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IMPORTANT NOTIFICATIONS

Dear Mutual Fund Investor,

As per the section 139AA of the Income Tax Act 1961, it is mandatory to link your PAN with your Aadhaar on or before March 31, 2022. Please be informed that if the PAN is not linked with your Aadhaar, your PAN shall be considered as inoperative / inactive with effect from April 01, 2022.

To link your PAN with Aadhaar, Please visit the Income Tax e-filing portal and link your PAN with Aadhaar immediately, failing which will

  • Attract higher TDS deduction on the payouts wherever applicable / as per Income Tax
  • Further Transactions will be restricted as per Income Tax Act
  • And Levy of Penalty of Rs. 1000/- as per section 234H of Finance Act 2021.
  • Cause inconvenience in making fresh or additional purchase or at the time of doing any redemption or switch related transaction.

Please ignore this message, in case you have already linked your PAN with Aadhaar.

Normal Cut-Off Timings Shall Be Applicable For All Mutual Fund Transactions From Monday, November 09, 2020

Mutual Fund investors and intermediaries may please note that, as advised by SEBI, normal cut-off timings shall be restored effective from Monday, November 9, 2020 for applicability of Net Asset Value (NAV) for both subscription and redemption transactions across for all mutual fund schemes, as mentioned in table below -

Type of Schemes Transaction type Cut-off timings
Liquid Funds & Overnight Funds Subscription (including Switch-in from other schemes) 1:30 p.m.
Redemption (including Switch-out to other schemes) 3:00 p.m.
All other schemes(other than Liquid Funds / Overnight Funds) Subscription (including Switch-in from other schemes) 3:00 p.m.
Redemption (including Switch-out to other schemes) 3:00 p.m.

All other provisions w.r.t. applicability of NAV in respect of subscriptions and redemptions shall be in accordance with SEBI Mutual Funds Regulations read with the applicable SEBI circulars. Issued in Public Interest

Mutual Fund Investors may please note that with effect from July 1,2020, mutual fund units issued against Purchase transactions (whether through lump-sum investments or SIP or STP or switch-ins or dividend reinvestment) would be subject to levy of stamp duty* @0.005% of the amount invested.

Transfer of mutual fund units (such as transfers between demat accounts) are subject to payment of stamp duty* @0.015%.

*pursuant to Notification No. S.O 4419(E) dated December 10,2019 issued by Department of Revenue, Ministry of Finance, Government of India, read with Part 1 of Chapter IV of Notification dated February 21, 2019 issued by Legislative Department, Ministry of Law and Justice, Government of India on the Finance Act, 2019, and subsequent Notification dated March 30,2020 issued by Department of Revenue, Ministry of Finance, Government of India.

In an endeavor to enlarge the range of services available to our customers, since 2004 and 2006 Punjab National Bank from its designated branches has been distributing the products of,

LIC Mutual Fund Asset Management Ltd.
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Aditya Birla Sun Life Mutual Fund
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Sundaram Asset Management Co. Ltd
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UTI Asset Management Company Limited.
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Nippon Life India Asset Management Limited (Formerly known as Reliance Nippon Life Asset Management Limited)
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Tata Asset Management Ltd.

Bank has terminated its Distribution Agreement with M/s TATA Asset Management Ltd. w.e.f 03rd July 2020 for distribution of Mutual fund products/schemes.

For any further clarification; the Mutual Fund customers of TATA AMC through PNB as a distributor (ARN code- 8418) are requested to contact their nearest branch or write us our email: msd[at]pnb[dot]co[dot]in
Mutual Fund aggregator (only for existing customers)
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Mutual funds have gained rapid popularity as a good investment vehicle and public at large is attracted towards MF investment, which has variety of schemes and income options offered by Mutual Funds which can suit the financial preferences of all classes of investors, be it Retail, Corporate or Institutional.

The robust performance of the industry comes on the back of growing investor awareness and increased investments in Systematic Investment Plans (SIPs).

AMFI data shows that Indian Mutual Funds have currently about 5.28 crore (52.8 million) SIP accounts through which investors regularly invest in Indian Mutual Fund schemes.

The MF Industry’s AUM has grown from Rs. 17.55 Trillion as on March 31, 2017 to Rs. 37.57 Trillion as on March 31, 2022, more than 2 fold increase in a span of 5 years.

The total number of accounts (or folios as per mutual fund parlance) as on March 31, 2022 stood at 12.95 crore (129.5 million), while the number of folios under Equity, Hybrid and Solution Oriented Schemes, wherein the maximum investment is from retail segment stood at about 10.34 crore (103.4 million). “

The following benefits, intrinsic to investments in Mutual Funds have inspired greater confidenceamongst the investors :-

PNB Mutual Fund

Mutual Funds offer schemes keeping in view the risk profile and risk-return preferences of investors.

  • For an aggressive investor with appetite for risk: Equity oriented schemes are available which have a higher potential for capital appreciation.
  • For a conservative investor with expectations of stable returns and low risk, Income Schemes are available.

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PNB Mutual Fund FAQ

Mutual Funds Investments are subject to market Risk. Read all scheme related documents carefully before investing. For more details on risk factors, terms and conditions please read scheme related documents carefully before investing.Contract will be between Investor & Mutual Fund Asset Management company and not between Investor & the Bank. Punjab National Bank is a distributor of above mentioned Mutual Fund Asset Management companies having (Association of Mutual Funds in India) AMFI code 8418.

Following are the details of the commission earned by Punjab National Bank from various fund-houses:

Income earned from Mutual funds through commission, brokerage
Fund Category Trail year 1 onwards
All Equity and balanced funds* 0.00% to 1.60%
Index Funds 0.00% to 0.50%
ELSS/ Tax saving funds 0.00% to 1.25%
Arbitrage Funds 0.00% to 0.60%
All Debt funds** 0.00% to 1.30%
Liquid funds 0.00% to 0.50%
  • * All equity funds includes flexi cap funds, Aggressive Hybrid, large, mid & small cap funds, international funds etc
  • ** All debt funds includes Gilt, Income, short term & corporate bond funds, floating rate funds etc
  • ^ Product providers share commission on trial only basis. The above rates are on annualized basis
  • For investors in Mutual Funds from B-30 locations, an additional commission of 0%-1.5% will be paid from AMC’s
  • The disclosure is in accordance with SEBI circular no SEBI/IMD/CIR No. 4/ 168230/09 and RBI circular no DBOD.No.FSD.BC.60/24.01.001/2009-10 dated 16/11/2009
  • Asset Management Company (AMC) may change rates, periodically etc. of commission /trail commission in case of change in regulations / expense ratio and any other factors which have an impact.
  • Punjab National Bank offers only Regular Plans in Mutual Funds. Details of Scheme level commission on Mutual funds are available with the Relationship Managers and would be produced on demand.
  • Punjab National Bank acts a distributor of Mutual Funds wherein it distributes products of various mutual funds.

If you need any further information on the same, please reach us at
1800 1800 or 1800 2021www.pnbindia.in

KYC Guidelines from Apr 01 2024

As per the SEBI Circular SEBI/HO/MIRSD/FATF/P/CIR/2023/0144 dated 11.08.2023, as a part of risk management framework, the KRAs shall verify the following attributes of records of all clients within 2 days of receipt of KYC records:

PAN (including PAN Aadhaar linkage), Name, Address and additionally, the KRAs shall verify the mobile number and email id

If KRA is unable to verify the above attributes, such investors shall not be allowed to transact further until the attributes are verified. Please ensure to provide your valid contact details (email id / mobile number) to KRAs.

Know your KYC Status and its Impact on transactions
KYC STATUS Investments in Existing MF Investments in New MF Remediation
KYC VALIDATED No Impact No Impact Not Required
KYC Registered No Impact Allowed, Fresh set of KYC documents to be submitted every time, investing in a new MF Investor can do a re-kyc using Aadhaar as OVD (Officially Valid Document) to remediate the status to KYC VALIDATED for seamless transactions in securities market
KYC On-Hold / KYC Rejected Transactions will not be allowed Transactions will not be allowed

Investor should ensure to do the following to change the status to Registered

  • to complete PAN Aadhaar Seeding
  • update email id / mobile and validate
  • re-submit the pending documents to KRA

Investors are suggested to do a re-kyc using Aadhaar as OVD (Officially Valid Document) to remediate the status to KYC VALIDATED for seamless transactions in securities market
General Guidelines to Investors

Investor has to submit the valid documents to KRAs to remediate the KYC status to Registered / Validated.

Investor can go to their respective KRA websites and initiate the modification request or they can download the KYC form from KRA websites and submit to any of the investor service centers of AMC / RTA.

Investors to follow the steps given for modification, Email / Mobile number to be validated, and the other details entered by the investor will be validated by the KRAs with the official data base (such as Income Tax database for PAN and UIDAI database for Aadhaar related validations).

Investor can use any one of the below given OVDs, Kindly note only when the Aadhaar is used as OVD and on successful validations by the KRAs – KYC status shall be updated as Validated:

  • Passport
  • License
  • Proof of possession of Aadhaar number
  • Voter’s Id issued by Election Commission of India
  • Job card issued by NREGA duly signed by an officer of the State Government
  • Letter issued by the National Population Register containing details of name and address.
CHECK YOUR KYC STATUS

Please click the KRA site from the link and options given, input your PAN and submit to see your KYC status with the details of the proof you have submitted for your KYC.

VALIDATE YOUR CONTACT DETAILS

Investors can use below mentioned KRAs links to Validate their contact details:

REMEDIATE YOUR KYC STATUS FROM REGISTERED TO VALIDATE

Investors can use below mentioned KRAs links to remediate their KYC Status as VALIDATED:

CVL KRA https://validate.cvlindia.com/CVLKRAVarification_V1/ (Aadhaar should have been already provided as an OVD, only those investors can validate their KYC using the above link)

CAMS KRA https://www.camskra.com/PanDetailsUpdate.aspx

Please ensure to

  1. i. Validate your contact details
  2. ii. PAN Aadhaar is already linked
  3. iii. Keep the mobile number registered with Aadhaar handy to update the OTP (One Time Password).
Kfintech

https://mfs.kfintech.com/Investor/General/ValidateKYC/

Self-attested documents to be kept ready while using the online modification option, as investors will be redirected to the e-sign process :

  • Images of PAN
  • Image of Signature
  • Photo for upload
  • OVD with current address

Following are the allowed OVDs for remediating KYC status

  • i. Passport
  • ii. License
  • iii. Proof of possession of Aadhaar number
  • iv. Voter’s Id issued by Election Commission of India
  • v. Job card issued by NREGA duly signed by an officer of the State Government
  • vi. Letter issued by the National Population Register containing details of name and address

Please keep the mobile number registered with Aadhaar handy to update the OTP (One Time Password).

NOMINEE REGISTRATION OR OPT-OUT NOMINEE REGISTRATION

SEBI has mandated registration of nomination or opting out of nominee registration for all Mutual Fund folios by 30.06.2024. Investors can use below mentioned links for nominee registration or opt-out nominee registration:

KRA Contact Points
KRA Name Website HelpDesk Number Email
CVLK RA www.cvlkra.com 080-69144848 cvlhelpdesk@cvlindia.com
NDML KRA https://kra.ndml.in/kra-web/ 022-4914 2600 / 01 / 02 / 04 / 05 / 06 Info.kra@nsdl.com
CAMS KRA www.camskra.com 18005726558 enq_kyc@camskra.com
DOTEX KRA www.nsekra.com 022 - 2659 8182 \ 8407 dotex_kraops@nse.co.in
KARVY KRA www.karvykra.com 18005726558 (Toll free) kra@karvy.com
abraham.kra@karvy.com

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