Step by Step: How to Buy Mutual Funds
When someone asks, “how to buy mutual funds?” today, the answer will not be the same as what it would’ve been a few years ago. The process was quite cumbersome back then. You had to get hold of an investment advisor, set up a meeting with him, fill up forms, give a cheque, and wait for the fund house to accept your request. Well, things have changed now. You have so many channels for investing in Mutual Funds - you can invest offline, online, or even through mobile apps like digibank. Your mutual fund investments are now in your hands - literally! Let’s elaborate…
A Short Recap:
If you’re looking up this article on how to buy mutual funds, then we hope you know what mutual funds are. To refresh your memory, they’re an excellent way for small investors to pool their money and invest in debt, equity, or both. Designed to grow your wealth and earn you profits, mutual funds are top-rated today.
The Internet and the smartphone have transformed our lives in so many ways. They have also changed the way we make mutual fund investments. The easiest way to invest is digital & paperless – online or through a mobile phone app. Here are three easy steps to invest in mutual funds:
Step 1 - Swipe Left or Right to Register:
No more wondering or over-thinking about how to buy mutual funds online. Download the DBS digibank app, and open your paperless savings account. Once done, you have to swipe to register for Mutual Funds. It’ll probably take you less time to begin investing than to read this article. Simply follow the below steps :
- Download the DBS digibank app.
- To get started you’ll need a digibank account. This account gets activated instantly through a mobile OTP.
- Aadhaar based biometric verification of your digiSavings account is seamless and quick. You can do it at our partner stores or in the comfort of your home.
- Once your biometric verification is successful, you can access the Mutual Funds tab on the app to open a free investment account. All you need to do is to have your Mutual Fund KYC in place.
- Fret not if you don’t have the Mutual Fund KYC. Digibank@DBS can submit your personal KYC details to the SEBI authorized MF KYC registration agency & get you KYC compliant. Its paperless & has no extra cost. To authorise us, simply login to the app.
- Once your investment account is open, you are all set! Through the digibank app, you can pick one from over 250 schemes from 15 top AMCs .
Step 2 - Get your Mutual Fund KYC Verified:
One of the steps, before you buy mutual funds online in India, is to ensure that you are KYC-compliant. KYC stands for know your customer.
KYC is a one-time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund, etc.), you need not undergo the same process again when you approach another intermediary.
Thus, once you are KYC complaint, you can invest in any Mutual Fund in India. There is no separate number that is allotted on your successful registration. Your Permanent Account Number (PAN) is the unique identifier.
To be KYC-compliant, you need to have:
- A PAN card
- Proof of address
Many banks have e-KYC verification in place. An easy way to get started is to use the digibank mobile banking app. Simply login to the digibank app and authorise us to complete the Mutual Fund KYC on your behalf. We will share your personal details with the Mutual Fund KYC Registration Agency (KRA) to get your Mutual Fund KYC completed. It’s paperless and free.
Step 3 - You’re on Your Way!
You’re verified,and you have your digibank account ID and password. Your DigiSavings account is activated. Now, you can begin investing by registering for Mutual Funds on the digibank app. Choose the mutual funds tab to register, buy, or sell. Here’s why registering for mutual funds with us is unique:
- Paperless 3 step registration process
- No account maintenance charges
- Open and manage multiple Investments on the go
- Single investment ID
- No need to re-register with individual fund house or AMC
- 250+ Mutual Funds from 15 top AMCs
- No need for a separate demat account
- Risk profile questionnaire to help to assess your investment risk appetite
- Our app even has customised features like prompts in case you chose to invest in a Mutual Fund which is outside your risk profile
With easy and paperless procedures, our app shows you how to buy mutual funds easily and quickly. If you have all the mandated documents in place, your key to wealth creation is just a swipe away.
digibank offers Mutual Funds that are instant, paperless, signatureless – even transaction fee-less! What’s more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.
Read up more on Mutual Funds here
Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.