MF Utility is a “Transaction Aggregating Portal” which facilities to open “Common Account Number (CAN)”, which enable investor to invest in mutual funds by different AMC’s through a single account. MFU offers 24/7 information access includes Online Common Account Statement, Composite Portfolio information, Portfolio holding and scheme related information.
MF Utility (MFU) provides a whole lot of features to the Mutual Fund customers like (Source: https://www.mfuindia.com/SystemFAQ ):-
- Provides Common Account Number (CAN) facility to Investors
- Facilitates KYC registration through KYC Registration Agencies (KRAs) for CAN creation
- Provides standardization of forms, processes and MIS across the industry
- Provides multiple modes of access and transaction submission options
- Provides broad and neutral Points of Service (POS) footprint for enhanced coverage
- Enables transactions through a common transaction form
- Enables single payment for multiple scheme investments across various Mutual Funds
- Accepts payments through various physical and electronic modes
- Provides CAN based consolidated view of investments across the industry
- Provides industry level alerts, triggers, reminders etc.
- Provides a centralized complaint management and tracking system
What is CAN?
(Source https://www.mfuindia.com/SystemFAQ)
CAN (Common Account Number) is an industry level Folio allotted by MF Utility (MFU) to an investor. It is a combination comprising of the following:-
Number of Investors i.e. 1 or 2 or 3
Order of holding i.e. A; A&B; A,B&C; B; B&A; B,C&A; C; C&B; C,A&B; and so on
Mode of holding i.e. Single, Joint and Anyone or Survivor
Social (Tax) Status i.e. Individual, Company, Non-Resident etc.,
Using a CAN, the investors will be able to submit single request for multiple transactions in various schemes across Mutual Funds using a single form/payment.
Below are the AMCs with whom you can invest in mutual funds through MF Utility:
How to create a CAN (Common Account Number) Offline?
KYC (Know Your Customer) compliance is compulsory for CAN creation. MF Utility (MFU) facilitates KYC registration for investors along with creation of CAN. Download below forms from MF Utility Site:
- CAN Registration Forms
- KYC Registration Forms
- PayEezz Registration Form
Filled forms should be signed and submitted along with the required documents at any of the MFU Points of Service (https://www.mfuindia.com/MFUPOS ) or sent to the MFU Office (https://www.mfuindia.com/Contact) at Thane for the purpose of opening CAN.
Submit necessary documentary proof as listed below for the information provided in the respective sections of the CAN registration form:
- PAN proof where PAN is provided
- Proof of KYC for all applicants
- Proof of Date of Birth for all applicants
- Proof of Bank Account for Bank Mandates registered under the CAN
- Proof of Depository Account for Depository accounts registered under the CAN
- Proof of Guardian relationship (in case of Minor applicants)
How to create an eCAN (Common Account Number) Online?
Eligibility criteria for an Individual investor are:
INDIVIDUAL INVESTORS WHO:
- are KYC compliant (other than eKYC) through any of the KYC Registration Agencies (KRA) / CERSAI (CKYC); (AND)
- a. already have an active folio with any of the AMCs participating in MFU and are registering ONLY the bank account(s) which is/are already registered bank account(s) in any of the active folios held in the participating AMCs (OR) b. do not have any investments in the AMCs participating in MFU
can complete the process of eCAN registration completely ONLINE, by uploading the required document proof(s) through the link provided as part of the confirmation email from MFU and there is no need to submit any document physically/later.
Note: Make sure pop-up blocker is deactivated in your internet browser.
Step 1: Go to eCAN online form site here and select “New Form” as below:
Step 2:
Select “Choice of eCAN registration” from the drop-down and select “Completely Electronic”. Leave blank for “ARN / RIA SEBI REGN No” and “EUIN”. Select appropriate “Tax Status” such as “Resident Individual”. Next is “Holding Nature”, options are “Single”, “Joint” & “Anyone or Survivor”. If you are married and you wish to include your spouse as the second holder of all your mutual fund investments, it is better to choose “Anyone or Survivor” option. This will help you later financial formalities if you do not have any WILL. Hit Save and select Next.
Step 3:
Please fill all the basic details such as Name, DOB, PAN, Aahaar, Moibile number, E-mail. Update all the additional KYC details and FATCA details. Once done Hit “Save” and select Next. If you have selected “Joint” or “Anyone or Survivor” option then in the next step you have update the similar details for the other holders also.
Step 4:
Here you have to provide your Bank Details which you want to register under CAN. At max you can add 3 bank accounts under a CAN. Also select the appropriate “Bank Proof”, as you have to provide this proof once you submit the CAN request. Once done Hit “Save” and select Next.
Step 4:
Update the nominee details. Select “I Agree to the eCAN Terms”, “Save” and “Submit for eCAN”.
Upon clicking ‘Submit for eCAN’ you will be provided with validation errors/warnings, if any and you may have to rectify them and submit again. If there are no validation errors/warnings, the data will be accepted for further process and you will be provided with a PROVISIONAL CAN instantly.
If your eCAN request is successful you will get the following message. The proof documents can be uploaded immediately by selecting “click here to upload the proof documents” button.
You also will get the above confirmation via mail and you can upload the proof documents later also via the link provided in the mail. You should upload the relevant document proof(s) as stated in the email, in the respective image formats. The CAN will be approved and activated for further transactions, after necessary validations / verifications at the MFU office. In case the information / details / proofs / images (including signatures) either submitted by you / sourced by MFU from the KRAs / CERSAI / RTAs does not satisfy the requirements of “Completely Electronic” eCAN, the record will be converted to “Partially Electronic” eCAN and an email will be sent to the registered email ID of the Sole / Primary holder along with a pre-filled “eCAN Registration Form”, which needs to be printed and duly signed by all the holder(s) / guardian and submitted along with the necessary documentary proof(s), to a MFU authorized entity or a MFU Point of Service (POS) for further processing. The CAN will be approved and activated for further transactions, upon submission of the physical documents as stated.
What to do next once you have Ssuccessfully submitted your “eCAN Application” and uploaded “proof documents”?
Wait for two weeks. If everything is fine then you will get a confirmation mail from MF Utility with subject “Allotment of Common Account Number (CAN)”. It will contain two attachments; CAN allotment letter and CAN registration summary.
- If you do not get any confirmation from MF Utility within two weeks:
- Call Toll Free: 1800 266 1415 number and ask for the status of your allotted CAN.
- Write a mail to [email protected] and ask for the status of your allotted CAN.
- You can also check what is the status of your CAN application form online:
Go to https://www.mfuindia.com/eCANFormFill and provide the Primary Holder’s Mail Id which you have given while filling the eCAN form and select “Look Up” option. A verification mail will be sent with the verification code to the given mail id. Enter the verification code; this will lead to following screen. You can see “i” icon, select that icon; you will the current status.
What to do once you get the CAN confirmation mail from MF Utility?
Post allotment of CAN, you need to request for online access by sending an email to [email protected] after which you will be given an username and password. Once you have user name and password, login to https://mfuonline.com/.
Important Note while creating your “Username” and “Password”: When asked for security question and answer, make sure you remember these information, as once you update there is no way to change these security questions & answers.
For SIP transactions you have to register PayEezz. So how to register PayEezz?
- Download the PayEezz form from https://www.mfuindia.com -> Forms -> PayEezz Form. Fill the form with your registered CAN number and your Bank Details. Where PayEezz is registered under an existing CAN, investors should submit a cancelled cheque (or a self-attested photocopy) with the name and account number pre-printed on the cheque along with the PayEezz form. If the cheque does not bear the sole/first/primary holder’s name, a copy of the passbook/bank account statement or a letter from the banker has to be submitted which indicates that the sole/first/primary holder is one of the account holders in the account.
- PRN (PayEezz Reference Number) is the unique reference number allotted to each PayEezz registration. The same will be communicated to the investor/distributor upon successful registration of the PayEezz.
- To get more information on PayEezz please check here .
How to buy mutual funds through MF Utility portal?
Note: Make sure pop-up blocker is deactivated in your internet browser.
Login to https://mfuonline.com/ with your user name and password.
Once you are logged in you will land to your home page. If you have already invested via Mutual Fund Utilities, you will see your home page as below:
To invest in Mutual Funds Direct Plan, you have to select “CAN Transaction” option as shown in below picture. Here you will have 6 options:
Option 1 is Purchase: You will choose this if you want to invest one time.
Option 2 is Redeem: You will choose this if you want to redeem few/all units from your existing mutual funds.
Option 3 is Switch: You will choose this if you want to Switch from one fund to another fund with the same AMC.
Option 4 is SIP: You will choose this if you want to start a Systematic Investment Plan.
Option 5 is STP: You will choose this if you want to start a Systematic Transfer Plan.
Option 6 is SWP: You will choose this if you want to start a Systematic Withdraw Plan.
How to use “Purchase” Option to invest in Mutual Fund Direct Plan one time?
Step1: In ARN/Transaction Entry Details, select “Direct” option as below and “Proceed”.
Step 2:
In Transaction Details: Select AMC name, Folio number as “New”, select Scheme Name and Amount, then select “Proceed”.
Step3:
Skip Depository AC details, select “Proceed”.
Step 4:
In this step you have to select the payment option and “Submit” your request.
What is CaRT?
As per information provided in MF Utilities site “Create and Retain Transaction (CaRT) is a facility where frequently ordered transactions can be created and retained as a template to be executed later whenever desired by a SINGLE CLICK. Every such CaRT template can be identified by an exclusive CaRT Name.
If some funds are expected to be available for investment on a future date, a purchase transaction can be added to the CaRT to be placed later using this facility.
If there is a future cash out flow, a redemption transaction can be added to the CaRT to be placed later using this facility.”
For more information on CaRT, please click here
What is CaST?
As per information provided in MF Utilities site “Create and Schedule Transaction (CaST) is a facility where a Distributor / RIA can create and schedule a transaction to be executed on a defined future date to better manage future cash flow situations. For e.g.
If some funds are expected to be available for investment on a future date, a purchase transaction can be scheduled to be executed on an appropriate date to utilise those funds using this facility.
If there is a planned cash out flow (payments like EMI, rent, premium etc.) on a future date, a redemption transaction can be scheduled to be executed on an appropriate date.
Currently, the scheduled date of the transaction should not be beyond 5 years.”
For more information on CaST, please click here.
How to use “Redeem” option?
Select your existing fund information, Redeem Option (All units or Specific Amount or Specific Units) and “Submit”.
How to use “Switch” Option?
Select your existing fund information: AMC, Folio No and Switch-Out Scheme. Now select the new Scheme “Switch-In Scheme”, you can select “All Units or Specific Amount or Specific Units” to switch. DO NOT select “Allot in Depository” from “Depository AC Details” and “Submit”.
How to use SIP option?
Note: For investing via SIP, you need to have PayEezz registered and the PayEezz reference number.
Step 1: Select “Direct” option in “ARN/Transaction Entity Details” and “Proceed”.
Step 2:
Select the AMC name, Folio number as “New”, Scheme Name, Amount (which you want to invest as per your selected Frequency), Frequency as “Monthly or Quarterly”, Instalment Date/Day (As per the option available, make sure the instalment start date and month is at least 15 days away from today). At last select the Start Date and End Date.
Step 3:
In the payment details there are two sections. In the first section “Current Dated 1st Instalment Details”, you have to provide all the details so that the first instalment will get paid. In the second section you have to select the PayEezz reference number.
“When you sign SIP mandate you provide the tenure, such as 5 years/ 10 years etc in the end-date column. In case you leave this column blank then mutual fund house assume this SIP will continue till December 2099. This is called Perpetual SIP.” Select this Perpetual option as per your interest.
How to use STP option?
Select your existing liquid fund from where you want to do STP “STP-Out Scheme” and choose your “STP-In Scheme” and other details.
How to use SWP?
Select your existing fund information and “Withdraw Option”, “Amount”, “Frequency”, “Installment Date/Day”, “Start Date” and “End Date”.
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