Transact Online is a service offered on http://www.licmf.com for investors of LIC Mutual Fund whereby they can Purchase, Redeem or Switch units online. They can also view their Account Details, Transaction Details and Statement of Account online.
Yes! LIC Mutual Fund website uses SSL technology to ensure that the information transmitted between you and us across the internet is safe and secured. Secure Sockets Layer (SSL) is a common and the most effective protocol for sending confidential information securely over the Internet. SSL works by using a private, mathematical key to encrypt (or scramble) data that's transferred between your Web browser and the website you're visiting. This Digital Security certificate has one 128-bit encryption level and is obtained from Verisign (Safescript).
My Profile – In this feature an investor can view the account information. This feature also allows an investor to associate (Add) the folio or Dissociate (Delete) the folio from the common user ID, change PIN and change password. My Portfolio - In this feature an investor can track his portfolio with LIC Mutual Fund he can view the Portfolio Snapshot, Statement of Account, Transaction Details Personal details. Transact Online – The investor can Purchase, Switch or redeem the units of LIC Mutual Fund online.
he investors who have an investments in LIC Mutual Fund and also the email id registered with us under the Folio Number.
Login to http://www.licmf.com and follow the below steps. Click on the INVEST ONLINE on the right hand side of the he home page. A new window will open. Click on the Online PIN generation. Input all required criteria to generate PIN. Using your Folio No and Personal Identification Number(for PIN generation refer point no 6 below) your USER ID and Password will get generated and communication will be sent to the registered email ID. Please note that the registered email id will be the User id.
Login to http://www.licmf.com and follow the below steps Click on the Online PIN generation under Login on LIC MUTUAL FUND MF website. Enter the folio No. PAN No of the first holder, Bank Account Number given under the folio(default bank in case of multiple bank registered) and Captcha Code Accept the terms and conditions of the online transactions displayed on the log in page and click on submit On generation of the PIN, an email will be sent to your registered email id comprising with password protected attachment.
Yes. PIN will remain same for all the folios associated with the common user ID.
Yes, with effect from 1st Jan 2011, KYC is mandatory for all class of investors irrespective of the amount proposed to be invested.
No physical documents are required to open an online transaction account.
Currently the service is absolutely free. However we request you to check with your banker for any charges they levied.
Investor has to opt for ‘Forgot Password' link on the login page. The link will display the hint question and then investor has to enter the answer as updated at the time of user id registration. The new password will be triggered to the investor’s registered email id. Investor has to opt for ‘Forgot Password' link on the login page. The link will display the hint question and then investor has to enter the answer as updated at the time of user id registration. The new password will be triggered to the investor’s registered email id.
Currently the individuals and NRIs can avail the facility.
Transaction PIN allotted to the investor should not be shared with anyone as it is equivalent to the investor signature for online transactions and can be used for redeeming the proceeds of the investments and use various other options available in the secured site.
Yes
Paperless transaction is a facility given to the Fresh investor where he can transact and open a folio without submitting any physical documents to AMC.
There is neither a need for any physical agreement to be executed, nor any documents to be submitted before or after investing. However, the investor has to read and accept the Terms and Conditions, Disclaimer(s) while investing. The investor is also required to read the Scheme Information Document/Statement of Additional Information before investing.
The AMC will verify your details in the backend but will not ask you for any paperwork. We will access your details available with KYC REGISTRATION AGENCY(S) (KRA) (including your specimen signature).
We assure you that any process we undertake is as per the strict adherence of the law. Under the Information Technology Act of 2000, any authentication of an electronic record by a subscriber by means of the electronic technique is an electronic signature. Therefore, any click made by the person or any action undertaken by the person online which is under the control of the person (who is the signatory) and can be recorded is an electronic signature. Electronic records are now admissible under the Indian Evidence Act 1872.
Adult Resident Indian Individuals, either single or jointly (not exceeding three). Non-Resident Indians and persons of Indian origin residing abroad excluding investors residing in the US, Canada and non-compliant FATF Countries. Parents / Lawful guardians on behalf of Minors.
To do the online transaction under paperless mode you should have completed the procedure of KYC. You should have valid e mail lid and mobile no. and also a net banking facility from where you will transferring the funds.
While making the purchase, upon confirming the scheme, and amount details, the page will be redirected to the selected bank’s website. If you have Net Banking facility with the selected bank, you can transfer the funds as per the Net Banking procedure of the bank. The list of banks may be modified/updated/changed/removed at any time in future at the discretion of the Mutual Fund without assigning any reasons or prior notice. While effecting the RTGS/NEFT payment through your net banking option, please do mention your PAN no and scheme name ) in the remarks for identifying your funds in our account.
Upon successful payment, a confirmation page will be displayed containing transaction details and the relevant reference number. Further, an email confirmation will be sent to the registered Email-Id.
Yes. In the same folio, you can transact online as well as submit a physical transaction at any of our official points of collections. However we request you to mention your existing folio number on the form / request.
Yes, as per Anti Money Laundering Regulations, you are required to make payment from a Bank A/C wherein you are one of the account holders, failing which the investment would be rejected.
For the first time investor, the account which is used to make the purchase will be deemed to be the account into which the redemption proceeds will be credited. This is as per the Anti-Money Laundering Regulatory requirement. In case there is any error in the data or if we have incomplete details for processing a direct credit of the redemption proceeds into your Bank A/C, the redemption proceeds will then be arranged by way of a Cheque.
The Specimen signature will be captured (as per your authority to KRA) from KRA, which is the central depository for all KYC related documents and information. This signature would be used to validate any requests received offline including redemption. However AMC reserves the right to ask for signature verification from the Registered/Default Bank through which the transactions have taken place or in which redemption/dividend proceeds are to be credited.
Transaction will be unsuccessful, hence confirmation will not be generated and the transaction will not get processed.
The Account Statement will be generated after the receipt of all the Application Data and information from all Third Party sources/KYC Registration Agency(s) (KRA). You have to generate your PIN by logging on to www.licmf.com You need to be KYC verified to generate PIN online.
You can visit our website www.licmf.com and go to investor log in and click on online pin generation once you get the PIN on your email id you can click on create user id and transact further.
No. As we are verifying your details in the backend and will not ask you for any paperwork. You folio will be freeze till the time your details are not verified. i e till the time the account statement gets generated. Once you receives an account statement on your email id, you can start transacting in your folio.
This application will work on all gadgets i.e. PC, laptop, smart phone with all browser. With black berry android devices which supports HTML 5 version However the application will work smoothly in Internet explorer version 9 and above.
Aadhaar based e-KYC is an electronic, paperless way for first-time investors to mutual funds to complete their 'e-KYC' formality using their Aadhaar number.
All first time investors (Resident Individuals) who have an Aadhaar number and PAN and have not completed their KYC can do an e-KYC using their Aadhaar Number.
Step 1: Go to the registration page
Step 2: Enter you PAN number
Step 3: Enter your Aadhaar number, email id and mobile number (mobile number should be registered in Aadhaar)
Step 4: Click on the checkbox to generate OTP and enter the OTP received on your mobile number.
Step 5: Accept the terms and conditions.
Step 6: Verify your details and submit the form.
OTP is sent by UIDAI to the registered mobile number. The OTP is valid for 30 minutes and is for one time usage only.
The OTP sent by UIDAI might be delayed on account of network congestion. In the event of non receipt you may use the regenerate OTP button or restart the process.
No, this is paperless process for completing your e-KYC process. You do not need to submit the physical KYC application form nor the physical copy of the Aadhaar Card/PAN card.
SEBI, the regulatory body, has provided guidance to restrict investments upto Rs 50,000 per annum per Mutual Fund for OTP-based eKYC. However, if you wish to invest more than Rs. 50,000, you need to do post enhanced KYC verification.
The address registered as per your Aadhaar would be captured as your correspondence address for your KYC.
You can visit the websites of any KYC Registration Agency (KRA) and verify the status online.
Being onboarded through Aadhaar based e-KYC we do not have your specimen signature therefore you would need to first introduce your signature and thereafter submit a physical request at our Investor Service Centre. You can however continue to transact online with us without any requirement of introducing your signature.
The Online Systematic Investment Plan (SIP) enables you to invest in an SIP online, without any paper work.
An existing individual investor be KYC compliant with LIC Mutual Fund who has a username and password for the Invest Online section can apply, for online SIP.
Yes. For iSip, investor can register their SIP on LICMF portal and from the subsequent month his SIP will be triggered to his bank account. However iSip facility is available only with selected banks. The list of banks are given below.
| HDFC BANK | Indian BANK |
| Indusind Bank | Ratnakar Bank |
| The Dhanalakshmi Bank | Union Bank of India |
| Karur Vysya Bank | FIRSTRAND BANK |
| Shamrao Vithal Co-operative Bank | INDIAN OVERSEAS BANK Mobile Banking |
| City Union Bank | Aditya Arthik Niyojan Bank |
| Bank of Maharashtra | Karnataka Bank Mobile Banking |
| Corporation Bank | Kotak Mahindra Bank |
| Saraswat Bank |
For SIP through NACH- Investor has to first start his SIP in offline mode by Submitting the physical NACH mandate and Subsequent new SIP he can register on LIC MF online portal as the NACH mandate is already registered with his bank. Hence we can directly debit the SIP after the registration at registrar’s end. Except SBI with all other bank the NACH is available. Investor whose SIP is running through SBI needs to fill up the physical SIP form every time.
Step 1. Log in to http://www.licmf.com and click on existing investor and keen your username and password.
Step 2. Click on SIP under transactions and fill the online SIP registration form.
Step 3. after clicking the submit button the confirmation page will be displayed with the URN on the screen.
Step 4. Log in to your bank’s net banking website and register LIC Mutual Fund as a Biller. Keen the URN on bank website to complete your transaction.
*Note: You need to register iSip at your net banking website within 10 days from registration date.The Unique Registration Number (URN) which will be generated on LIC Mf’s website after completion of online SIP form.
To register the Online SIP with your bank, please visit your Bank's Home Page and log in with your id and password and add LIC MF as biller under the bill pay section and enter the URN which has been generated on LIC Mf portal. While registering the URN no on bank portal you will get to option 1.Auto Pay 2.view and pay. If you have opted for 'Auto Pay', the amount is directly debited from your bank account on the SIP due date (by your bankers) without any manual intervention. However, you would have to ascertain that you maintain the required balance in your account on your SIP due date Kindly select the ‘Auto Pay’ option while registering the URN with your Bank. (Auto pay option will enable automatic debit of the SIP amount from your account without any requirement of manual intervention) In case if you have opted for view and pay option, please ensure that you authorize the payment on or before the SIP date [as per your bank’s timeframe for authorization (which is generally 3 days) opted by you to avoid rejection and reversal of Units].
Once you registered the URN on your respective bank website under Bill Pay option, your SIP will be activated on the confirmation received from your bank to Registrar. URN is valid for 10 business days from the date of Online SIP registration on LIC Mutual Fund website.
Step 1. Log in to http://www.licmf.com and click on existing investor and keen your username and password.
Step 2. Click on SIP under transactions and fill the online SIP registration form.
Step 3. Under payment option you need to select SIP through NACH. In case of multiple UMRN numbers select the appropriate UMRN number then click and submit. After clicking the submit button the confirmation page will be displayed on the screen.
SIP can be done Daily Monthly, and Quarterly. However for daily SIP only selected schemes are available as below.
| DAILY SIP | |
|---|---|
| Name of the schemes | Minimum Amount |
| LIC MF Equity Fund | |
| LIC MF Growth Fund | |
| LIC MF Midcap Fund | Rs. 300 and in multiples of Rs.1-thereafter. |
| LIC MF Infrastructure Fund | |
| LIC MF Index Fund- Sensex Plan | |
| LIC MF Index Fund- Nifty Plan | |
| LIC MF Tax Plan | Rs. 500 and in multiples of Rs.1-thereafter. |
| LIC MF Balanced Fund | |
| LIC MF Monthly Income Plan | Rs. 300 and in multiples of Rs.1-thereafter. |
The Online SIP facility is available at NO CHARGE from our end. However we request you to get in touch with your bankers with regard to charges for Bill pay registration/processing at their end (if any). Such charges will be borne by the account holder only and will not be borne by the AMC or the fund.
The ongoing SIP will be cancelled if the ECS debit from the bank account is dishonored for three consecutive times. In case you have opted for a ‘View and Pay’ option for your Online SIP, you need to authorize the payment on or before the SIP date on your net banking site. If you fail to authorize the payments for three consecutive SIP dates, the SIP will be discontinued.
You may also delete the registered URN into your online biller section of internet banking and send us an email on service_licmf@karvy.com with cc licmfsip@karvy.com mentioning the subject line “Cancelation of online SIP “Folio no- If your SIP installment is due within 15 business days from the date of cancellation, that installment will be processed and your bank account will be debited for that SIP installment .
Yes, Investor can do online redemption through our portal i.e. http://online.licmf.com/through Login credentials. After the login, the investor need to select the Scheme/Plan. Investor can do a partial or full redemption in units or in amount.
Investor can redeem units anytime for all open ended schemes subject to applicable exit load. As regards close-ended schemes, investor can redeem only after the completion of the applicable lock-in-period.
For equity schemes Security Transaction Tax (STT) is applicable at 0.25% of the redemption value. STT is not applicable for non-equity schemes. However, tax deducted at source is applicable for Non-resident Indians (NRIs) / FIIs/FPIs etc as per prevailing IT Act provisions.
Investor can receive the amount through NEFT/RTGS/Direct Credit/Cheque as per the account details updated in the folio.
The redemption proceeds are credited as per the service levels of respective schemes i.e.1 to 3 days based on type of the scheme. Maximum limit is 10 working days.
If the transaction received on any business day upto 3.00 p.m., same day NAV would be applicable ie. T day NAV for all the schemes. For Liquid scheme, if T+1 day is a non-business day, then the applicable NAV would be of non-business day (ie., NAV of next business day – 1 calendar day).
No. Investor has to submit the request for change in bank mandate atleast 10 business days before giving the redemption request. Request for change in bank mandate has to be submitted in physical form.
Currently, investor can register 5 bank accounts (if available) in the folio through physical mode and choose one as a target bank account for redemption proceeds to be credited.
As per SEBI (Mutual Fund) Regulations, third-party payments are not allowed. Hence, investor has to compulsorily register his own account.
Yes, investor gets redemption intimation through SMS and Email, where mobile number and email ids have been registered in the Folio.
At Karvy, we have made Aadhaar linking process very simple and seamless. Please visit www.karvymfs.com and click on ‘Aadhaar linking made easy’ to know the details about various modes to link your clients Aadhaar.
No. Based on the consent taken from you at the time of submission, we will update across all the fund houses served by us, against your clients PAN.
No. They need to fill in the form available on our website, which is having the consent to link Aadhaar. Copy of Aadhaar, if shared without consent, will be rejected.
It is mandatory for all the holders.
Currently, such clients are exempted from Aadhaar linking.
As per the UIDAI guidelines, we will take up “Yes” / “No” authentication with UIDAI. Your clients need to have all their demographic details in MF folio matching with Aadhaar data.
The government has directed fund houses to freeze MF folios not linked with Aadhaar post December 31, 2017.
Yes. Your clients can submit the form at any of the Karvy or AMC branches. However, a plain copy of the Aadhaar without consent should not be submitted. You need to submit the form designed by us for this purpose, which contains the information along with your clients consent.
Yes. We will communicate about the status i.e., “Success” or “Failure”
Please check the demographic details available in your Aadhaar records vis-à-vis your details in the mutual funds account. Your clients will have to make corrections in their MF account wherever applicable. After updating the details in folio(s), submit Aadhaar information once again.
No. For eKYC, it is deemed as authenticated and linked.
Aadhaar linking is optional for minors, but is mandatory for the guardian.
If the units are held in a demat form, they need to link their Aadhaar with their DP account.
If the POA holder is an individual, then the Aadhaar of the POA holder has to be shared. If the POA holder is an institution, then Aadhaar numbers of the authorized signatories has to be shared for linking.
You need to submit the Aadhaar details of the authorized signatories as per the format given by us, along with a Board Resolution / Approval. This list will supersede all the previous lists provided.
Folios will be put under freeze as per the extant rules.
Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a “real time” and on “gross” basis. This is the fastest possible money transfer system through the banking channel. Settlement in “real time” means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.
Unique Transaction Reference (UTR) is generated / issued in RTGS system for uniquely identifying the transaction.
The RTGS system is primarily for transactions of 2 Lac and above. The online system will not display the RTGS option if the investment is less than 2 Lac. .
The RTGS as a payment option will be displayed only if the purchase / subscription is 2 Lac and above.
All schemes are eligible, which are available for subscription on online portal using the RTGS facility provided the subscription amount is 2 Lac and above.
You need not register for this facility at our end. To transfer funds using RTGS, depending upon the registration procedure of the respective bank, you may have to register LIC Mutual Fund’s Bank account under the RTGS option. Your bank may have a certain turnaround time (TAT) to complete the registration facility.
LIC Mutual Fund levies no charges, we request you to check with your banks for charges that they may levy.
individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme. NEFT transactions are settled in batches.
No. There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT. However, maximum amount per transaction is limited to ₹ 50,000/- for cash-based remittances within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.
Yes. As an Investor you have two option.
i) You can do the fund transfer first and then do a transaction on our web portal mentioning UTR no Or NEFT reference no.OR
ii) you do the transaction first and later update the UTR no or NEFT reference no against the transaction reference no.
We encourage you to stay invested and continue your systematic investments. Still should you wish to stop your registered SIP, you may email us on service_licmf@kfintech.com with a cc to: ratheesh.sr@kfintech.com for doing so from your registered email ID, giving the following details:
Upon updating our records, you will receive a confirmation through return email.
