Investors can move these financial transactions online to deal with coronavirus impact

We are living in unprecedented times. As the situation arising of the global pandemic worsens, staying at home remains the best option.

While many investors have already adapted themselves to the online way of working with their finances, it is about time that those who haven’t, make a start right away.

• Investments in mutual funds

Every mutual fund house allows investors to view their holdings and carry out transactions though their website. KYC is mandatory for investments in mutual funds. If the investor already invests in mutual funds, then investments can be made in any other mutual fund on the basis of this KYC compliance.

• Insurance policies

An e-insurance account allows policyholders to manage all their insurance policies online. One needs to open an e-insurance account by filling up an account opening form online, using Aadhaar Paperless Offline e-KYC. Proof of identity, proof of address and proof of date of birth need to be uploaded. Once the account is created, insurance policies can be converted into electronic form using the policy conversion form.

• Bank account

One can carry out most of the bank transactions by using the internet banking facility or mobile app. It is important to update your mobile number and email id with the bank in order to recieve OTP for online transactions. Mobile apps like BHIM allow account holders to map their bank account and carry out payments and transfers using it.

• Investments in shares

Depository Participants (DP) provide online facilities for demat account holders to view, operate and carry out transactions in their holdings online. If any trades have been carried out by the investor, a message about the same is sent on the registered mobile number and email id of the investor.

Points to note

• Mutual fund R&T agents also provide online access to investors to view mutual fund investments for fund houses serviced by them.
• Existing physical policy documents are not required to be submitted along with the policy conversion form.

(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)