1. I have added my family name along with my name through a gazette notification. What should I do to change this correction in my NPS ACCOUNT? When I approached the bank, they said it is not possible/do not know. Will there be a problem in the demat account as well? Please tell me what to do? Sreeja, Ernakukalm
Once the gazette notification is published, use the notification as proof to update your new name on all your other official documents. In NPS account, for changing the account details such as name, address contact details as recorded with CRA. You have to submit the request in Form S2 to the Service Provider along with copy of gazette notification. In the case of demat account, you need submit the request for updating the name along with gazette notification as supporting document to the depository participant. Please check for the additional documentary requirement, if any, with the service provider for effecting the same.
2. I want to start a mutual fund SIP in my 5-year-old daughter’s name. What’s the procedure?
Ajayan, Kochi
As per the rule, a minor can invest in mutual funds through Parents or Legal Guardian (court appointed) only. The minor must be the sole account holder represented by the parent/guardian. If the investments are in children’s schemes (designed only for investment by minor) the payment can be done either from the bank account of minor or from the account of parent/guardian.
If the investments are done in other MF schemes the payment can be made from the bank account of minor only.
Documents needed are given below:
– Minor’s age and bank proof
– A document that proves the relationship between the guardian and the child
– The guardian needs to submit all the KYC documents such as PAN, KYC etc …
When the minor becomes major (on attaining 18 years of age), he/she need to complete the KYC process in their own capacity and notify each of the concerned Mutual Fund/Financial Intermediary, by filling up a prescribed ‘Minor Attaining Majority’ form in order to be able to continue the investments (subject to any regulatory changes on these in future).
