In order to ensure good housekeeping of investments, it is always a good idea to have joint holding of investments so that the joint holder can operate the account in the first holder's absence. Joint holding also acts as a good estate planning tool as after the death of the first holder, the investments pass on to the joint holder. Joint holding can be opted for at the time of investing by adding second or third unit holder details. One may add a joint holder subsequently in the following way.
Letter to the fund house
If a unit holder desires to add a second or a third holder, then the same needs to be informed to the fund house through a letter affixing the signatures of the second or third holder. The format of the letter request is available with the fund house or its registrar.
Information
Details such as scheme name, folio number, details of the second or third unit holders to be added (name, address and signatures) needs to be mentioned in the request. Mode of holding, ie either or survivor, jointly should be specified in the request.
Documents
Bank verification letter confirming holding pattern and signatures of all holders.
Self attested PAN card copies of the new holders.
Mutual fund KYC acknowledgement copies of the new holders.
Declaration
Some Mutual fund houses may require separate stamped indemnity and declarations from the existing and proposed joint holders to indemnify the AMC for any claims or suits that may arise for adding joint holders.
It is best to change the nomination registered with the mutual fund post addition of the joint holder.
If the proposed holder is not KYC compliant, the first step would be to have the individual fill up the KYC form and get the same registered.
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