Documents required to invest in Nippon India Mutual Fund
The documents for KYC (Know Your Client) include proof of address and proof of identity. Here is a list of officially valid documents (OVD) admissible.
PROOF OF IDENTITY
- PAN Card (Mandatory)
- Voter ID Card
- Driving License
- Passport
- Aadhaar Card
- Any other valid identity card issued by Central or State Government
PROOF OF ADDRESS
- Voter ID Card
- Driving License
- Passport
- Ration Card
- Aadhaar Card
- Bank account statement or bank passbook
- Utility bills like electricity or gas bills
While these are some of the standard document list, submitting all of these documents is a tedious process and can procrastinate your plan of investing. This is where ET Money offers you a paperless and fast solution.
You can submit your KYC in under two minutes by uploading the photos of your identity and address proofs. This includes PAN and any one of Aadhaar, Voter ID, Driving License & Passport along with your signature, a selfie and a live video, authenticating your identity. ET Money's quick KYC application makes investing easy and hassle-free.
It takes about 3-5 working days to get your KYC verified as the verification is done by government certified agencies.
How to invest in Nippon India Mutual Fund's schemes?
To invest online in Nippon India MF schemes, you can try any of the three methods mentioned below:
1. Visit AMC's official website
2. Through a mutual fund distributor or broker
3. Register yourself on the ET Money platform
To invest in Nippon India Mutual Fund through its official website. If you don’t have a login id and password, register with the website to create an account using your PAN card and KYC details.
However, investing through the asset management company's website can become a hassle if you want to put your money in multiple mutual fund schemes from various fund houses. You may find it difficult to track or manage your investments.
The second option to invest in Nippon India Mutual Fund is by contacting a mutual fund distributor or broker. However, you may pay a higher expense ratio in this case, as the agent is paid a commission, which may bring down your overall returns.
The simplest and most affordable way to invest in Nippon India Mutual Fund is through the ET Money platform, and you can do this using the website or the app. Once you sign up, you can invest in schemes from different AMCs, and that too, at a lower expense ratio since ET Money is a direct investment platform. That’s not all; you can track your existing portfolio on ET Money, and also view all your old and new investments in one place.
How to invest in mutual funds via ET Money
- Sign up using email and OTP.
- Select fund. Enter the investment amount. Choose the investment type: one-time (Lumpsum) or SIP.
- Enter PAN, full name and verify mobile number.
- Enter bank account details and select payment mode. In the case of SIP, set up a mandate.
- Follow the KYC process, which includes a selfie and a live video. Provide essential details and eSign.
- The transaction is processed on verification of KYC documents.
Frequently Asked Questions
Are Nippon India Mutual Fund schemes safe to invest in?
Mutual funds are market-linked investment instruments. That is, their performance is highly dependent on market movements, and hence, the safety of your capital cannot be guaranteed by the asset management company. The Net Asset Value of your Nippon India Mutual Fund investments can also rise and fall as per market fluctuations. However, all mutual funds in India are SEBI-regulated, which makes them relatively safer investments. Also, you can look at the risk-o-meter to know whether a mutual fund scheme carries high, moderate or low risk before deciding to invest in it.
Which Nippon India Mutual Fund scheme is the best for short-term investment?
Generally, a tenure of up to three years refers to short-term investment. For such a short period, you should consider debt funds. While investing in debt funds, make sure to match your investment horizon with the average portfolio maturity of the fund. For example, you can consider overnight funds if the investment is just for a few days. If your investment is up to three months, liquid funds are suitable. Remember, low duration funds are mandated to hold instruments with an average maturity ranging between six and 12 months. And, short duration funds hold securities that mature between one and three years.
Are Nippon India Mutual Fund schemes tax-free?
Mutual fund returns are taxed as per their category, and the tax levied on them is known as capital gains tax. Below is the table depicting the taxation rates for various types of mutual funds and capital gains:
Mutual Fund Type | Holding Period | Type of capital gains tax | Tax Liability |
Debt-oriented | Less than 36 months | STCG | As per the investor's income tax slab rate |
Equity-oriented | Less than 12 months | STCG | 15% |
Debt-oriented | Greater than 36 months | LTCG | 20% with indexation |
Equity-oriented | Greater than 12 months | LTCG | 10% for amounts exceeding Rs 1 Lakh |
How can I cancel the ongoing SIP in a Nippon India Mutual Fund scheme?
If you wish to discontinue your ongoing SIP with Nippon India Mutual Fund, you must visit the mutual fund's official website or the online investing portal you used to create the SIP mandate. Log in to your account and select the investment you wish to cancel. Follow the instructions to stop the SIP. You can also visit the AMC branch and submit a request to discontinue the SIP.
- On ET Money app or website, click on the profile icon and select SIPs/MySIP option.
- In this section, you will see all the ongoing SIPs.
- Click on any SIP to open a detailed view.
- On the top right corner, click the three dots, which will take you to the Modify SIP screen.
- You will see the "Cancel this SIP" option below.
- Once you click it, you will receive an OTP.
- On entering the correct OTP, SIP will be cancelled.
How can I get the Nippon India Mutual Fund statement?
One option is to log on to Nippon India Mutual Fund's website and request a statement. You can also go to CAMS Online or Kfintech and request a consolidated statement by email.
A better option is to get a statement on ET Money. Once you request a statement on ET Money, the platform creates a customized dashboard for you. Whenever you wish, you can then check your entire portfolio just by logging onto ET Money.
On the website, after signing up, hover on the profile icon on the top right. From the drop-down menu, select the option Track external mutual funds. Complete the ensuing process, and you can see your portfolio on the ET Money platform. This is a one-time process. Every time you want to track or check your portfolio, log onto ET Money, and it will display a dashboard that shows your entire portfolio and its performance.
To access on app, click the following link after logging in: https://etmoney.onelink.me/unJQ/oq97j0iz
How can I increase the SIP amount of Nippon India mutual funds?
There are two ways of doing this. The first option is to choose the top-up SIP option when starting your investment . This lets you increase the SIP amount automatically by a predefined percentage (say 25%) or amount (say Rs 3,000) at regular intervals, like quarterly or annually. The other option is to start a new SIP in the same fund to increase the investment amount.
Disclaimer: Data Sources include ACE MF, AMFI and Fund House's website. Data as of May end, unless mentioned otherwise.
Sources: ACE MF (Data as of May-end)
- https://mf.nipponindiaim.com/
- https://www.valueresearchonline.com/
- https://economictimes.indiatimes.com/
