Mutual Fund Nomination: How to Add, Change or Update

When investing in mutual funds, it’s crucial to ensure your investments are protected for your loved ones. One of the simplest ways to do this is by adding a nominee. A nominee acts as the legal custodian of your investments in the event of your unfortunate demise, ensuring a smooth transfer of units to your family or dependents.

With the rise of online mutual fund platforms, it’s now easier than ever to add a nominee, change nominee details or even check nominee information all within minutes. This guide explains everything you need to know about the process, rules and requirements for adding a nominee to your mutual fund investments online.

What is a Nominee in Mutual Funds?

A nominee in mutual funds is an individual designated by the investor to receive the investment proceeds in case of the investor’s death. The nominee does not become the fund owner but acts as a custodian until the legal heirs make a claim.

Adding a nominee helps:

• Simplify the transfer of assets
• Avoid legal complications for family members
• Ensure your investments are secure and traceable

According to SEBI (Securities & Exchange Board of India) guidelines, all mutual fund investors are strongly encouraged to provide nominee details for every folio they own.

Why is Adding a Nominee Important?

Many investors skip the nomination process during account creation, which can cause unnecessary legal issues later. Having a nominee ensures:

• Seamless transfer of mutual fund units to your family
• Avoidance of probate or legal delays in claiming assets
• Transparency in your financial planning
• Compliance with SEBI regulations, which made nomination mandatory from October 2023

How to Add a Nominee in Mutual Funds Online?

The process to add a nominee in mutual funds online depends on where you have invested directly through the fund house, a registrar (such as CAMS or KFintech) or through an online investment platform (like Groww, Zerodha or Kuvera).

Here’s the step-by-step process that applies across most portals:

Step 1: Log in to your mutual fund account

Visit your fund house website, registrar portal or investment app. Use your registered credentials to log in.

Step 2: Go to the ‘Profile’ or ‘My Account’ section

Look for an option like ‘Nomination Details’ or ‘Manage Nominee.’

Step 3: Select ‘Add Nominee’

Click on add a nominee and enter the required information, such as the nominee’s full name, date of birth, address and relationship with the investor.

Step 4: Provide Guardian Details (if nominee is a minor)

If your nominee is under 18 years old, you must provide guardian information. The guardian will represent the minor until they become an adult.

Step 5: Verify and submit

Check your inputs carefully before submitting. You might receive an OTP (One-Time Password) for authentication on your registered email or mobile number.

Step 6: Confirmation

Once submitted, you’ll receive an acknowledgement from the fund house confirming that your nomination details have been recorded successfully. Most fund houses update the nomination within 2–3 working days.

How to Check Nominee in a Mutual Fund Online?

If you already have mutual fund investments and want to verify your nomination, you can easily check nominee details online:

• Log in to your mutual fund or registrar portal
• Navigate to the ‘Nomination Details’ or ‘Profile’ section
• Review the name, relationship and other information of your registered nominee

If no details are displayed, it means you haven’t added one yet. In that case, follow the steps above to add a nominee immediately.

How to Change Nominee in Mutual Funds?

If you want to replace an existing nominee, the process is similar to adding one. Simply select the ‘Change Nominee’ option instead of ‘Add Nominee.’

Steps to change the nominee:

1. Log in to your mutual fund or registrar portal.
2. Go to the nomination section and click on ‘Modify’ or ‘Change Nominee.’
3. Enter the new nominee’s details and submit.
4. Verify through OTP or e-sign.

Nomination Rules You Must Know

Before updating your nomination, it’s essential to understand the nomination rules you must know, as set by SEBI:

• You can nominate up to three people for a mutual fund folio.
• Investors must specify the percentage share of each nominee.
• If no percentage is mentioned, the nomination will be distributed equally among all nominees.
• If the nominee is a minor, you must add guardian details.
• You can change the nominee or update details anytime online or offline.
• Joint account holders can also nominate together.

How Many Nominees Are Allowed in a Mutual Fund?

You can add a maximum of 3 nominees for each folio. For instance, if you have multiple mutual fund folios under different schemes, you can have different nominees for each.

Each nominee’s share in the investment must be clearly mentioned (e.g., 50%, 30%, 20%). If one nominee predeceases the investor, their share will be proportionally distributed among surviving nominees unless stated otherwise.

Can We Add Nominees Online?

Yes, you can add nominees online through your mutual fund’s official website, registrar (like CAMS or KFintech) or your preferred investment platform. The process is quick, secure and can be completed using Aadhaar-based eKYC and OTP verification.

If you ever face short-term financial needs while keeping your investments intact, Fibe can help. With Fibe’s Instant Personal Loans up to ₹5 lakhs, you can meet urgent expenses, manage EMIs or handle emergencies without redeeming your mutual fund units.

Apply via the Fibe App or visit fibe.in for a quick, paperless experience.

FAQs on How to Add a Nominee in MF Online?

1. How many nominees are allowed in a mutual fund?

You can add up to three nominees for a single folio. Clearly mention each nominee’s share to ensure a smooth asset transfer.

2. Can we add nominees online?

Yes, you can easily add nominees online through your fund house or registrar portal using Aadhaar and OTP-based verification.

3. How to check the nominee in a mutual fund online?

Log in to your investment account or registrar portal, go to ‘Nomination Details,’ and check nominee details under your folio summary.