How is In-Person Verification (IPV) different from e-KYC?
e-KYC or electronic Know Your Customer is a process by which your identity is established electronically. Currently, Aadhar is permitted as a mechanism by which this can be done for mutual funds. Only SEBI-regulated KYC registration agencies (KRAs) such as CAMS, CVL and NDML are allowed to do e-KYC. These KYC registration agencies may have their own apps to do either an OTP-based or biometric-based verification. However, there is a Rs. 50,000 per mutual fund per financial year limit for OTP-based verification. Given that limitation, we at Scripbox have decided to continue with paper-based KYC process along with a video IPV for now, until such time we can make the entire process electronic for you.
An investor can invest a maximum amount of 50K “Per Fund House”, “Per Financial Year” if his KYC status is either E- Aadhaar KYC & E-KYC.
- At the fund house level: An investor can invest Rs. 50,000 in total with SBI fund house. If the investor wishes to invest in ‘SBI Blue Chip Fund (Growth)’ & ‘SBI Ultra Short Term Debt Fund (Growth)’ he/she can invest Rs. 50,000 only & not Rs. 50,000 each.