Introduction

Consider managing all your mutual fund investments with one powerful key. That's the idea behind a Common Account Number (CAN) in a mutual fund: it allows you to consolidate your portfolio across various fund houses in India into a straightforward form. Whether you're a new or existing investor, a common account number can unlock a new level of investment experience by cutting through complexity and saving you considerable time. Let's consider what CAN is in a mutual fund, the advantages of CAN, and the features of how you can make the most of your mutual fund common account number experience with Motilal Oswal.

What Is a Common Account Number (CAN) in a Mutual Fund?

The common account number for a mutual fund is a unique identifier, issued by the Mutual Fund Utilities (MFU) Platform. You can consider it a personal investment ID that connects all your mutual fund holdings, whether equity, debt or hybrid, under one umbrella. Instead of managing separate folios for each fund house, your CAN in mutual funds will consolidate your portfolio and offer a streamlined method of conducting transactions, monitoring, and updating. It connects your associated details, such as name, address, PAN, bank account and KYC, to a single reference adopted by the industry.

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Why You Need a Common Account Number

Why would you want to deal with a mutual fund with a common account number? Imagine you are investing in other funds, and each one has its own paperwork and account number. A common account number can spell that chaos away. Some forms allow you to complete the purchase, redemption or switch in one form for all three, instead of three or four. One update will apply to every funding company if you need to update your personal information, such as a new address or bank account. You will also have a consolidated view of your investments, allowing you to see your investment performance and align it with your goals through Motilal Oswal.

Benefits of the common account number

Convenient Transactions

With a mutual fund common account number, you fill out one form to buy or sell units across all their funds. It is like having one application that controls all your smart home devices.

Consolidated View of your Portfolio

A common account number offers a holistic view of your investments, from equity to debt funds, and helps you make better investment decisions without having to sort through multiple statements.

Less Paperwork

Say farewell to the same forms. A CAN will drastically reduce paperwork and allow you to go paperless and green using the tools provided by Motilal Oswal.

More Security

Because each CAN will be assigned based on your KYC, you don't have to worry about the security of your investments. Your information will have gone through a bank-standardised process to eliminate potential errors.

Tax and Nomination Simplicity

Filing taxes or assigning nominees will be straightforward now that your CAN has consolidated your information into one location for simple access and fund updates.

Documents Necessary for CAN Registration

You'll want to have the following documents and materials available to obtain your common account number:

• Proof of Identity: Your PAN is required. You may also use an Aadhaar card, your current passport, your current voter ID, or your driving license.

• Proof of Residence: An Aadhaar card, passport, utility bill, or bank statement (dated within 3 months) will work.

• Bank Information: Your bank account number, IFSC Code, and a cancelled cheque.

• Picture: Passport-sized photo purchased recently.

• KYC Information: Your KYC number if you are already registered for KYC.

• Nominees: Optional data; however, a good idea for long-term thinking.

Non-individuals (e.g., trusts) need extras like a board resolution or trust deed. Make sure your signature is consistent with your PAN or bank details.

How to Locate Your Common Account Number - Stepwise Procedure

Are you all set to get your common account number mutual fund? This is how you can find a common account number:

Online Method

• Open the MFU (mfundia.in) website.

• Register with your email or mobile number.

• Fill out the common account number application form with your personal and bank references.

• Upload your scanned documents, duly self-attested.

• After reviewing, submit your application. It can take a few days for verification.

• You will receive your CAN by email or SMS.

Offline method

• Locate an MFU-authorised Point of Service (e.g., banks, distributors).

• Collect and fill out the CAN registration form.

• Attach self-attested documents.

• Submit and get an acknowledgement slip.

• Await processing (typically a few days).

• Receive your CAN via SMS or post.

Before requesting a CAN, you must first be KYC-compliant. If you have not completed your KYC requirements, you may fulfil your KYC via the registration process for CVL KRA or MFU. If desired, your Motilal Oswal advisors will ensure this process is seamless.

Conclusion

A common account number for a mutual fund is your passport to easy investing. However, it is more than just convenience; it is about liberating time from the complexity of tracking. With Motilal Oswal, you can obtain your CAN, monitor your portfolio, and receive assistance from experts anytime, anywhere, at your convenience. Start today - you will be happy you did; your future wealth deserves this.

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