Recently as of 20th September, many of you would have started seeing failure regarding SIPs. Many SIPs are failing with this error past few weeks surprisingly your old SIPs are running fine. You would ask your MF Agent, be it apps like Kuvera, Groww or even direct mutual fund investments in their AMC website. You will get the same message “SIP Failures – KYC Update Required” as “KYC is not in validated status”.
So how can you fix this very important issue, which is troubling many users. First, you will check your KYC status at the link given here. If your SIP failed, you should see that your KYC is incomplete or rejected, in place of KYC Registered which you see below.
So how to solve this SIP Failures – KYC Update Required error. We checked and found our status is KYC Rejected. In that case, we need to update our KYC again here. You can do this by visiting KFintech or CAMS offices directly. Or you can link your Digilocker account and keep your KYC up to date always.
Documents required for the online KYC updation are –
1. AADHAAR (You must have access to the mobile number linked to AADHAAR)
2. PAN Card
3. Cancelled Cheque of the bank account linked to your mutual fund investments
4. Proof of Address if AADHAAR is not valid (Address Proof: Voter ID, Driving License, Passport)
5. Please make sure to use the same mobile number and email ID that you use for investing.
Happy KYC and Happy Investing 🙂
