Change of Tax Status - From Minor to Major

Procedure for change in status from minor to major (in mutual fund investment) 

 
When the units are held on behalf of the minor, a guardian can operate the account until the minor attains the age of majority. Prior to the minor attaining the age of majority, mutual funds send advance notice to the registered correspondence address advising the guardian and minor to submit an application form along with the prescribed documents to change the status of the account to “major”. At the time of changing the status to major, bank details of the major, along with the applicable documentary proof, should be submitted.

REQUIRED

1. A letter from the guardian requesting for the change in the  status from minor to major.

2. Bank details of the major - If there is change in bank account of unit holder i.e minor who turned major. 

 Refer this for change in bank details

Change in Bank Mandate

3.  KYC complaint status of Major

 Process to follow for KYC in Person

Revised KYC Process

 

4. Banker's Attestation (signature attestation of major by the banker)

 5) Age Proof — Birth certificate/PAN Card copy /driving license



Dear Sirs,

Sub: Change of minority status of Unit holder
Ref: Folio Number : __________________________
Name of scheme : __________________________
No. of units : __________________________
With reference to the above account, the same has been held by me (Mr. /Ms________________)
as guardian for the minor Mr./Ms. ____________________________ As the unit holder has attained the age of 18 years, I would request the fund to make the unit
holders(Mr./Ms. ______________________________) in their own capacity. I would also request the fund to ensure that all the correspondences are marked in the name of
Mr./Ms.________________________________
The required document proving the age of the unit holder is enclosed herewith i.e. birth
certificate/passport/school leaving certificate.
Thank you,
Yours sincerely,
______________________________
(Guardian)
Encl: Certified copy of the proof of age of Unit holder

Formats

1. Request form -

  

 2. Letter from the Guardian

 3. Banker's Attestation (for signature attestation of major by the banker)

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