Recently I was trying to setup SIP for my son (10 years old) and my sister’s son (11years) from my mother’s account. The procedure is so complicated and almost impossible now.
My mother has got PAN and KYC etc and I thought of putting my son’s bank account in the main application form and my mother’s account in the SIP form. In spite of 3rd party declaration, it was rejected by Franklin Templeton. Hope the procedure is same for other MF houses.
I have already running two SIPs with DSPBR and HDFCMF with the above setup but it was started 6 months back. Due to recent changes this is no longer possible.
One other option is putting my mother as first applicant and my son as second applicant with EorS mode.
Has anyone done this recently? Kindly share your thoughts and let me know what other options I have.
Regards
Dominic