NEW DELHI: Nominee details can be easily updated on MFCentral - the website launched by CAMS and KFin Technologies which offers a digital solution for improved service experience for mutual fund investors.
Nomination makes claim settlements easier for the kin of investor, especially when the person is the primary holder and a single holder.
Here are the steps to update nominee details on MFCentral:
Step 1: Visit the MFCentral website (mfcentral.com) and sign in to your account by mentioning your Permanent Account Number (PAN), PAN Exempt Investor Category (PEKRN) and password details. You can also log in with the help of One Time Password (OTP). You only need to enter your PAN and mobile number to log in to view all your entire investment details.
Step 2: Signing in requires answering security questions mentioned while signing up.
Step 3: Once you have signed in, you will need to click on the 'service request' tab, on the left side of the screen. Click on it to proceed further. Note that for security reasons, service requests will only be accepted for folios registered with MFCentral.
Step 4: To update nominee details, click on the centre tab named ‘update nominee details’. You can add a maximum of three nominees to a mutual fund folio.
Step 5: You can add your relatives or spouse as your nominee. In case you wish to add someone else, please select the 'Others' option and proceed. You can also add a minor as a nominee. However, it is mandatory to provide details of the guardian of the nominee.
Points to note
It is not necessary to submit any of the KYC related evidence when updating nominee details. However, during the claim, the nominee has to be KYC compliant.
When you choose to update multiple nominees in a folio, you can assign a share to which each nominee is entitled in the claim process. This process would help you avoid any kinds of disputes during the claim.
