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Are KYC Applications without E-Sign accepted?
Can investors use a bank account other than the bank account provided in the KYC application to make payments for purchasing Mutual fund scheme units?
Yes. They can use bank accounts other than the bank account provided in the KYC application for purchasing MF units. Compliance-wise, it is the distributor's responsibility to ensure that the bank account belongs to the investor, bank account details are valid and the payments made for purchase of MF Units are indeed coming from the bank account that belongs to the investor.
Should cancelled cheque be collected for bank accounts which are added post KYC application submission for the purpose of MF transactions?
No. As long as it can be ensured that the bank account details are valid and belongs to the investor cancelled cheque collection is not required.
If a customer submits bank account in the course of KYC application submission and if the penny drop validation is successful and if the KYC application is rejected because of some issues in the cancelled cheque, can that bank account be used for MF transaction payments.
As long as it can be ensured that the bank account details are valid and belongs to the investor, that bank account can be used for making payments for purchasing MF Units.