How do I start investing?

Register your details and fill out the forms at Clearfunds.com or visit this page directly.

We will email you a pre-filled investor registration form in PDF format. Print it, sign it and send it back to us with a blank cancelled cheque and your signed bank mandate.

You can also email us a scanned copy of your cheque.

 

If you want we can get the documents picked up at your address free of charge. Just send us an email on help@clearfunds.com.


Once we receive your documents, we will complete your KYC (if you haven’t done this before) and link your bank account to Clearfunds. This takes 10-12 working days as we are dealing with third parties such as your bank. Once this is done, we’ll send you an email and an SMS to let you know you are good to go!

Do I need a Demat account? How is a Clearfunds account different from a Demat account?

You don’t need a Demat account to invest in mutual funds and Clearfunds does not open one for you.


Your holdings in a fund are directly maintained electronically in an account/folio with the Mutual Fund Companies. You will also receive regular statements separately from each of the Mutual Fund Companies you invest with.

Can I create a Clearfunds account that is jointly held by two or more persons?

No. Clearfunds does not allow you to create joint accounts at this time. You can include the second person as a nominee. We will soon support accounts for minors where you can be the guardian.

Can I provide my spouse’s bank account number for my Clearfunds account?

No. We are required to confirm the bank account of the investor in whose name the account is created. 


So you need to be one of the holders of the bank account (single or joint). We verify this by means of the blank cancelled cheque that you send us.

Why do I need to print and send you the application form?

This is a legal regulatory requirement.


The form contains a legal agreement between us. It also contains instructions to link your Clearfunds account to your bank account. A physical signature is needed to ensure the safety of your investments.

Why do I need to send you my documents?

While we’ve automated most processes, we are legally required to obtain certain physical documents from you. But rules change, and as soon as they do, we’ll be sure to incorporate these changes in our process and get rid of the physical documents and help save trees!.


What happens after I send in my signed application form?

As soon as we receive your form we will send you an email to let you know that it has reached us. Next, we verify all your documents, and then simultaneously:

  • We submit your KYC documents to the KYC Registration Agency. It takes around 5 working days to receive the OK from them.
  • We submit your documents to the Mutual Fund Companies for their records.
  • We submit your bank mandate to your bank for verification and confirmation.


Once all these are complete, we send you an email to let you know that your account is active. If your bank supports Netbanking, you can start investing without the bank mandate confirmation. 

What happens if I can’t verify my email right away?

Your email address is where we send you your account information and transaction confirmations. We need to make sure it belongs to you before we allow you to proceed with an investment.


If you can’t verify your email right away, you can complete your registration but won’t be able to transact.


Please check your Spam folder and the Promotions or Social tabs in Gmail. And if you still have an issue, send us an email at help@clearfunds.com

Can you have my documents picked up?

Yes.


Once your documents are ready, drop us an email at help@clearfunds.com or call us on 90225-22555. We will arrange for free document pick up by courier across more than 7000 PIN Codes in India.

How long can I wait until I send my documents?

As soon as possible! We’d love to get you started, but we can’t complete your account opening process until we receive your documents. 

What if my cheque does not have my name printed on it?

We need your blank cancelled cheque to verify that the bank account you are investing from belongs to you.

But sometimes, your cheque is from a newly opened account (and therefore does not have your name pre-printed). In this case, we will need:

  • a blank cancelled cheque to verify the account number and the IFSC code of your branch

and

  • a copy of any other document issued by your bank with your name and account number mentioned on it. This could be a new account opening letter, or a bank statement, or the page from your bank pass book that mentions your account number and name.

You can send these documents to us by email, or send the physical copy to our office. We can also arrange for courier pick up of the documents from your address - let us know if you need to schedule a pickup. Our office address is:


Clearfunds Team

206, Natwar Chambers

94 Nagindas Master Road, Fort

Mumbai 400001, India

tel: 90225-22555

Do I need to decide on a nominee for my holdings?

No. A nominee is not required. You can click "I do not want to provide a nominee" in the registration process.


However, we highly recommend that you add a nominee. The nomination facility has been designed to ensure smooth transfer of your holdings, should something unfortunate happen to you.

Can I add more than one nominee? How do I add nominees in ‘either or survivor’ mode?

You can only set up one nominee at Clearfunds at this time.  


We do not yet have all the features available to you offline. Our goal is to build a simple, easy to use platform that satisfies the needs of the majority of our customers and add the more value-added features over time.

Do you offer joint accounts so I can add my spouse?

We don't offer joint accounts at this time. However you can set up your spouse, a parent or one of your children as a nominee. 

My bank account is a Joint Either or Survivor Account. Is that okay?

It’s okay! There is no problem with ‘Either or Survivor’ Joint accounts, as long as your name is on the cheque. 

Why was my bank mandate rejected? What should I do now?

Banks typically reject mandates due to signature mismatches between the mandate form and what they have on file. Please contact us at help@clearfunds.com for details specific to your case.

The bank mandate has Clearfunds’ name instead of the respective fund houses’ names. How do you process investments with one mandate?

Clearfunds can automatically transfer funds to any Mutual Fund Company using the mandate form that you give us. You don’t need to give us a separate mandate form for each fund or each Mutual Fund Company.

What is a cancelled cheque? Why do you need it?

A cancelled cheque is a cheque from your bank-issued cheque book with the word cancelled written diagonally across it with one line above and one line below.


We need it to verify that the bank account you are using to invest in actually belongs to you.


What is KYC? Why do you need it?

KYC (Know Your Customer) is a regulatory requirement by SEBI to control fraud and illegal activities and thereby protect your money.


Under this process, you need to provide certain information that is recorded at one place and used by all the mutual funds.


You need to do KYC only once across all mutual funds. Once you sign up with Clearfunds, we will take care of KYC if required.


Here's everything you need to know about Mutual Fund KYC.

What is my KYC status? How do I check this myself?
You can check your KYC status by visiting https://www.cvlkra.com/ and clicking on the KYC Inquiry button. If your KYC status is "incomplete" or "Old MF KYC", you will need to undergo the KYC process again.


When should I update my KYC data? How do I do this?

You need to update your KYC when your personal information (such as your address) changes. You can do this on Clearfunds by clicking on My Profile.

I had completed my KYC pre-2012, why are you asking me for this information again?

In 2012, SEBI added some extra information we need to collect to the KYC form. We need to collect this information before you can transact on Clearfunds.

Here is a good primer on everything related to KYC.

What is FATCA?

The Foreign Account Tax Compliance Act (FATCA) is a United States law requiring financial institutions to search their records for US citizens or residents and report the identities and assets of these to the US government.

If I am not a US Citizen, why do I have to provide FATCA?

India has signed a reciprocal agreement with the US government to share such information. Since Aug 2015, all financial institutions and intermediaries are required to ask their clients to declare whether they were born in the US, are US Citizens or Residents, have a US mailing address, etc. and share this information with the Indian government.


It’s now the law. But we’ve made it simple to comply with this. Just answer the online questionnaire and the Mutual Fund Company will keep that on information on record.

Why is Clearfunds involved in all this FATCA business?

We are required to collect this information from you on behalf of the Mutual Fund Companies where you invest.

I’m a Non-Resident Indian (NRI). Can I invest with Clearfunds?

Yes you can. But there are some restrictions:


  1. You must not be a resident or citizen of the USA or Canada.
  2. You must have a PAN card.
  3. You must invest through your NRO or NRE bank account with a bank in India (we cannot link to your overseas account).
  4. You need to complete your KYC.


Withholding Tax or Tax Deducted at Source (TDS) is applied on NRI investments in mutual funds. This is done directly by the Mutual Fund Companies.


Also, under current regulations, NRI investors need to verify to the Mutual Funds that they have made their investments through a NRE or NRO account. The simplest way to do this is to share a PDF/extract of your bank statement from your bank account each time you invest. You can send this to us at help@clearfunds.com once a month at the end of the month. You can black out the other amounts but please keep the investment amounts legible (as well as your name and account number). If this is not shared with us, the Mutual Funds may invalidate the purchases made by you.


I'm a resident or citizen of the USA or Canada. Can I invest with Clearfunds?

No. Most Indian mutual funds do not accept investments from residents or citizens of the USA and Canada in order to comply with the stringent laws of these countries for overseas investments. 


Our platform is designed to allow our investors to invest in any scheme of their choice across all 36 AMCs we have partnered with. Now, we could definitely work on a system to restrict USA/Canada persons to a few AMCs - but some AMCs have very, very specific regulations. For instance, HDFC MF allows investment by USA/Canada persons only when they are physically present in India. Our agreements with a number of other Mutual Fund Companies place similar restrictions on USA/Canada persons.


As an online platform, it is not possible for us to certify physical presence to the Mutual Fund Companies or the regulators. As a result, we have no choice but to decline to open accounts for NRIs who are citizens or residents of the USA or Canada. To the best of our knowledge, the AMCs below allow investments (generally in physical form) from citizens and tax residents of the USA and Canada.

  1. Aditya Birla Sun Life
  2. DHFL Pramerica
  3. ICICI Prudential Mutual Fund
  4. L&T Mutual Fund
  5. PPFAS Mutual Fund
  6. SBI Mutual Fund
  7. Sundaram Mutual Fund
  8. UTI Mutual Fund


We welcome investments from Non-Resident Indians (NRIs) who are residents or citizens of any country other than USA, Canada or sanctioned countries such as North Korea. You will need to have a PAN card, invest through your NRE/NRO bank account in India and complete your KYC. For more details on investments by NRIs, see I’m a Non-Resident Indian (NRI). Can I invest with Clearfunds?


Contact us

Clearfunds / Harvest Fintech Pvt Ltd
206 Natwar Chambers,
94 Nagindas Master Road, Fort,
Mumbai 400001, India.

+91 90225-22555 (Weekdays 10AM-6PM)

help@clearfunds.com

Media queries: media@clearfunds.com

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