Kyc

[Janaki Jambunathan]

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KYC looks Kick Your Customer from pillar to Post! I had ivested in various MFs TATA Birla Sun Templeton Relaince Sundaram Pribas etc long time back and when I recive the account statments the KYC seems to be not yet updated - So I started to visit their Branch office to update my KYC with all the documents they ask for with Xerox self attested But some ask for orginal to be verified and I visit that office again with originals for their verifiction After 2 days I get email and SMS saying the Signatures in their records do not match with mine - and advising me to get it attested by the bank Again I go to their office collect the form go to the bank get signature attested and go back to their office to submit it Since I donot run an office and i have a pc and not printer to dwown load the form sign it and scan it and upload that and send by email The real surpraise - The Bank Manager told me that Banks are to charge Rs.250 for this service as per their guidelines!

One Ring to rule them all" is a well-known phrase to any Lord of the Rings fan and the Central government's decision will now bring capital market intermediaries, banks and insurance companies under one umbrella. What it means in simple terms is that it doesn't matter if you've given your KYC to your insurer or your broker; once the data is on the Central repository it will serve as the default for opening any new financial account or product.

I would even welcome if it is linked to Adhar so Adhar becmes single id card for all purposes - like the"One Ring to rule them all"

https://www.google.co.in/url?sa=t&r...8R157Q3pu4ymmedNg&sig2=8TxCCuSiEDzgotN_xHmdrQ

 

[krish44]

This KYC compliance to old accounts can be nuisance.

The whole idea appears to be to harass senior citizens

Our signatures are not bound to match if it is taken after several years,.

Best close down all such investments and consolidate in one or two which you frequently operate which are KYC compliant.

Our banking system must be the worst in the world meant only for harassing people. Take your money to harass.

It is wiser to keep money in cash in closed vessels in the kitchen beneath rice grains.

No kyc nuisance.

 

[krish44]

I use my driver to stand in for me in bank queues.

I walk into manages room to express my feelings if I do not get service.

Last time I went there , the counter fellow gave me two statements .

One based on old software valid for ist half of year and second for next half of year [last financial year].

That too after struggling a lot with his PC which was too slow to respond.

Ultimately the manager whom I approached pressed the right buttons to give me what I wanted

 

[Janaki Jambunathan]

This KYC compliance to old accounts can be nuisance.

The whole idea appears to be to harass senior citizens

Our signatures are not bound to match if it is taken after several years,.

Best close down all such investments and consolidate in one or two which you frequently operate which are KYC compliant.

Our banking system must be the worst in the world meant only for harassing people. Take your money to harass.

It is wiser to keep money in cash in closed vessels in the kitchen beneath rice grains.

No kyc nuisance.

Unfortunately Money staked in அரிசி அண்டா doenot grow ! Neither lays 'golden அண்டா! Fear of safety concerns theft getting spoilt are real!

My experiance with the Bank manager Last month before filing IT return When asked for for Form 16A (TDS) the manger didnot even know how to genrate one from TRACE site which he is duty bound to give me one !

 

[krish44]

Unfortunately Money staked in அரிசி அண்டா doenot grow ! Neither lays 'golden அண்டா! Fear of safety concerns theft getting spoilt are real!

My experiance with the Bank manager Last month before filing IT return When asked for for Form 16A (TDS) the manger didnot even know how to genrate one from TRACE site which he is duty bound to give me one !

If you keep money in dollars it will grow.

Indian rupee depreciates at about 3.5% per year on an average.

Gold as an investment is not bad.



Rcently one girl whose only parent died could not open a locker joint account though it was an Eor S account.

Though she had death certificate, the bank wants succession certificate.

She is the only child ,not even thirty years

Now though the family is very rich, she is in a mess.

She has no one tackle the mess left behind.

 

[GANESH65]

If you keep money in dollars it will grow.

Indian rupee depreciates at about 3.5% per year on an average.

Gold as an investment is not bad.



Rcently one girl whose only parent died could not open a locker joint account though it was an Eor S account.

Though she had death certificate, the bank wants succession certificate.

She is the only child ,not even thirty years

Now though the family is very rich, she is in a mess.

She has no one tackle the mess left behind.

If she is the only successor it won't be a big issue, Many governments have covered it under citizens charter (time bound delivery of service).

 

[krish44]

Unfortunately Money staked in அரிசி அண்டா doenot grow ! Neither lays 'golden அண்டா! Fear of safety concerns theft getting spoilt are real!

My experiance with the Bank manager Last month before filing IT return When asked for for Form 16A (TDS) the manger didnot even know how to genrate one from TRACE site which he is duty bound to give me one !

Hire an income tax lawyer to help.

He will take the necessary outputs online and file for you.

I followed this after struggling with banks for necessary papers .

Running around town ,tackling these bank employees who are more interested in finding reasons to say no to anything would fast reduce your living years.

You can download yourself from bank site if you have account online.

Make it online and as far as possible avoid going to banks. I hope your problems reduce .

 

[krish44]

If she is the only successor it won't be a big issue, Many governments have covered it under citizens charter (time bound delivery of service).

Banks did not give this requirement when EorS form was taken.

How many of us know that succession certificate is also required for opening locker of deceased if it is E or S? I did not know

Most of us deposit jewellery in lockers in E or S mode with the idea that it would be easy for the surviving person.The purpose of ease is defeated.

If the girl had not informed about the death of her relative, she could have opened the locker.

Our laws are strange.

 

[GANESH65]

I think banks stand here is wrong. If it is in E or S mode , the survivor is entitled to operate the account/locker as a single entity no further formalities required. In case the survivor goes for a closure, then I think such an arrangement is warranted. I can get you the exact rule position on Monday since it may available in some files in my office.

 

[Nacchinarkiniyan]

The best way to update KYC is going through a broker. You will not have a problem if you invest through sites like scripbox.com. https://scripbox.com/ But updating other records like the linked bank account could be a problem. Once you have a broker, they would do everything for you.

 

[Janaki Jambunathan]

If you keep money in dollars it will grow.

Indian rupee depreciates at about 3.5% per year on an average.

Gold as an investment is not bad.



Rcently one girl whose only parent died could not open a locker joint account though it was an Eor S account.

Though she had death certificate, the bank wants succession certificate.

She is the only child ,not even thirty years

Now though the family is very rich, she is in a mess.

She has no one tackle the mess left behind.

I invested Rs 10000(5000 each in Kothari MF 5000 Indian Bank MF ) for Tax benefits under 80C then - Kothari was taken over by Templeton and Indian bank MF by Tata MF Now My holdings Market Value is 220000 in Templeton (Growth Plan ) and Tata MF is 40000 (Divedent pay out) I think it works to be better than $ in அரிசி பானை. I have stopped investing in RD in Banks and wil be investing in SIP Plans of TEMPLETON Birl Sun and Reliance who have given me good returns!

Regarding Locker I have 2 I will surrender the one in IOB and retain the one in Syndicate Bank near my House Thanks for the information about the Locker I will check mit with my Banker

 

[krish44]

I invested Rs 10000(5000 each in Kothari MF 5000 Indian Bank MF ) for Tax benefits under 80C then - Kothari was taken over by Templeton and Indian bank MF by Tata MF Now My holdings Market Value is 220000 in Templeton (Growth Plan ) and Tata MF is 40000 (Divedent pay out) I think it works to be better than $ in அரிசி பானை. I have stopped investing in RD in Banks and wil be investing in SIP Plans of TEMPLETON Birl Sun and Reliance who have given me good returns!

Regarding Locker I have 2 I will surrender the one in IOB and retain the one in Syndicate Bank near my House Thanks for the information about the Locker I will check mit with my Banker

Wow , you have made a killing on Templeton 44 times the capital.from 5k To 220K.

You are a smart money manager.

If you enchash ,you have to pay capital gains tax..

Work this out. How will you save tax on it?

 

[Janaki Jambunathan]

This can attract Longterm Capital gain Tax - My status Resident Indian Induvidual


Capital Gains Tax Rates on Mutual Fund Investments of a Resident Indian are as below; Since the fund invested is Equity fund It should be Nil Tax



Further details in the link

https://www.google.co.in/url?sa=t&r...JKNEtKAb7evdbL92w&sig2=QGkT3D16aVQ8BvCVWI6bWw
l

 

[krish44]

Hats off. You have done your homework.

It is not a debt fund to attract lTCG

 

[Janaki Jambunathan]

Hats off. You have done your homework.

It is not a debt fund to attract lTCG

Here is another situation for you to evaluate my home work - I am not sure if my decision was correct

There was I situation I needed about 86000 to register a plot alloted to my husband by Madurai Housing unit I did not have that much of cash - Met the Manager IOB (Mr. Asok kumar) and asked if any loan is possible on that allotment letter - He said loan cannot be sanctioned agaist unregisterd land- I thought I will close one of my FD (RS.1 L) - prematurely and raise that amount - He advised me I may lose by premature closure and suggested he can sanction upto 90% or Rs 90000 on the FD It will continue to earn interest (10.5%) and the loan will attract 11.5% i.e. 1% spread - and explained that it can be looked two ways ; 1) a loan at 1 % interest - 2) you will be paying 1% interest on your our money - I opted for the loan and repaid the loan @ 10000 EMI and got back the hypothicated FD back in 9 months - I think I made the correct decision!

 

[krish44]

JJ
Great. FDs are good for easy liquidity.

One can always pledge them to take a loan.

Also find out if current account with overdraft facility is possible anywhere to manage crunch situations.

Many want quick money in family crisis.

Always good to have means to raise it thru banking channels.

Normally it is required for deposits for housing schemes, hospital emergencies or sudden engagements, family functions, marriage etc when we go over budget..

Good to have a regular source to tap .

 

[Janaki Jambunathan]

JJ
Great. FDs are good for easy liquidity.

One can always pledge them to take a loan.

Also find out if current account with overdraft facility is possible anywhere to manage crunch situations.

Many want quick money in family crisis.

Always good to have means to raise it thru banking channels.

Normally it is required for deposits for housing schemes, hospital emergencies or sudden engagements, family functions, marriage etc when we go over budget..

Good to have a regular source to tap .

IOB Mangers were very friendly and their services were great ! I remember 3 of them by name Shri Valliappan Shri Ashok Kumar and Shri Ramasamy

Now about Ramasamy and how he made me invest in Gold Coins 99.999 Purity - When Banks were allowed to sell Mint Coins IOB had special AC for this - An RD excusively for this purpuse -Mr Ramasamy advised me to open an account and I took it In fact mine was Serial No. 1 of this accounf This is a regular RD account with an option on Maturity to purchaser gold coins with a 5% discount on each gram My account 2000 X 12 - I opted for Gold - First time I got 12 G and the 2 time again 12 G with some extra cash payment and again on the 3 time - I had totally 36 G Gold (2 GX18 ) and with that I could perform Kankabhishekam for my mother on her 80 birthday Total investment 72000 plus accrured interest and some extra payment - paid in 36 instalments! I donot know if this was a profitable investment!

When I asked him if I can get loan on these Coins He said no - Banks cannot give loan on Gold Bars and Coins But look at his friendly advise - Attch a small hook to these coins I can sanction you a loan - Jewel loan and your coins will be gold dollars now! I think the ban on loan against Bars and coins are no more !

 

[Janaki Jambunathan]

Well I thought I have come out of my KYC updates problems with MF after running from pillar to past during the past month - Now I may have to do that again after August 1st Well we have a peculiar way of complicating any process while attempting to make it easy!

New central KYC rules hit investors, e-KYC process

A KYC (Know Your Customer) based on PAN or Aadhaar will no more be sufficient if you want to invest in mutual funds, stock and commodities markets.

The requirement will become mandatory for new investors from August 1. Dates for existing investors have not been announced.

https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwiWhZXLw43OAhUGs48KHUAsAwYQqQIIHTAA&url=http%3A%2F%2Ftimesofindia.indiatimes.com%2Fbusiness%2Findia-business%2FNew-central-KYC-rules-hit-investors-e-KYC-process%2Farticleshow%2F53371859.cms&usg=AFQjCNFnHMQf1GK6xyQJKd4Hi2DS9LbM1A&sig2=jekN6WHCOg-fgC0dtbQtpA

 

[krish44]

I liked the last line.

Putting hooks on gold coin to get a sanction of gold loan on jewellery

Most innovative thought.

 

[tbs]

IOB Mangers were very friendly and their services were great ! I remember 3 of them by name Shri Valliappan Shri Ashok Kumar and Shri Ramasamy

Now about Ramasamy and how he made me invest in Gold Coins 99.999 Purity - When Banks were allowed to sell Mint Coins IOB had special AC for this - An RD excusively for this purpuse -Mr Ramasamy advised me to open an account and I took it In fact mine was Serial No. 1 of this accounf This is a regular RD account with an option on Maturity to purchaser gold coins with a 5% discount on each gram My account 2000 X 12 - I opted for Gold - First time I got 12 G and the 2 time again 12 G with some extra cash payment and again on the 3 time - I had totally 36 G Gold (2 GX18 ) and with that I could perform Kankabhishekam for my mother on her 80 birthday Total investment 72000 plus accrured interest and some extra payment - paid in 36 instalments! I donot know if this was a profitable investment!

When I asked him if I can get loan on these Coins He said no - Banks cannot give loan on Gold Bars and Coins But look at his friendly advise - Attch a small hook to these coins I can sanction you a loan - Jewel loan and your coins will be gold dollars now! I think the ban on loan against Bars and coins are no more !

hi

i have similar experiences in chennai...in fact ..i leased my home to IOB manager....he is my tenant now....but my rent

is paid by IOB and deposited directly to my account....