flat to wife, give more/less to any particular son/daughter, give some amount to parents or also caretaker/friend etc., such wishes can be mentioned in a Will which shall be binding to all – family, relatives, all laws, all courts including the Supreme Court of India.
Will can be handwritten or typed, however, typed Will is preferred. Stamp paper is not required hence it can be on plain paper. Will should be in any language which is suitable for the person who has made the Will. Will should at least cover minimum details of your family, your properties/assets, your liabilities, your wishes, bequeaths (property distribution wishes), names of two witnesses, date and place of signing, a sign of the person who has made the Will and the witnesses on each page.
This is called a Special Will which is only allowed to soldiers, airmen, navy persons. Also, some Muslims are allowed to make oral wills as per their laws.
Yes, this relates to the Succession laws where there are different laws applicable as per the religion of the deceased person. For example – for Hindu, it is the Hindu Succession Laws, for Parsi and Christians it is the Indian Succession Act, for Muslims, it is as per the Sheriat Laws (different rules for Shia, Sunni, Khoja etc.)
As per the law, a Will should be signed in presence of minimum Two Witnesses. Witnesses don't need to read the content of the Will, they are just confirming that the Will was signed in their presence. As per the law, witnesses can be called by courts in the event of any question on legality/authenticity of the Will. Nowadays, it is also advisable to do a video recording of Will signature event and the clip can be kept securely along with the original Will so that it can be legal evidence if required to prove the legality of a Will.
An executor is a person who is appointed by the person making a Will to be authorized to take action on all the wishes as per the Will. An Executor can be any person who is a beneficiary in the Will or any trusted person like a family friend, lawyer or CA who can assist the family to act as per your wishes in the Will. It is not mandatory to appoint an executor, however, it is recommended.
No, Notarization or Registration of Will is Not Mandatory. However, one can register the Will, any time after execution for which no fee- is charged at Sub-Registrar’s office except some scanning charges. If Will is registered, it means the person who has made his Will in presence of two witnesses will have visit Registration Office physically and register their Will in the presence of Sub-Registrar (Govt. Official), hence the chances of questioning the authenticity of the Will amongst the family/relatives are avoided. To register a Will, maker of the Will has to personally visit along with two witnesses (these witnesses don't need to be the same who signed as witnesses to the Will signing) You also need to carry Original Will, last dated MBBS Doctor’s certificate of for mental fitness and address proof.
Yes, a person owning any joint property is allowed to mention his wishes in the Will for his share in the Joint Property. It is necessary to mention about all joint property titles to avoid unnecessary disputes.
No, tenancy rights are not a property or asset hence it cannot be bequeathed in a Will.
No, share in Hindu Undivided Property cannot be bequeathed. However, it may vary from case to case basis.
One can nominate guardians for minor children who are beneficiary in the Will and such guardian will be responsible to look after the minor children and protect their share. Many times, people create a Trust by way of Will for the benefit to all the Legal Heirs, Friends, Relatives or Charitable Purpose.
A person can make a new Will as many times as he wants OR for a few changes, he can also make Codicil which is a Supplementary to the main Will. However, it is necessary to mention in your Will that ‘This is the Last will and all past Wills, if any, to be treated as cancelled’ since only the last Will is legally valid.
Yes. However, properties situated in foreign countries are governed by local laws in those countries & the procedure to enforce Will in such countries would be different from India, therefore it is advisable to prepare two separate wills; one dealing with properties in India and the other with properties in foreign countries. Such Wills are called concurrent Wills and are treated independently of each other unless interlinked.
One can cancel/revoke their Will at any point of time or even by making a fresh Will. Once a Will is made all the past / old Wills get cancelled. The will can be revoked by following ways - i) By execution of a subsequent Will; ii) By writing and declaring an intention to revoke the Will iii) By burning, tearing or otherwise destroying the Will.
In the event of ‘No-Will’ situation, if there are only movable properties, a Succession Certificate is to be obtained from Court. If the person has left behind immovable properties also, in such a case, the Letter of Administration is to be obtained from the Court.
No. For the making of a simple Will, one can take
all precautions
and do it by themselves; however, one has to be careful with words
to avoid any
vagueness or contradiction in Will and to avoid unnecessary
misunderstanding/quarrel
amongst family/relatives.
It is a feature for Paid user to keep the documents that are private and securely saved at MyWealthJunction server with 2 Layer Security along with OTP login.
It helps you keep important documents at one safe place.
No. We are using the OTP mechanism for authentication.
We are using 2 level encryption and the OTP mechanism to ensure that your documents are safe.
There could be many reasons you haven’t received the OTP. You may be in an area with a poor network or you may have entered an incorrect number. Please double-check the number and click on Resend OTP feature.
Overall 10MB file can be uploaded and user limit for across all the files is also the same.
Sorry. We allow only a single folder per user.
Currently, we support all document files and image files with a valid extension.
No impact will be there in your existing locker.
You can click on delete tab to delete any of your uploaded files.
No. Your documents will still be stored in the
tool.
You can access those documents only after renewing the subscription.
KYC is an acronym for ‘Know Your Customer’, a term commonly used for the customer identification process relating to KYC norms for financial institutions and financial intermediaries including Mutual Funds to know their customer. It is a process of verification of identity, address and other demographic information. All resident individuals must be a KYC compliant while investing in Mutual Funds.
- New / Additional Purchases
- Switch Transactions
- New SIP Registrations
- New STP Registrations
- New DTP Registrations (including DTP related products)
- Micro SIP
For this purpose, KYC registration is being centralized through KYC Registration Agencies (KRAs). Thus, each investor has to undergo a uniform KYC process only once in the securities market and the details would be shared with other intermediaries by the KRAs.
KYC norms stats that any individual investor must produce his/her Proof of Identity (Photo PAN Card copy or PAN card copy and copy of the passport, driving license etc.) and Proof of Address (any valid documents listed in section B of the KYC Application Form for Individuals). Wherein, Non-Individual investor will have to produce certain documents of registration to fulfil the KYC process.
Step 1:Submit the duly completed KYC Application Form along with duly attested documents evidencing Proof of Identity and Proof of Address as per the KYC documents required and mentioned in KYC Application form after completing the in-person Verification as provided in Step No 2. Please Click Here to download the form from the ‘Downloads>KYC Forms’ section.
List of people authorized to attest the documents (evidencing Proof of Identity and Proof of Address) after verification with the originals:
- Authorised officials of Asset Management Companies (AMC).
- KYD compliant mutual fund distributors.
- Notary Public, Gazetted Officer, Manager of a Scheduled Commercial/Co-operative Bank or Multinational Foreign Banks (Name, Designation & Seal should be affixed on the copy).
- In case of NRIs, authorized officials of overseas branches of Scheduled Commercial Banks registered in India, Notary Public, Court Magistrate, Judge, and Indian Embassy/Consulate General in the country where the client resides are permitted to attest the documents.
- Government authorised officials who are empowered to issue Apostille Certificates.
Step 2:Kindly note that, IPV is required to be done for all the KYC applications. IPV means in a personal visit. You have to visit in person along with the original documents for verification & authentication of the copies of the original documents by the intermediary. The original documents will be returned after verification.
Presently IPV can be done by any of the following intermediaries:- KYC Registration Agencies (KRAs),
- Stock Brokers through Stock Exchanges,
- Depository Participants (DPs) through Depositories,
- Mutual Funds (MFs)
- Portfolio Managers (PMs)
- Venture Capital Funds (VCFs
- Collective Investment Schemes (CIS)
- NISM/AMFI certified distributors who are KYD compliant
- Scheduled Commercial Banks (in case of any applications received directly)
Note: In case you have attested the documents from any of the attesting officials as mentioned in point I above, and you wish to do your IPV with us, then it is mandatory to carry your original PAN Card along with you for the IPV process.
In case you are unable to personally visit us for IPV, then you may complete the IPV process from any of the nine entities mentioned in Point II above and send the KYC documents to our registered office address or any of the Karvy Collection Centres.
Upon receipt and verification of the KYC application along with the supporting documents, the subscription application accompanying the KYC documents will be processed and you shall receive a KYC acknowledgement from KRA.
Kindly note that for non-KYC compliant investors (after completing the IPV process) the duly filled and signed KYC application form has to be necessarily accompanied by an investment application form with their respective supporting documents.Officially Valid Documents to produce proof of identity includes Passport, Driving License, Voters’ Identity Card, PAN Card and Aadhaar Card. You need to submit any one of the above documents. If the POI submitted does not contain address details, then you will have to submit any other officially valid document which contains address details.
In order to update new address against your folios, we request you to follow the steps as mentioned below:
Step 1: Submit the duly completed KYC Details Change Form (attached herewith) along with duly attested documents evidencing Proof of Identity and Proof of Address as per the KYC documents required and mentioned in KYC Application form after completing the In-person Verification as provided in Step No 2. You can also Click Here to download the form from the section ‘Downloads>KYC Forms’.
List of people authorized to attest the documents (evidencing Proof of Identity and Proof of Address) after verification with the originals:- Authorised officials of Asset Management Companies (AMC).
- KYD compliant mutual fund distributors.
- Notary Public, Gazetted Officer, Manager of a Scheduled Commercial/Co-operative Bank or Multinational Foreign Banks (Name, Designation & Seal should be affixed on the copy).
- In case of NRIs, authorized officials of overseas branches of Scheduled Commercial Banks registered in India, Notary Public, Court Magistrate, Judge, and Indian Embassy/Consulate General in the country where the client resides are permitted to attest the documents.
- Government authorised officials who are empowered to issue Apostille Certificates.
Step 2: Kindly note that, IPV is required to be done for all the KYC applications. IPV means in-person visit along with the original documents for verification & authentication of the copies of the original documents by the intermediary. The original documents will be returned after verification.
Presently IPV can be done by any of the following intermediaries:- KYC Registration Agencies (KRAs),
- Stock Brokers through Stock Exchanges,
- Depository Participants (DPs) through Depositories,
- Mutual Funds (MFs)
- Portfolio Managers (PMs)
- Venture Capital Funds (VCFs)
- Collective Investment Schemes (CIS)
- NISM/AMFI certified distributors who are KYD compliant
- Scheduled Commercial Banks (in case of any applications received directly)
Note: In case you have attested the documents from any of the attesting officials as mentioned in point I above, and you wish to do your IPV with us , then it is mandatory to carry your original PAN Card along with you for the IPV process.
In case you are unable to personally visit us for IPV, then you may complete the IPV process from any of the nine entities mentioned in Point II above and send the KYC documents to our registered office address or Karvy Collection Centre.Upon receipt and verification of the KYC application along with the supporting documents, the KYC documents will be processed and you shall receive a KYC acknowledgement from KRA.
Kindly note that once your new address gets updated in CVL records, the same will be captured against the folio in our records.
All intermediaries in the security market are authorized to conduct IPV. In case of Mutual Funds, Asset Management Companies (AMCs) and distributors who comply with the certification process of National Institute of Securities Market (NISM) or Association of Mutual Funds (AMFI) and have undergone the process of Know Your Distributor (KYD) can perform IPV. Further, in case any applications are received directly from the investors (i.e. without being routed through the distributors), the Mutual Fund may rely upon the IPV (on the KYC Application Form) performed by scheduled commercial banks / authorised employees of AMC.
Presently IPV can be done by any of the following intermediaries:
- KYC Registration Agencies (KRAs),
- Stock Brokers through Stock Exchanges,
- Depository Participants (DPs) through Depositories,
- Mutual Funds (MFs)
- Portfolio Managers (PMs)
- Venture Capital Funds (VCFs)
- Collective Investment Schemes (CIS)
- NISM/AMFI certified distributors who are KYD compliant
- Scheduled Commercial Banks
For Individuals -
The revised KYC form effective from January 1, 2012, for the Individual category, has additional provision for details such as Father's / Spouse Name, Marital Status, Nationality, Gross Annual Income / Net worth details and In-person Verification. The revised KYC the form can be used for changing contact details like address, email id and phone no.
For up-gradation of KYC compliance, you may submit the KYC details change form duly-filled and signed after completion of in-person Verification (IPV). You need to fill the only section ‘A’ and ‘B’ and forward the same to our registered office address or Karvy Collection Centre.
Note: In case you wish to do your IPV from our branch, then it is mandatory to carry your original PAN Card along with you for the IPV process.
Click here to download the form for KYC Change Details – Individual.
For Non - Individuals -In the case of 'Non-Individuals', KYC needs to be done afresh due to significant and major changes in KYC requirements.
Click here to download the form for KYC Change Details - Non – Individual
Please note the following:- Updating of additional KYC requirements along with IPV is currently a one-time requirement and needs to be completed with any one of the mutual funds i.e. need not to be done with all the mutual funds where the investor has existing investments.
- The requirement is mandatory and the investor who wants to open a new account/folio with a new mutual fund from December 1, 2012, is required to complete the above formalities on or before that date in order to enable them to invest in a new mutual.
- This will not affect subsequent transactions (or ongoing SIPs) of investors in their existing mutual fund folios/accounts which is KYC compliant under the erstwhile centralized KYC with CVL (CVLMF).
- Please note that the KYC update and IPV (one time) as detailed above will be mandatory for registering any change in the KYC information like address, contact information, etc.
Currently, At MyWealthJunction KYC is done free of cost.
KYC is a one-time process and there is no need to repeat the KYC individually for each mutual fund.
Currently, every investor (individual or non-individual) who wish to make an investment irrespective of any amount, must be a KYC Compliant.
Following are the list of personnel who are required to be KYC compliant:
- Each of the applicants in case of application in joint names
- POA (Power of Attorney) holder in case of investments through a POA.
- Guardian in case of investments on behalf of a minor
- The claimant in case of transmission of units on account of the death of the existing holder
Yes. In addition to the certified true copy of the passport, overseas address and permanent address will also be required. If any of the documents (including attestations/ certifications) towards proof of identity or address is in a foreign language, they have to be translated to English for submission. The documents can be attested, by the Consulate office or overseas branches of scheduled commercial banks registered in India
The soft copy of these KYC forms will be made available on the website of all Mutual Funds, AMFI and Central Depository Services (India) Limited (CDSL). You may also approach your distributor for a form. The same duly completed along with the necessary attested documents can be submitted at the PoS or mailed to your representative or Distributor who can complete the KYC formalities for you.
The requirements applicable to an NRI will also apply to a PIO. However, additionally, he will need to submit a certified true copy of the PIO Card
The Mutual Fund Industry has appointed CDSL Ventures Limited (“CDSL”), a wholly owned subsidiary of Central Depository Services (India) Limited, to carry out the KYC compliance procedure. CVL through its Points of Service (POS) will accept KYC Application Forms, verify documents and provide the KYC Acknowledgement (across the counter on a best effort basis). The list of PoS will be displayed on the websites of Mutual Funds, CDSL and AMFI. Once the KYC is duly completed in all respects, the investor needs to produce a copy of the acknowledgement to the fund where the investor desires to invest. There is no need to repeat the KYC individually for each mutual fund.
The process flow is as under:
- Enter your PAN Number for validation
- Post validation, your identity, address, email ID and mobile number details will be fetched from the database.
- Enter some additional information as required
- Submit your information and you are all set to start your investment journey.
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The FinXpert™ Card is valid for a period of 12 months from the date of issue and cannot be revalidated.
The FinXpert Card cannot be recharged or updated as of now; however, we are in the process of introducing the feature shortly.
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You can order only 1 FinXpert E-Card and up to 10 FinXpert physical Card in one purchase. Please enter the required number of units in the quantity field while making the purchase.
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The FinXpert E-Card is delivered immediately to the recipient’s designated e-mail ID, whereas the Physical Card may take up to 5-7 working days to be delivered.
If a FinXpert E-Card is not delivered to the specified recipient’s e-mail address, please check the junk or spam folder in your mailbox. If you have still not received the E-Card, please contact MyWealthJunction Support Helpdesk at support@mywealthjunction.com or call us at +91 9513233100
The FinXpert Card is valid for a period of one year from the date of issue and the validity cannot be extended.