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If you are investing for the first time in Mutual Funds, or else, if you are unsure about your KYC status, you can check your KYC status here (Visit the site and click on the KYC Enquiry tab – Enter your PAN no. – enter captcha code given – Submit)
- If your KYC status is “KYC REGISTERED”, you are KYC verified.
- If your KYC status is “KYC REGISTERED” and your KYC mode says eKYC-OTP, you are KYC Verified but can only invest up to Rs. 50,000 per AMC (Mutual Fund House) per year.
- If your KYC status is “PAN not found”, you don’t have KYC on your PAN and need to do it before investing.
- If your KYC status is “incomplete” or “Old MF KYC”, you will need to undergo the KYC process again.
Identifying Suitable Fund Types
In the financial context different investors assess risk differently. So, before we move on, you need to know about the types of mutual fund schemes available and identify the ones suitable for you as per your risk appetite. Mutual funds are broadly divided into Equity funds and Debt funds. Debt funds invests in fixed income instruments, such as Corporate and Government Bonds, are less volatile and, hence, are less risky than equity funds. Equity funds invest predominantly in equities i.e. shares of companies and hence, are more risky than debt funds but have the potential to generate higher returns. To move further you need to assess the risk associated with different mutual fund types.
After you are done with the KYC part and have the understanding of the risks and rewards associated with different types of funds, you need to identify the goals for which you want to invest in mutual funds and the amount and tenure of investment needed for probable accomplishment of those goals. Use the Mutual Fund calculators available online to determine your investments.
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