ICICI Securities on Thursday announced the launch of a completely online and paperless investment account ‘Insta Account’ for mutual fund investors.
A Resident Indian who is KYC compliant as stipulated by SEBI can open an Insta Account on www.icicidirect.com to invest in Indian Mutual Funds. The investor has the freedom to use any of their existing internet banking account.
ICICI Securities has made the account opening formalities convenient by streamlining the process with the existing KYC formalities, thus eliminating the inconvenience and lengthy process of filing and submitting paper documents. There are no charges to open an Insta Account on www.icicidirect.com
Launching the new account, Vineet Arora, executive vice president ICICI Securities “Today internet and smartphones have provided customers the convenience of taking decisions instantaneously – from shopping for groceries to selecting a house, everything is done on the go.”
Insta Account investors get the following benefits:
a) Access to an in-depth research
b) Decisive Capital-gain status and statements
c) Dividend income information
d) A comprehensive analysis report showing the asset-mix, performance and the underlying information of the mutual fund investments.
KYC compliance is mandatory to transact in the securities market as stipulated by the Securities and Exchange Board of India (SEBI). In case the applicant is not KYC compliant, ICICIdirect team will assist the investor in completing the formalities.
To open an account an investor simply needs to follow three simple steps:
1. Provide the investors Permanent Account Number (PAN) and Date of Birth (DoB)
2. Verify the name and contact details and generate a one-time password (OTP)
3. Authenticate using the OTP and create User-id and password
Post opening an Insta Account, the investor who has an existing ICICI Bank account can start investing instantly.