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Baroda m-Invest FAQ's

Q

What is registration / KYC?

KYC is an acronym for “Know Your Customer”, used for customer identification. Just as you need to submit documents to open a bank account or get a SIM card, you need to complete this process before you can begin investing.

At Baroda m-invest, we have simplified the process of getting your KYC done – all you need to do is fill a few details on the app or website and upload a couple of photographs. It is completely done on the app itself and there is no paperwork, couriering, etc.

Q

Can I start investing immediately?

Yes, you can start investing with Baroda m-invest without submitting any documents and that too instantly! If you are already KYC compliant, you can invest immediately. All you have to do is logon to Baroda m-invest.com, enter your PAN and bank details, and that’s it!

If you are not KYC compliant, the process takes 1-2 days. The moment you enter your PAN number on the app, the system tells you whether you are KYC compliant or not.

Q

What documents do I need to register on Baroda m-invest?

We do not need any physical documents or photocopies.

All we need is photographs of the following from your cell-phone camera:

  • PAN card
  • Cancelled cheque leaf
  • Address proof – like Aadhaar card, driving license, voter card, passport or recent utility bill or bank statement
  • Selfie
  • IPV (In Person Verification) video
Q

Why do you need a photograph of cancelled cheque leaf?

This is a snap of your cheque leaf with ‘Cancelled’ written across it. Regulation necessitates that your bank account for routing investments is on your name. To do this, we require a cancelled cheque leaf with your name pre-printed on it. If your name does not appear on the cheque leaf, then you can photograph your latest account statement from the same bank.
All investments will happen through this bank account.

Q

Why do you need a photograph of address proof?

As part of the KYC process, regulations require you to provide a snap of address proof: like passport, Aadhaar Card, Voters Identity Card, Driving License, Utility Bills (telephone bills for landline only, electricity bill, gas bill not more than 6 months old), bank account statement (not more than 6 months old).

However, if you are already a KYC verified customer, you don’t need to provide this document.

Q

Why do you need a photograph of PAN card?

As per regulatory requirements, Permanent Account Number (PAN) for all investments in mutual funds is mandatory.

Q

Why do you a need a Selfie?

We use this as your photograph to make the KYC application.

Q

How does payment happen?

Once you have chosen your investment, you will be taken to a payment gateway. There, the net banking of your chosen bank will appear and allow you to make the transfer.

In case you have started a systematic investment (SIP), all future investments will happen automatically through a bank mandate. We will be sending you a simple mandate for signature once you make the investment now.

Q

Minimum amount required to start an investment?

Minimum investment for one-time transaction is 5000/- & for SIP it is 500/-

Q

How to invest in your own choice of funds other than the suggested one?

One can select Do It Yourself (DIY) option & click on the search option. Users can also select the filter option & choose funds AMC wise.

Q

What is an SIP?

An SIP is a systematic investment of a fixed sum of money every month into a mutual fund. It is one of the simplest, yet most effective ways to save money regularly and grow it over time. Once initiated, the process happens every month automatically from the bank account.

Q

Can I invest variable amounts every month in an SIP?

SIP investment amount need to be fixed only. Variable in the amount is not possible.

Q

How is an SIP initiated / executed?

You can invest in an SIP through the Baroda m-invest app by clicking ‘build wealth’ or ‘save for a goal’ or ‘save tax’. In each case, you need to only specify the monthly amount you can invest. The system recommends the funds and once you accept, takes you to a payment gateway. Your net banking opens there and you make the first payment.

Thereafter, we contact you for getting your signature on a bank mandate (called ECS mandate). This authorises your bank to transfer the same fixed amount of money every month to the fund automatically on a pre-defined day. Thereafter no intervention is required from your side.

Q

Can I cancel an SIP / ECS mandate?

Yes, you can. You just need to write a mail to ask@barodaminvest.com

Q

What is the minimum period for which I need to stay invested? Is there a lock in period? Is there any penalty (exit load) for earlier redemption?

There is no minimum period or lock-in unless you invest in tax-saving schemes. You have the option to withdraw your money at any time.

Some products have loads (i.e. small charge) on premature exit.

Q

Can I transfer my investments from Baroda m-invest to another broker?

Yes. As your investments are held in your name with the mutual fund, you can request them to transfer your investments to the code of another broker. In that case of course, you can no longer see your money on our app thereafter.

Q

How do I make a withdrawal from my account? Are there any charges on funds withdrawal?

You can place a withdrawal request on the app itself. We do not charge any fee for withdrawal. So you can always make a withdrawal at any time.

Q

How long does it take to get the money?

It takes T+1 working day for liquid funds to credit & T+3 working days for Equity funds to credit. At time there are few funds which might credit the amount after T+5 or T+6 working days as well. It will actually depend on the turn around time (TAT) for every fund.

You will also get a statement from the fund house confirming the withdrawal and giving you the latest statement.

Q

Can I get the credit in a different bank account?

No, for security of your money, redemption are credited only to the same bank account you invested from. If you have closed that account, you can submit a request for a change in bank details. Please contact Baroda m-invest at +91 22 3014 7666 for this purpose. When that is approved, you can request the redemption.

Q

Can I see all my investments here?

Yes, you can view all your investments through Baroda m-invest in one place in the app. Values are updated every working day to reflect the latest balance. You can click on any of the items to drill down into specific goals and funds.

Q

Can I see the report immediately after a transaction is done?

Yes, you can – under the ‘pending’ tab of the report. This means the transaction is successful, but the allotment of fund units is pending.

The fund units get allotted to you on the next working day after you have made the transaction. The feeds come 1-2 days after that, which is when you can start seeing it in the regular portfolio. Till then, it continues to show as pending.

Q

Can I withdraw money?

Yes, you can withdraw money at any time by tapping ‘withdraw’ in the navigation drawer. If there are any funds under lock-in (usually tax saving funds), they will not be available for withdrawal, though they will show in your reports.

Q

Who can invest through Baroda m-invest?

Any Indian national, NRI or person of Indian origin having an Indian PAN card can invest through Baroda m-invest. NRIs or PIOs staying in US and Canada cannot invest at this point of time.

Baroda m-invest is not available for companies, partnership, trust, etc – you can invest only in your personal capacity.

Q

What is the process to get started?

There are 2 simple steps to get started:

  • As per regulation, you need to complete a simple one-time process to begin investing. You just need to take pictures of your pan card, cheque leaf and an address proof
  • We will intimate once the regulatory process is completed and you can start investing

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