Want to add or change nominee in your Mutual Fund? Check step-by-step process here

Mutual funds are an attractive investment option for many. Using a Systematic Investment Plan (SIP), you can save a fixed amount every month to get good returns later. Since 1 October, the Securities and Exchange Board of India (SEBI), has made it compulsory for mutual fund investors to either add a nominee to their MF account or opt-out of nomination for existing portfolios. The nominee will get the benefits of the fund in case of the untimely death of the investor. If an investor does not comply with the regulations by 31 March 2023, his/her account will be frozen. The nomination process, or opting out of it, must take place for all MF accounts, including those jointly held. A new folio can be created only after the investor registers the nomination or opts out of it. Wondering how to add a nominee to your mutual fund? There are two easy ways to start the process- online and offline. Let’s take a look at them. Online: ― If you have opened your MF account online, go to the website of the fund and log in to view your account statement. ― Check whether you have nominated someone. ― If not, use two-factor authentication and proceed according to the instructions given on the screen. ― The nomination process will be complete. Offline: Also known as paper accounts, physical applications carry the wet signature of an investor and will be considered as compliant with the norms if the account holders have explicitly chosen a nominee or opted out of the process. Here is how to start the process: ― Collect and fill out the nomination form. ― Sign on the mutual fund nomination application. ― Deliver the form to the registrar and transfer agency (RTA) or mutual fund organisation. Who can be a nominee? Any person can be nominated by the account holder. Even a non-resident Indian (NRI) can be nominated, subject to the exchange’s rules. A minor can be nominated by the MF investor as well. However, control over the mutual fund will be exercised by the minor’s guardian till the nominee reaches 18 years of age. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.