Taking stock of finances
Digitization has seen a push witnessed never before due to the unprecedented and trying times we are living in now. The country-wide coronavirus lockdown has tied most of us down to our homes and our lives and livelihood down to the internet in a greater capacity. At such a crucial time, you should also start managing your personal finances online, if you have not already started doing so. Here are those monetary transactions and records that you can bring online.
Mutual fund investments
Every mutual fund house grants its investors the option to view their holdings and carry out transactions via their website. Getting your KYC done is mandatory to invest in mutual funds. If an investor already invests in these, then he/she can make investments in other mutual funds on the basis of this KYC compliance.
E-insurance accounts very much exist and let policyholders manage all their policies online. One can open an e-insurance account by filling up an account opening form online, using the Aadhaar Paperless Offline e-KYC facility. Documents showing identity, address and date of birth need to be uploaded. Once the account is created, insurance policies can be converted into electronic form using the policy conversion form.
Most banking transactions can be carried out using the Net banking facility or mobile app. Ever since the outbreak of coronavirus, banks have been pushing for customers to use their digital services and minimize branch visits. Additionally, they have cut down working hours at branches. Make sure to update your mobile number and email ID with your bank in order to recieve OTP for online transactions. Mobile apps like BHIM allow account holders to map their bank account and carry out payments and transfers using it.
Investments in shares
Depository Participants (DP) provide online facilities for demat account holders to view, operate and carry out transactions in their holdings online. If any trades have been carried out by the investor, a message about the same is sent on the investor’s registered mobile number and email ID.
- Mutual fund R&T agents also provide online access to investors to view mutual fund investments for fund houses serviced by them.
- Existing physical policy documents are not required to be submitted along with the policy conversion form.