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How to Add or Transfer Mutual Funds to Nominee

Highlights

  • Worrying about what will happen to your mutual fund investments post your death?
  • Just add a nominee (be it your immediate family relative or friends) by either going online or doing the same at the branch

When investing in mutual funds it is important to nominate someone who would inherit your mutual fund investments after you. This could be your immediate blood relatives, extended family members, friends, or someone else you trust. A nomination is important for a smooth and hassle-free transmission of mutual fund units. In case of no nomination, the transfer of mutual fund units becomes a cumbersome process.

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How to Add a Nominee in Mutual Funds?

The same can be done online very easily, please follow these steps:

  1. Log on to the MF App/website of the advisor or asset management company.
  2. Go to your investment details
  3. You will find a link to add a nominee, you can also add one when investing for the first time.
  4. Please mention the nomination details such as nominee name, date of birth, relationship with you and submit. That’s it, your nomination is done!
  5. Please note you can nominate up to 3 people and mention the split of mutual fund units (in % terms) you wish among all nominees
  6. The mutual fund company will also send an email to your registered e-mail id confirming your nomination.
  7. If you have invested offline, you can still create a login on the mutual fund website and complete your nomination as per the process above.

How to Transfer Mutual Funds to a Nominee?

In case of death, the transfer of mutual funds can be done through these steps:

  1. The nominee will have to submit a written application to the mutual fund company.
  2. This should be accompanied by an address proof, identity proof, cancelled cheque and a copy of the pan card.
  3. Also, the nominee should get his/her KYC verified.
  4. On the submission of these documents, the mutual fund company takes about 4-5working days to complete the transmission of units in the nominee’s name.
  5. Once done, you will get an email on the registered email id of the transfer being executed.
  6. Please note the transfer of mutual fund units is not permitted till you are alive.
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