Bank statement, passbook no longer valid KYC documents for investing in mutual funds

Individual mutual fund investors cannot use bank statements and passbooks as valid proof of identification or proof of address now for completing the Know Your Customer (KYC) process. KYC Registration Agencies (KRAs) have clarified that they will not accept bank statements and passbook copies of individual investors, including NRIs, from January 2023.

However, KRAs said they continue to accept bank statements or passbook copies with entries of at least two months as valid KYC proof for non-individual investors and Hindu Undivided Family (HUF).

KRAs have also stopped accepting copies of Aadhaar from November 2022. They are asking investors to submit eAadhaar or Aadhaar XML or virtual ID (VID).