Update your FATCA declaration online in 2 min, if you are an existing mutual fund investor
POSTED BY ON November 13, 2015 COMMENTS (189)
Are you an existing mutual fund investor? If YES, then you must have got an email from the fund houses where you have invested to provide some additional information about yourself and about your tax residency related questions in the name of FATCA declaration.
In this article I will quickly guide you about what is this FATCA Compliance and how you can update this information with AMC online in 5 min.
What is FATCA Compliance?
Foreign Account Tax Compliance Act or FATCA was passed in US in the year 2010 to make sure that the financial institutions across the world share some basic information of their US based clients.
A lot of investors from US (US citizen and NRI’s residing in US) were supposed to disclose their investments outside the US, but it didn’t happen the way US govt was expecting.
So finally, US govt passed this FATCA law and signed treaties with various countries across the world. India is one of them. So now various financial institutions based in India are asking all their customers to give a declaration about their tax residency, place of birth and if they are paying taxes in any other countries. I am not going into too much of detail here, because you can read it in detail in this moneylife article here .
The main purpose of this article is just to help you understand, how you can update these FATCA details quickly in 2 min online.
All mutual funds investors are supposed to update their information with AMC’s by the end of Dec 2015.
If an investor fails to update their FATCA declaration, then their additional investments will not be processed in future and any SIP which is currently running will also get stopped. So it’s suggested that you complete the declaration as soon as possible. Note that your existing investments will remain intact and there is no impact on that.
How to update your FATCA related information online?
It’s very simple. All you need to do is visit the following two links and update your information.
- https://www.camsonline.com/FATCA/COL_FATCAMainPage.aspx
- https://www.karvymfs.com/karvy/fatca-kyc.aspx
I have created a short video tutorial on how to update the FATCA information online. Please check it below
Note that a mutual funds is either serviced by CAMS or Karvy (all funds except franklin Templeton, go this link where you can update FATCA for franklin). So these agencies have come up with the links online where one can update all their information.
When you update your information online, an OTP will be generated which will be send to your email/phone which is registered in their records. If you are invested in mutual funds which are services by CAMS (like Birla, ICICI, HDFC etc) , you just need to update the first link (cams one). If you are invested in mutual funds which are serviced by Karvy like Reliance, UTI or Canara Robeco, then you will have to update the karvy link as well.
Below is the snapshot explaining how you can update the CAMS link
In the same manner, you can update the Karvy link with your FATCA information. The OTP will be generated in that case also and all the information is same. You need to update the karvy link, only if you have invested in any mutual fund serviced by them in past.
In anycase, my suggestion is to try to update both the links. There is no harm anyways
FATCA Impact on US & Canada NRI’s ?
So what is the impact of this FATCA declaration on those NRI’s who are based in US and Canada. Let me be very brief and to the point here. Only 3-4 AMC’s in India are going to except fresh investments from US & Canada based NRI’s. Few of them are UTI, L&T and Sundaram mutual funds. so if you are a NRI based in US and Canada, now you will not be able to invest in mutual funds from HDFC, ICICI, Birla, Reliance and many others.
However any existing investments can be continued (SIP wont be continued, but the current worth in those funds will be as it is) . One can redeem them whenever they wish to.
NRI’s based in other countries can invest in any fund house they want.
Incase you have any question on this FATCA declaration, feel free to ask your queries in comments section
How to change email id in FATCA?
You need to do that change in KYC now
I’m ex telecom employee holding some ESOP shares with sharekhan and saw the message to update FATCA details. Do i need to update as I dont have SIP or Mutual funds. below links are specific to functions where as I have have any investments except ESOP
https://www.camsonline.com/FATCA/COL_FATCAMainPage.aspx
https://www.karvymfs.com/karvy/fatca-kyc.aspx
Please clarify
Hi Raj
If you have not got any intimation regarding the same it’s not required.
Hi Manish,
Does FATCA applicable to Foreign Citizens of Indian Orginin?
In other words if I am a citizen of another country, would FATCA still applied to me.
Thanks,
Anand
Yes definately. Its actually for you guys only 🙂
Thanks for your reply Manish.
I still don’t agree as to why Indian Government needs my Foreign Account / Income Tax details when I don’t even Live, Work or Earn any money in India or Pay Income Tax India.
Regards,
Anand
Not applicable to you in that case. Only if you are having any bank account or investing in mutual funds in India , then you need to declare .. else not .
I do have NRE and savings account in India. So it means that I still have to complete the FATCA. Correct?
I can neither add as a new customer. I am at loss to know why you have sent the communition to me.
Is this declaration required for corporate accounts too as I was asked to submit it during one net banking session.
Yes
Hi,
I am having sharekhan trading account and recently they started asking for FATCA details. I am with my husband for past 1 year in USA and he gives me pocketmoney to spend. out of which, i transferred some amount to my india bank account and purchased the shares online. ( my total shares value is less than the taxation limits and profit is just Rs.11k so far)
Now, I want to know whether submitting FATCA will prevent me from doing the trading OR it is just an information to be provided? what are the implications of providing this info? Please clarify.
Its just the information asked. No restrictions will happen due to that
Dear Manish,
I started SIP in HDFC/SBI/ICICI/IDFC and UTI funds while I was in India. Now my status in NRI (US/Canada based). Please suggest, what should I do to legally invested in SBI/UTI mutual funds (as I learnt that they are accepting US/Canada investors). My SIPs are still continuing in these fund houses.
I understand that I can be invested in UTI and SBI as both are accepting US/Canada investors.
What should I do with HDFC/ICICI/IDFC? Can I just stop new SIPs and hold the existing investment? I am asking this because some say I need to redeem all. And others say I can keep the existing investment but I cannot make new contribution to them.
Please suggest. If you have better plan for US/Canada investors, please help.
Regards,
Raju
You can just stop your SIP in those funds and restart fresh in some where you want to do . You dont need to redeem them
I am having AXIS TRIPLE ADVANTAGE FUND GROWTH in Axis Mutual Fund, I have updated my KYC with Axis Bank, whether I want to know again I want to update my KYC with the Karvy authority.
No , you dont need to again do it with Karvy if you have done it for mutual funds !
Bank says I have to give FATCA to them.but in online my pan number is not registered with them
There are FATCA changes for all things like bank, demat, mutual funds .. . so why dont you give it to them . Whats the problem ?
I wish to submit FATCA form for HUF entity, I understand that this comes under NON -INDIVIDUAL category . In the form for non-individual part no 1 i.e. Entity details is fine. but part 2 FATCA & CRS Declaration and part 3. UBO details for Passive NFE are confusing. I request you to explain how to fill up these two part.
Hi bharat
This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that
Manish
IS it mandatory for existing resident indian investor to submit FATCA for continue of SIP
Yes
I need to update my KYC details as i am living in usa.
I have invested in HDFC, Reliance and IDFC. I am USA NRI. Updating as shown above will that updated info flow to all 3 fund houses ?????
Yes, it will !
Hi Manish,
I haven’t applied for FATCA till now, and as per the given guideline video tutorial of updating the fatca information online it has to be updated before 31st Dec 2015. So If I am willing to update that now can you please suggest me the process for the same.
You can still do that !
Hi Manish
Though I have read the whole article – but a bit confused. I have a simple NRO/NRE accounts with banks in India and I am an NRI. I have no investments in a MF. Do I have to fill FATCA? Reason asking is that I have received conflicting advice from banks in India – with one saying that I have to and the other downright advising that it doesn’t apply to me.
It may help to add that I am Australia based and not USA.
No , in that case you dont have to
Thanks Manish for your advice. Now any tips how can I put my case forward to the bank that they should not be asking me (and people like me with similar profile) to comply with FATCA – I am wary of the standard reply that this is “our standard policy…”
I am not talking about Mutual funds FATCA . If you have not invested in mutual funsd, then you dont need to do that for MF, for rest other products, you still might have to do that!
HI SIR
WE ARE NOT UPDATE FATCA ON BOTH CAMS & KARVY. TO PLEASE SUGGEST ME ,CAN I AM DONE TO NEW APPLICATION FOR PURCHASE…IN FUTURE NO ISSUE FOR REDEEM OR SWITCH,TRANSFER
Hi LAXMAN
I am not clear on what is your question. Please repeat it with more clarity
Manish
I AM EMPLOYED IN IT COMPANY IN INDIA AND I AM POSTED ABROAD FOR PROJECT ASSIGNMENTS FOR MORE THAN 182 DAYS IN A YEAR AND COME BACK IN INDIA AND FOR ANOTHER PROJECT ASSIGNMENTS I AM POSTED ABROAD . I PAY TAX ON THE SALARY RECIEVED IN THAT COUNTRY .I AM MAINTAINING MY SALARY ACCOUNT IN INDIA WHERE MY SALARY IS CREDITED WHEN I AM POSTED IN MY COMPANY IN INDIA AND I AM FILING MY INCOME TAX RETURN IN INDIA AS NRI. PLS GUIDE WHAT IS MY TAX.RESIDENCY STATUS FOR SUBMITTING FATCA FOR UPDATING MY KYC IN BANK ACCOUNT IN INDIA. REGARDS
In that case you should call yourself NRI only !
Hi Manish,I enjoyed your informative video tutorial on FATCA compliance for which i have a unique query and will appreciate your response by E mail at arunmehta2000@rediffmail.com
I was in USA for 23 years,now in India retired with India address.I am RETIRED and receive pension fromUS government every month AFTER deduction of 30% tax from the money.Thus I am retired,BUT receive retirement money in my account after paying TAX every month. What should be my response to the last question-TAX country? when I am Indian citizen,Indian resident,receiving retirement/pension every month from USA on which I pay tax to US treasury every month and invest form the money this received after tax. Regards Arun Mehta Pune
You are indian citizen !
Yes.While I was permanent US resident from 1976 to 2003 but always Indian citizen,I surrendered my US greencard. Add the info provided above and you have the above query revised. Thanks Arun
Dear Manish,
I have invested in Reliance MF but that time they did not ask for FATCA declaration. Now that i want to invest in other mutual funds i have done the FATCA declaration through Karvy. How will it confirm that the FATCA declaration is done?
By logining into other MF sites then also they are telling me to do FATCA Declaration..Suggest
You dont worry on that. If you do further investment and if your fatca is not done yet, the AMC will ask you for that!
Hi Manish,
I have recently started investing in ELSS through SIP(before one month). I have filled the FATCA declaration form while starting the SIP. I am expected to travel to US in next 10 -20 days from my organization (onsite opportunity from company) and would be in US for long term. Would I have any issues regarding FATCA?
Hi Manish,
I am in a fix one bank advisor told me that all the mutual fund maturity amount is taxable whereas another told me that all the maturity amount from ELSS is non taxable and also the equity based mutual fund after 1 year is also non taxable amount.
Which one is correct…
Equity mutual funds are not taxable after a year. ELSS is also an equity fund !
Any views on what IRS is planning with this information ? Will it impact my tax payable amount ?
No idea on that
Hi,
Is FATCA compliance applicable to MF investment through HUF? I have few investment in MF through my HUF account where i am the Karta. If applicable, does this come under individual compliance or institutional compliance? Can you please share the online link for submitting details for HUF for FATCA compliance? Thanx in advance.
Its applicable to individuals
For CAMS Update – In case your contact details are not fully updated with participating MF houses then the FATCA information can be updated based on your PAN and DOB information. This is helpful provided your are KYC Compliant already….
You guys are awesome, thanks for the video tutorial 🙂
Glad to know that Ashish ..
Here is the full list of Mutual Funds (I got from their webpage)
CAMS:
Participating Mutual Funds
Birla Sun Life Mutual Fund, DSP Black Rock Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, IDFC Mutual Fund, IIFL Mutual Fund, JP Morgan Mutual Fund, Kotak Mutual Fund, L&T Mutual Fund , PPFAS Mutual Fund, SBI Mutual Fund, Shriram Mutual Fund, TATA Mutual Fund , Union KBC Mutual Fund
KARVY :
Participating Mutual Funds
AXIS Mutual Fund, Baroda Pioneer Mutual Fund, BOI AXA Mutual Fund, Canara Robeco Mutual Fund, Deutsche Mutual Fund, Edelweiss Mutual Fund, Goldman Sachs Mutual Fund, IDBI Mutual Fund, Indiabulls Mutual Fund, JM Financial Mutual Fund, LIC Nomura Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Peerless Mutual Fund, DHFL Pramerica Mutual Fund, Principal Mutual Fund, Quantum Mutual Fund, Reliance Mutual Fund, Religare Invesco Mutual Fund, Sahara Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund
Thanks for sharing that Sunil P
Manish – thanks for the information. What about US residents staying/residing in India? Those who are paying taxes in India as residents? Will this apply to them as well?
Yes, even in that case you should be mentioning about your declaration
Hi Manish,
You might know me by my comments on your articles.I think there are two things which I think is very much required on your blog
1. A suggestion page on blog or thread on your forum.(may be I have missed….)
2. Since I didn’t find above so suggesting here. There is a utility provided by AMFI (Association of Mutual Funds in India) named as MF utilities-which help to get your all MF investments to be done from one place. ….An article on it will be a nice add to your blog.(As many people including me use and appreciate your blog highly)
Thanks
Somesh
Thanks for suggesting that. Will look into it
I vouch Somesh. I was looking the information about MF Utilities in Jagoinvestor.
Hi Manish,
I am investing in MF through the facility provided by HDFC net banking portal. What should I do in this situation ?
Thanks,
Tushar
It does not matter from where you invested. you can still follow the steps mentioned in this article
Hello Manish, I want to know the list of mutual funds that do not fall under karvy and cams
Three that I am aware of:
1) Franklin Templeton 2) Sundaram 3) BNP Paribas
Franklin mutual funds
I am a US citizen and an NRI. I still hold Mutual Fund Investments in India from money earned during my stay earlier. I am told that even UTI is not accepting funds from us. Which other Mutual Fund can I invest.
Will I be able to invest after updating FATCA details. Where else can I invest funds in India other than shares. Is it possible to convert my Indian funds to NRE account and then invest in Mutual funds
For US citizens, only UTI, L& T, Sundaram and Franklin are accepting but with some additional documents and Details ( basically related to FATCA)
I dont think if franklin is accepting for US citizens. From where did you get that info ?
Hi Rohit
UTI should be able to accept it, why do you think they are not accepting. I guess the reason is your bank. If you are NRI , you need to change you KYC to NRI status and then use NRE account to invest.
I have shifted to Singapore in August 2015 for a temporary job. Is it correct to say that I am still a tax resident of India and of no other country as of now?
If after a period of 182 days (and I still continue on that job!), will I have to change my FATCA declaration
YOu need to change the FATCA declaration as of TODAY . SO mention that you are a tax resident of SIngapore and not India
Manish, I have been investing in Mutual funds though different fund houses and sharekhan from long time. 2 years ago I moved to US. But I never stopped my investments and continuing. Last year I paid taxes in India and in US as I was on per.diem mode. But this year I moves to salary mode there by no income in India.
Question to you: Since I am considered as NRI, I will not be able to declare FATCA there by my investments will be stopped. Right?
If yes how do I conttinue my investments as I am planning to return india in few years.
Your SIP will be stopped, but your funds will keep growing. You can withdraw it later whenever you wish
ALso you can invest in fund houses like UTI/L&T
MANISH , I need some clarity regarding CAN no of MF utility. Does it charge any fee to investor . will it change status of my direct mutual funds to indirect mutual fund?
As far as I know, they dont charge anything from investors !
here is Sundaram BNP PAribas Financila Services Online FAtca Link those who had invested in BNP paribas mutual Fund or Sundaram Mutual Fund
https://www.sundarambnpparibasfs.in/web/service/fatca/
Glad to know that Mehul ..
wow mehul soooperb thanks
I am already submitted FATCA Declaration by Online whether hard copy (signed copy) of the form send before CAMS and KARVY.
No , you dont need to send the hard copies !
Thanks Manish,
I could update using the links provided for CAMSONLINE and KARVY in 10 mins,
Also QUANTUM Mutual fund Investors can update the FATCA Declaration Online by accessing their Investor Login on https://invest.quantumamc.com
Thanks
Nitin
Glad to know that Nitin ..
Sir, a question:
What if I use 3 bank accounts for 3 different SIPs that I have? How can I choose multiple bank accounts?
Incase of Karvy, you just need to update the details and it will be propogated to all folios
In case of CAMS, you can enter the bank account combination for all 3 funds
I have done CAMS updation without entering a bank number since DOB or Bank is required to move forward. Implying thereby that 3 combinations are not a necessity. I am assuming CAMS wants a little more detail for identification (!). Pl thinkover and guide.
Further, who is the authority to guide or clarify queries. You are no doubt doing gr8
Manish -you are doing a wonderful job. Please keep it up!!
Thanks for your comment Devendra
Hi Manish
I have already updated the details on the link: http://www.camsonline.com/FATCA/COL_FATCAOnlineIndividualForm.aspx?amc=ALL Which is not https- secure domain and after reading the comments as above again I have updated the details on the https secure link I have found both these links are generating same inbox emails and nothing is different So what you suggest which one is correct and if there is such phishing chance how they can be prevent by using these details please discuss
Hi Manish,
Very timely and well informed article. I have various SIPs but do not see any communication from any of them so far.
1. Would that mean I am already FATCA compliant?
2. I happen to travel to UK for 4 months this financial year on a short term assignment from Company. I pay UK taxes (which usually gets reimbursed back later when I file my returns in full due to tax slabs). I do not draw Indian Salary during these 4 months. So what should I mention under “Tax residency” query? Note: It is not that I go to UK or stay there every year.
Please can you clarify or point me to the right direction?
Sunil
1. The AMC have started sending these emails recently
2. You should mention UK in tax residency. Dont worry its not going to impact anything . Its just a declaration
Thank you for the response Manish!
Hi Manish,
This information was really useful and I was able to complete process in 5 minutes. thanks a lot.
–kishor
Glad to know that Kishor Kulkarni ..
Dear sir,
I am investing in some Mutual Fund in the name of my wife, who is housewife. While filling FATCA declaration, what should I write in front of- Source of wealth? can I write Gift or Other?
amol
Yes, you can do that
Dear Manish
I am housewife and invest in Mutual fund with the money received from my husband.
While filling FATCA declaration what should I fill-
Source of Wealth- 1.Gift or 2.Other?
regard
sush
It should be “From Husband”
DEAR MANISH,
there is no option for source of wealth as – from husband.
can I write – OTHER-in front of source of wealth and then write FROM HUSBAND in KYC Related information option?
sush
Yes you can do that
BEWARE!!!!
I received an email with the link:
http://www.camsonline.com/FATCA/COL_FATCAMainPage.aspx
(http: in place of https:). Both pages are identical and lead to identical subpages.
http: is INSECURE and could be a phishing attempt.
https: is secure (a security lock will appear in the front of the URL).
So look where you are entering your sensitive information!
Thansk for sharing that
thanks manish.
nice guidance by you. i could complete whole process for both cams and karvy in few minutes effortlessly.
regards and thanks
baljit singh
Glad to know that baljit ..
Already submitted once through MF utility but did not get any confirmation mail back. How to know the status and how to if i need to repeat or not…?
In that case, you dont have to repeat that.. You are done 🙂
I have SIP with Hdfc and ICICI MF. Whehter I have to submit separate fatca submission under cams aforesaid links or it will be automatically updated.
It will automatically be updated. Just do it for any one fund
Worked like charm, many thanks for the info Manish. You are doing a great job.
Glad to know that Raghu ..
I am unable to complete on CAMS https://www.camsonline.com/FATCA/COL_FATCAMainPage.aspx . After filling the form, it displays the error msg “Service unavailable currently. Please try later.”, I dont get OTP on my cell but got in email but since it does not show next page, I cannot proceed further. Tried emailing their customer support but they seem to be on eternal diwali vacations. If you have any alternative link/way to proceed or can wake up someone from sleep in CAMS to fix this issue then it will be very good.
Also to add, Karvy & KT worked the first time flawlessly.
I suggest contact their customer care. You have the emails and phones on their page.
Hi manish,
I tried to update the declaration. But they are asking for net worth details as well. Further, I have received a mail today from Karvy that In Person Verification (IPV) is required.
Yes, networth is asked. But I think its not mandatory.
ALso IPV is not required if you complete the online process.
Hi manish,
IPV is not required and Net worth details is not mandatory. I have done the declaration in karvy and cams and for franklin also. For bnp paribas I did not find any online option.
Thanks
Glad to know that Vishal ..
Is this law only applicable for mutual funds? If I have other assets like equity shares, bank deposits, do i need to declare that i am not a US Person?
Right now , this is for mutual funds only
MF Utility online form stuck with error:
“Either Gross Annual Income or Net Worth and Date should be provided”
I am not aware of the MFUtility link, have not tried it out
Yashwant, the error is very clear- You need to provide ATLEAST one of the two INCOME or NETWORTH to proceed.
AND you may call any of the numbers on MF Utility site. Staff is very helpful and shall guide you.
Manish, MF Utility link can be used only if you have funds mapped with MFU through your CAN registration
FT is also possible. Use below link:
https://online.franklintempletonindia.com/aspx_app/Investors/fatca/Inv_FatcaDetails.aspx
Thanks for your comment Bharani
Hi Manish,
I work in Kazakhstan and have NRI Status, when I try to fill in the FATCA it asks me for the Individual Tax Indentification Number, where can I get this number from?
But you have to enter it only if you are paying taxes in other country. If you are not paying taxed there, then you dont need to put any TIN
Dear Manish, What is the link for KARVY. I cant able to find in their website. please help
https://www.karvymfs.com/karvy/fatca-kyc.aspx
Hi Manish,
I have been able to register with CAMS link but the other link (Karvy) is not working. Though the KARVY page appears but after entering the PAN number it does not to do anything. Neither does it send OTP to my mobile.
https://www.karvymfs.com/karvy/fatca-kyc.aspx
Are you or others facing the same issue?
Regards
Ayas
Is it working
I did through Karvy 2 weeks back (same link), it worked for me. You can try after a day or two.
If you have completed the CAMS link, then its enough ..
No Manish, I don’t think so; CAMS is only for CAMS serviced funds. Separate declarations are required for CAMS, Sundaram, FT, and Karvy if we invested in different funds serviced by them.
Glad to know that Bharani ..
Ayas, Is it possible that you have changed your mobile number AFTER having started the investment. The OTP could be going to the REGISTERED phone number while you are expecting it on your current phone
Thanks Manish again for helping us. In Franklin Templeton, the question is asked 1)Are You Polically Exposed Person 2) Related to Polically Exposed Person. Tick Applicable. I am NOT Polically exposed nor related. What should I do. The system requires tick any one. Please advice
Yes, choose that you are not politcally exposted or related
DO I HAVE TO DO IT MULTIPLE TIMES FOR DIFFERENCE AMC’S??
I.E. DSP,HDFC ETC WITH CAMS..
No , only with one of them
But I think if you have an investment in more than one AMC, one is services by KARVY, and one is serviced by CAMS you need to do the FATCA on both, i.e., KARVY and CAMS.
So many doubts, it would have been ideal to receive the mail from SEBI with all the rules, neither SEBI nor an AMC sent an email 🙂
Thank you very much for information Manish …. u really relaxed us by giving us this important information.
Thanks for your comment himanshu jain
Hi Manish,
Does it mean, NRI’s on H1b, will not be able to invest in Mutual funds in India OR continue existing SIPs?
Regards,
Mark
No , that does not mean that
If you are NRI based in US/Canada, then you can invest only in few fund houses like UTI, L&T and Sundaram . For rest you can do
If you are NRI based outside US/Canada, you can still invest in all the fund houses
Manish
Can any one confirm if this link works for any one, I know it worked for Manish:)
https://www.camsonline.com/FATCA/COL_FATCAMainPage.aspx
I am trying to submit the details for the last 2 weeks, once I click Generate OTP I am getting the OTP on my mail, though not on my mobile, but immediately it says “Service unavailable currently. Please try later.”
I dropped a note to camsfatcaubo@camsonline.com couple of times, but no one responded yet.. Does any one have a phone to contact these guys?
yes it is working fine..
Yes, it is working fine… Just submitted my details
Ok, can you confirm if you received the OTP on you mail as well as on your mobile? I am only receiving only on my mail, i.e., not on my mobile, this may be the reason why I am getting the “Service not available” message???? I am an NRI by the way so not sure if CAMS has any restriction on sending message our side India number.
For KARVY – I got on phone and email, For CAMS – I got on phone only.
Not sure if the issue is with the overseas phone number 🙁 [I am in India]
You should get it on email also . But if its not coming then there might be some issue. Please check with CAMS customer care on this. Regarding OTP on phone, yes the issue can be because of the overseas phone number
Thanks Manish. Need to ask you one more thing. At the moment in KYC I have my overseas address as Permenant and Comm address, and I would like to have my India address as Perm address and overseas address as Comm Address. So just looking at the KYC Update form from CAMS, on the NEW ADDRESS DETAILS section it says “NEW PERMANENT ADDRESS FOR RESIDENT APPLICATION OR OVERSEAS ADDRESS(MANDARORY) FOR NRI, does this mean an NRI are not allowed to have his India address as Perm Address?
Yes, For NRI , they have to give their overseas address only.
Has it worked now ?
Thank you so much. I was able to complete the FATCA compliance very easily.
Glad to know that Mukund ..
Hello Manish,
Below was the response I got when I wrote HDFC MF about KYC submission by online way. The reason was, currently I am out of India for an official visit and could not be able to fulfill this request by end of 31st Dec.
Thank you very much for sharing this important article. This will surly will help me to stay invested in MF.
Manish It’s high time for you to also educate MF Houses as you can see they themself are not aware about it 🙂
Re: Fw: Submission of Know Your Client (KYC) details
servicespune@hdfcfund.com
Oct 21
to me
Dear Investor,
Warm Greetings from HDFC Mutual Fund.
With reference to below mail we would like to inform you that there is no facility to submit the KYC documents online. We can process the KYC only on receipt of originals.
For any queries or clarifications in this regard, kindly contact your distributor, if any, or call us on 1800 3010 6767 / 1800 419 7676 or email us on cliser@hdfcfund.com / enq_h@camsonline.com. Please quote your folio number(s) while communicating with us to help us serve you better. You may also visit any of the Investor Service Centres (ISC) of HDFC Mutual Fund. Visit http://www.hdfcfund.com for other contact details.
Thanking you and assuring the best of our services.
Sincerely,
Prajakta
Client Services
HDFC Asset Management Company Ltd. |Ground Floor, “City Mall”,| Next to NIC
(National Informatics Centre)|University Circle|Ganeshkhind Road| Pune – 411007. |
From: Manas Gosavi
To: cliser@hdfcfund.com
Date: 10/11/2015 12:10 PM
Subject: Re: Submission of Know Your Client (KYC) details
To,
HDFC Mutual Fund
Ref: KYC submission for PAN AJVxxxxxC.
This is reference to you your KYC re-submission intimation request for PAN no AJVxxxxxC.
I would like to inform you that I am currently out of India on a business trip, hence In person KYC documents submission will not be possible for me. My estimated date of arrival in India would be end of January 2016.
Request you to please suggest alternate way to complete this procedure.
Thanks,
Manas Gosavi
Thanks for your comment Manas
Hi Mr.Manas,
KYC is still possible only in person or through the banks where they might collect and submit documents on your behalf. This FATCA is for investors who are already kyc compliant. You can do the kyc through your representative if there are self attested documents available with your representative.
CAMS link pops up a message as “Please enter PAN/DOB/Bank Account Number correctly” even though all the information furnished is correct.Can you suggest an alternate way for submitting the FATCA declaration for HDFC Mutual fund.
Have you invested in any funds or not ? Are you choosing that same fund in the drop down ?
If you are doing every thing correctly, and its giving an error, that only means that some part of your data is wrongly captured at AMC end (like wrong DOB etc)
What if we don’t declare as NRI, just continue investing as resident individual ?
I just want to stay abroad abroad another 5 years on work, and come back to India, so I didn’t change my status, just continuing my sip’s.
What is the impact on long run on this approach
So that means you are not giving right data. You can do that, however if you get caught and if there are any consequence of it, you will have to face it.
Manish
Thanks Manish. Useful articles like this are why I keep coming back to your site. I completed my FATCA declaration just now. Strangely I never received any email communication from any of the three fund houses I invest in. Considering that the deadline is so near, you would think the MF houses would start bombarding you with mails every week but it seems they are least bothered.
Good to know that
I think AMC’s will now start sending mails regarding this.
Useful, thanks!
What is the link for Sundaram and BNP Paribas funds to submit this FATCA form?
You can just update it in the two links given by us in the article nad it will get updated in those AMC’s
Just checked with BNP and Sundaram customer care. For these two MF house you have to submit physical copy. Link are given below:
Sundaram: http://www.sundarammutual.com/pdf2/2015/app_form/FATCA_IndividualForm_Sep2015.pdf
BNP:
http://www.bnpparibasmf.in/uploads/Downloads/BNPParibasMFSupplementaryFATCAandCRSFormforIndividuals.pdf
I think thats an option available . But not the mandatory thing ..
As per MFs houses submission of FATCA declaration is mandatory. And For Sundaram and BNP you have to submit by physical mode ONLY. There is no online option for these two fund houses.
Thanks for sharing that
Franklin link is not working Manish. The link seems to be broken. Can you please have a look and update. Thanks.
This is one stop solution to the compliance aspect. I am very happy to see that all things on your blog like your financial planning program is about DOING.
Thanks for providing the information.
I have updated it
Thanks Manish. It works now and I was able to complete the form.
Kudos to you and your team.
Do resident Indian’s also need to fill up the compliance forms ?
Regards
Vinay
yes residents have to do it
I believe it is ONLY for NRIs
No, its to be done by everyone . Because unless you declare how would companies know if you are NRI at this moment or not.
So you’re saying that everyone who is a mutual fund investor needs to update his details here? Regardless of whether he is an NRI or not?
It not nice to disturb millions of Indians who have nothing to do with the US to fill out additional forms, usually, they don’t do such a thing, are you absolutely sure that everyone must fill this?
Yes, its mandatory for all the investors (NRI or Resident) to complete this. Note that the whole thing also asks for some KYC information also which is additional. So its not just related to FATCA , but FATCA + Additional KYC .
Manish
I wish you would have mentioned “Applicable only to NRIs” prominently. It doesn’t seem to apply to me.
I had the same exact thought when I read this article and found that others also think that way 🙂
Hi Manish,
I submitted the details from the link provided by MF Utility portal.
Now, do I have submit the details in CAMS, Karvy links separately?
Regards,
Hemanth,
no, If you have done it through MF Utility, then its enough
Thanks. I tried on the CAMS page. It is quite crazy or silly – on the CAMS page – the date calendar popup window appears under their top advt banner – and you cannot click the arrows leading to previous years or months. I just could not manage to enter my DoB. It does not permit a typed date format. Is there a way out (I tried reducing the screen zoom but of no avail). Any help welcome – Thanks
Further to my message on the DoB popup – I realised it is not mandatory and also when I made the screen zoom level much smaller, the DoB window moved to one side which could be updated. Thanks – so this post need not be posted (unless my above solution helps others)
Thanks for the wonderful article.. I have followed the above steps and completed FATCA for all AMCs where i have folios..
Glad to know that Charan ..
Thanks Manish.
I have invest through FundsIndia, as suggested by Jago.
I have not yet received any email regarding this FATCA.
Should I still be updating this?
Yes, you should still do that
Thanks Manish.
Hello Manish,
I have already submitted the ‘additional KYC – FATCA’ form to HDFC MF AMC. Do I have to do it for all the AMCs?
No , one is enough if you did it using the CAMS link