FREQUENTLY ASKED QUESTIONS
KYC is an acronym for 'Know Your Customer'. KYC is commonly used to describe the 'Client Identification' Process and it is a one-time requirement applicable for all Unit Holders, including Guardians and Power of Attorney holders but excludes Nominees, Minors, Kartas.
The Securities and Exchange Board of India (SEBI) has prescribed certain requirements under the Prevention of Money Laundering Act 2002 for Financial Institutions and Financial Intermediaries including Mutual Funds to 'know' their Customers. The KYC process helps prevent money laundering and other suspicious transactions.
CKYC refers to Centralized KYC (Know Your Customer) which came into effect from February 01, 2017. The main objective is to have a single platform which facilitates investors to complete their KYC only once before interacting with various entities across the financial services sector.
• New / Additional Purchases
• Redemption
• Switch Transactions
• SIP/MICRO SIP Registrations
• STP Registrations
• DTP Registrations
• Non Financial Transactions (except Change of email id / Mobile no, Change of Bank Mandate, Nominee Updation).
For existing SIP / STP / DTP registrations, KYC norms are applicable on the date of acceptance of the request, unless specifically mentioned.
If you are an Individual Investor, you can complete your KYC process online, through our website www.dspim.com/invest.
Alternatively, you may submit the physical form to any of our branches or CAMS Investor Service Centres near you.
A detailed note on the documentation is mentioned on the application form.
A PAN exempted KYC (PEKRN) would be needed to invest in Mutual Funds. An identity proof in lieu of PAN needs to be provided. (Refer form for the list of documents). Individuals, Minors, Sole Proprietor, Joint Holders NRIs (Not extended to PIOs & U.S. Persons and Residents of Canada) can invest with a PAN exempt KYC.
The total investment (including fresh purchase, additional purchase, switches and SIP installments) in a rolling 12 months’ period or financial year i.e. April to March should not exceed Rs. 50,000 for a PAN exempted KYC.
KYC application needs to be mandatorily accompanied with an investment application i.e. purchase / switch/ redemption / SIP as per regulations.
You can send an email from your registered email ID to [email protected] or call us on 1800 208 4499 from your registered mobile number to update your KYC Status
You can check your KYC status online at the websites below:
You should intimate your change of Name/Address/Contact Details/Status/Signature etc. to a point of service (POS) of the KRA or the AMC office.
Individuals can submit a CKYC Form along with the required documents.
Non Individuals need to submit a fresh KYC form along with the required documents.
You need to complete the "Know Your Customer" (KYC) verification before you can begin investing in mutual funds.
Please click here to check if you are KYC complied. If you do not have a completed KYC, you can complete your KYC online, through our website click here.
Once you have completed your KYC verification, you may invest using the DSP app available on the Play Store as well as on the App Store or by visiting our webiste click here
If you are using the DSP App:
If you are using the DSP Website:
Alternatively, you may submit the physical form to any of our branches or CAMS Investor Service Centres near you.
If you are a MF Distributor and looking to initiate a purchase on behalf of your investor, you may do so using our IFAXpress App or the IFAXpress website www.dspim.com/ifaxpress.
Any child below the age of 18 years can invest in DSP Mutual Fund under his/her name however he/she cannot operate accounts on their own. Once the folio is created in physical mode, the guardian can transact online on https://www.dspim.com/invest/ on behalf of the minor. The investment will be done under a guardian; either parent or court appointed guardian.
Documents needed to open a folio in a child’s name:
• Duly filled in common application form
• KYC of the Guardian
• The payment for subscription is to be made from the minor’s bank account itself and not from the guardian’s bank account
• Date of Birth (DOB) proof of minor which is Birth Certificate, Passport, School Leaving Certificate/Marksheet issued by HSC Board of the respective state or any other suitable proof evidencing the DOB of Minor
• Court order in case of Court appointed legal guardian.
a. eNACH (NACH = National Automated Clearing House)
b. Cheque: Cheque should made out to "DSP Mutual Fund Collection Account"
c. Funds Transfer or RTGS/NEFT: Our bank details will be shared on request
d. UPI (UPI = Unified Payments Interface)
e. One Time Mandate
eNACH, also known as 'One Time Mandate' is a one-time online registration process that allows you to seamlessly initiate all future investments with DSP in a completely digital manner.
It is a completely paperless process that lets you authorize your bank to debit your account up to a certain limit that you set up yourself.
This debit will happen through National Automated Clearing House (NACH) created by National Payments Corporation of India (NPCI), which is set up under a mandate from the Reserve Bank of India in 2008.
Both are essentially the same. However, OTM is registered via a physical form and eNACH is registered online through our website dspim.com
Most investors prefer eNACH as it is paperless and therefore very convenient.
• Make a purchase or register a SIP without the hassle of writing cheques or bank transfers.
• Register a SIP just 5 days after eNACH is registered in your folio.
• It is available for investing in all open ended schemes of DSP Mutual Fund (except DSP Liquid ETF)
33 Banks (authorized by NPCI) currently support eNACH. Here is a list for your quick reference:
S.No. | BANK NAME |
1. | Andhra Bank |
2. | AU Small Finance Bank |
3. | Axis Bank Ltd |
4. | Bank of Baroda |
5. | Bank of Maharashtra |
6. | Canara Bank |
7. | Central Bank of India |
8. | City Union Bank |
9. | Deutsche Bank AG |
10. | Development Credit Bank Ltd |
11. | Dhanlaxmi Bank Ltd |
12. | Equitas Small Finance Bank Ltd |
13. | Federal Bank Ltd |
14. | HDFC Bank Ltd |
15. | ICICI Bank Ltd |
16. | IDBI Bank Ltd |
17. | IDFC Bank Ltd |
18. | Indian Overseas Bank |
19. | IndusInd Bank |
20. | Karnataka Bank Ltd |
21. | Kotak Mahindra Bank Ltd |
22. | Oriental Bank of Commerce. |
23. | Paytm Payments Bank Ltd |
24. | Prime Cooperative Bank Ltd |
25. | Punjab National Bank |
26. | Ratnakar Bank Ltd |
27. | South Indian Bank Ltd |
28. | Standard Chartered Bank Ltd |
29. | State Bank of India |
30. | Tamilnad Mercantile Bank Ltd |
31. | The Cosmos Coop Bank Ltd |
32. | Union Bank of India |
33. | Yes Bank |
In most cases, eNACH is registered in two working days from the date of registration. Once the eNACH Bank is registered on your folio, an e-mail and SMS confirmation will be sent to you on your registered details.
No, there are no charges.
Yes. You can cancel the eNACH online however cancellation will be allowed only if there are no underlying active SIPs linked to that eNACH. Please click here to cancel the eNACH
First, don’t worry. This usually happens because of a payment failure at your bank’s end or at times even due to poor internet connectivity.
Rest assured, if your account has been debited, we will definitely allot you the units after receiving a confirmation from your bank.
If your units are not allotted within 2-3 days, please email us at [email protected] or call us on 18002084499 / 18002004499.
You may redeem your units using our App available on the Play Store as well as on the App Store or by visiting www.dspim.com/invest/
If you are using the DSP App:
Alternatively, if you still prefer to do things old school, you may submit a transaction form to any of our branches or at any CAMS Investor Service Centres near you.
If you are a MF Distributor and looking to initiate a redemption on behalf of your investor, you may do so using our IFAXpress App or the website www.dspim.com/ifaxpress
If you get stuck at any point, please call us at 1800 208 4499.
It usually takes between T+ 1-5 business days for the money to be transferred to your registered bank account depending on the scheme you have redeemed.
‘T’ here stands for transaction day. ‘Business Day’ is a day other than Saturday and Sunday or a day on which the Banks in Mumbai or BSE or NSE or RBI are closed.
T+1 - Liquid/Fixed Income schemes
T+2 - Equity & Hybrid Schemes
T+5 - International/ Fund of Fund schemes
The redemption proceeds are paid directly to your registered bank account through RTGS/NEFT, provided we have your complete core banking account details.
In the absence of core banking account details, a cheque will be sent to your registered address. Please ensure you have your correct/latest address updated with us.
Also, to get your redemption proceeds on time, we request you to verify your bank details by creating an account on our App, available on the Play Store as well as on the App Store or by visiting www.dspim.com/invest/.
If there are non-business days after you placed the redemption request, or if the redemption has been done post cut off, there may be a delay of 1-2 days in receiving your redemption proceeds.
The payout mechanism (RTGS/NEFT or cheque) is mentioned on your account statement. We always endeavour to transfer the redemption proceeds to your registered bank account or to send the cheque as per the above mentioned payout cycle.
If it’s been 3-4 business days since you placed your redemption request and you still haven’t received the funds, please call us on 18002084499 or write to us on [email protected].
Unfortunately, this is not possible in one single step. As per regulations, a change of bank mandate request and a redemption request cannot be processed together. There has to be a gap of 10 days between these two specific requests. This regulatory gap is for your own protection, to reduce fraud and other related operational risks.
We have an ‘Instant Redemption’ facility where we endeavour to send the redemption proceeds to your registered bank account instantly at the time we receive your Instant Redemption request. We use the Immediate Payment Service (IMPS) provided by various banks to manage this and this service is available on all days, at all points of time.
This facility is available only in DSP Liquidity Fund (Growth).
You can withdraw a maximum of Rs. 50,000 or the redeemable balance from your investment in DSP Liquidity Fund, whichever is lower. The minimum redemption limit is Rs. 100.
This facility is available to all investors, except NRIs. Your complete bank account details along with core bank account details must be registered with your account in order to use this facility.
The Instant Redemption Facility is available on the DSP App as well as from our website www.dspim.com/invest/.
Yes, you may switch your investment using our DSP App available on the Play Store as well as on the App Store or by visiting www.dspim.com/invest/
Alternatively, if you still prefer to do things old school, you may submit a transaction form to any of our branches or at any CAMS Investor Service Centres near you. You may also call us on our toll free no. 1800 208 4499.
If you are a MF Distributor and are looking to initiate a switch on behalf of your investor, you may do so using our IFAXpress App or the website www.dspim.com/ifaxpress.
If you get stuck at any point, please call us at 1800 208 4499.
A switch from one scheme to the other is treated as a redemption from the switch-out scheme and a purchase into the switch-in scheme. Relevant exit loads will apply.
All scheme loads and relevant information is available on any scheme page on our App or our website.