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POSTED BY ON May 31, 2013 5:26 pm COMMENTS (4)
Hi
I want to invest amount in the name of my daughter. I have got his PAN card and bank account with myself as a gurdian. Now I want to know is it posible to get KYC done for the minor who has his own pancard ?
I know I can use my pan card and my KYC to start the investment. But can I do the investment using her pancard and her KYC
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Pan Card for Minor ( Indian resident Only)
1. Minor photos – 2 nos.
2. Baby Birth Certificate.
3. Parent ID proof.
4. Parent Address proof.
5. Pan card fee as applicable.
With the above documents you need to submit the application duly signed by either parent and submit.. The process could vary in no of days but surely if submitted in the right manner with proper documentation then one should get their pan in a span on 30-45 days max.. The minimum time limit would be 15-20 days.
In case of Mutual Fund investments held in the name of a minor, no joint holders / nomination are registered. The minor, acting through the guardian, should be the first and sole holder in the Folio/Account.
So if you are fill in the details of the minor as First Holder, you can enter her/his PAN number in first holder’s place. (PAN number for minor is optional)
You need to fill in the details of Guardian, give your PAN number and KYC details.
For investing in mutual funds in name of minor from FAQ from CDSL
In case of investments in respect of a Minor, the Guardian should be KYC compliant and attach their KYC Acknowledgement while investing in the name of the minor. The Minor, upon attaining majority, should immediately apply for KYC compliance in his/her own Capacity and intimate the concerned Mutual Fund(s), in order to be able to transact Furthering his/her own capacity.
Does that mean that I can’t use her PAN card to do the investment ? Or does it mean that I can use her PAN card to do the investment but put my KYC as the KYC document ?