How to invest in multiple MFs via a single payment through MF Utilities

It is possible to invest in different mutual fund schemes by making just one payment through the MF Utilities (MFU) gateway. A common account number (CAN) is allotted to the investor which can be used in place of various folio numbers to carry out transactions seamlessly. Registration for CAN can be carried out at all POS locations approved by MFU.

CAN registration
Investors can register for CAN by filling up a registration form here. Registration facility is available offline as well. Documents such as PAN, address proof, bank mandate (copy of cancelled cheque), and KYC acknowledgement must be enclosed along with the application.

Payeezz mandate
In order to enable auto debt instructions from investor’s bank account, it is worthwhile to sign up for the Payeezz mandate. A Payeezz registration form can be filled and submitted at the time of CAN registration or any time thereafter. A PRN is issued to the investor that can be quoted for lump sum or SIP transactions and the amount will get deducted from the investor’s registered bank account.

KYC registration
This is a pre-requisite for any mutual fund investment. KYC registration form can be submitted along with the CAN registration form. Photograph, self attested copies of address and identity proofs must be enclosed. In person verification needs to be carried out for KYC registration by the AMC personnel, distributor or the KYC registration agency.

Common transaction form
Once CAN is allotted, and KYC documents are submitted, the investor can carry out transactions using the common transaction form. A single cheque can be given for the total amount of funds to be invested along with a break up of scheme wise investments mentioned in the transaction form.

Points to note
*It takes about 7-10 working days for the CAN to be allotted.
*Common transaction form can be given along with CAN registration form. It will be processed once CAN is allotted.
*Existing folios will get linked /mapped to the CAN as per the PAN, holding pattern
(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta)