Open Investments Account

Investment Accounts are the placeholders for mutual fund investments of a bank customer. They are internal to the bank and unlike current & savings accounts have no real significance outside the bank Opening of the investment account is a mandatory for user to start transacting in mutual funds in OBDX. . Currently OBDX supports opening of investment accounts in “Single” holding mode only.

The investment account involves transaction of financial assets, mutual funds etc.

Following are the steps involved as part of opening of investment account:

• Personal details of the user
• Contact details of the user
• Specifying the nominations for mutual fund investments made through the investment account.
• Specifying the Foreign Account Tax Compliance Act (FATCA) related details
• Additional Details

Note: The maximum number of investment accounts a user can open is configurable. If user tries to open investment account beyond the maximum allowed limit he will get a message "You already have the maximum number of investment account allowed. Please visit our branch or talk to your relationship manager for further queries." on the Open Investment Account screen.

Pre-Requisites

• Transaction access is provided to the Retail User.

How to reach here:

Dashboard > Toggle Menu > Wealth Management > Start Investing > Open Investments Account

To open an investment account:

• In the Open Investments Account screen, click Open an investment account . The Open Investments Account - Personal Details screen appears.

Personal Details

In this section, the basic personal details that includes full name, date of birth, gender, Tax ID etc. Name, Date of Birth details are fetched from bank host and pre-populated, while remaining information is to be entered by the user.

• In the Tax ID field, enter the tax identification number.
• From the Personal ID Type list, select the identification document that you want to provide as proof of identification.
• In the Personal ID Number field, enter the identification number as per the identification type selected.
• In the Spouse/ Father's Name field, enter the full name of your father/ spouse.
• Click Next. The Open Investments Account - Contact Details screen appears.
  OR
  Click Cancel to cancel the operation and navigate back to ‘Dashboard’.

Contact Details

This section allows the user to key in his contact details such as current address, email and phone numbers with the bank. Current contact address is fetched from bank host and pre-populated. However, the user can edit it.

• In the Contact Number field, enter your contact number.
• In the Email ID field, enter your email ID.
• Click Next. The Open Investments Account - Nomination Details screen appears.
  OR
  Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
  OR
  
  Click Back to navigate back to previous screen.

Nomination Details

This section allows the user to add the nominees for the investment account. The user can either add a new nominee or fetch the details of the existing Current and Savings account and select any one of them as a nominee. Apart from adding the nominee, the % share of each nominee is specified by the user. The sum of % share of nominees (one or multiple) should add up to 100%.

The maximum up to three nominees can be added in an investment account.

• In the Nominee Type field, select the appropriate nominee type.
• If you select New option, enter the name of the nominee, in the Name field.
• From the Relationship list, select your relationship with the nominee.
• From the Date of Birth list, select the date of birth of the nominee.
• If nominee is a minor below 18 years, enter the name of the nominee's guardian, in the Guardian Name field.
  In the Guardian Relationship field, enter the guardian’s relationship with the minor.
• If you select Existing option, select the name of the nominee, from the Nominee list. The nominee name and date of birth appears.
• From the Relationship list, select your relationship with the nominee.
• In the Tax ID field, enter the Tax Identification number of the nominee.
• In the Share (%) field, enter the percentage share of the nominee.
• Click Next. The Open Investments Account - FATCA screen appears.
  OR
  Click the Add Nominee link and repeat the steps 10 to 12, if you want to add a second nominee.
  OR
  Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
  OR
  Click Back to navigate back to previous screen.

FATCA

This section allows the user to specify the FATCA related details such as Address Type, nationality, country and place of birth, PEPPolitically Exposes Person is a category that generally includes a current or former senior foreign political figure, their immediate family, and their close associates. It can also include their business partners, as well as government owned entities among an organization’s cliental. status, gross annual income, occupation and tax details.

Note: FATCA is mandatory only if the customer has not already done the FATCA check.

• In the Address Type field, select the address type of choice.
• If you select the option Other, enter the type of address being defined in the Other Address field.
• From the Nationality list, select the country in which you are a national.
• From the Country of Birth list, select the country as per the Address Type specified.
• In the Place within Country of Birth field, enter your city name.
• In the Occupation field, enter the type of occupation that best describes your current or most recent job.
• In the Father/ Spouse's Name field, enter the name of your father or spouse in full.
• In the Country of Tax Residence list, select the country in which you are a tax resident.
• From the Tax Identification Document list, select the TIN type.
• In the Tax Identification Number field, select the tax identification number as per selected Tax Identification Document type.
• Click Next. The Additional Information pop up prompting the user to enter the additional information appears.
  OR
  Click Cancel operation and navigate back to ‘Dashboard’.
  OR
  Click Back to navigate back to previous screen.
• Click Yes, if you want to provide information about your Assets, Liabilities, Investments and Relatives. The Open Investments Account - Additional Details - Primary Assets screen appears.
  OR
  Click No, I will do it later, if you want to provide the details later.

Additional Details

This section allows the user to specify the additional information like net asset values owned by the user, Liabilities and their current value, financial investments and their current value and immediate family/ relatives’ details. Entering of this information is not mandatory for investment account opening.

Open Investments Account - Additional Details - Primary Assets

• From the Asset list, select the asset type.
• In the Value field, enter the value of the asset.
  
• Click Next.
  OR
  
  Click Cancel to cancel the transaction.
  OR
  Click Add if you want to add more assets.
  OR
  Click the Primary Liabilities tab, if you want to add details of your liabilities. The Open Investments Account - Additional Details - Primary Liabilities screen appears.
  
• The Review screen appears. Verify the details, and click Confirm.
  OR
  Click against the section that you want to edit. The respective screen appears in editable mode.
  OR
  Click Cancel to cancel the transaction.
  OR
  Click Back to navigate back to previous screen.

Open Investments Account - Additional Details - Primary Liabilities

• From the Liabilities list, select the liabilities type.
• In the Total Amount and Balance Due fields, enter the total outstanding amount and balance outstanding amount.
• From the Repayment Frequency list, select the appropriate frequency of repayment.
• Click Save to save the liabilities record.
• Click Next.
  OR
  Click Cancel to cancel the transaction.
  OR
  Click the Investments tab, if you want to add details of your investments. The Open Investments Account - Additional Details - Investments screen appears.
  
• The Review screen appears. Verify the details, and click Confirm.
  OR
  Click against the section that you want to edit. The respective screen appears in editable mode.
  OR
  Click Cancel to cancel the transaction.
  OR
  Click Back to navigate back to previous screen.

Open Investments Account - Additional Details - Investments

• From the Investment Type list, select the investment type.
• From the Investment Date list, select the date of investment.
• In the Current Market Value field, enter the current market value of the investment.
• Click Next.
  OR
  Click Cancel to cancel the transaction.
  OR
  Click the Relatives tab, if you want to add details of your relatives. The Open Investments Account - Additional Details - Relatives screen appears.
  
• The Review screen appears. Verify the details, and click Confirm.
  OR
  Click against the section that you want to edit. The respective screen appears in editable mode.
  OR
  Click Cancel to cancel the transaction.
  OR
  Click Back to navigate back to previous screen.

Open Investments Account - Additional Details - Relatives

• From the Relation Type list, select the relationship type.
• In the Name and Age fields, enter the name and age of the relative.
• In the Dependent field, select the appropriate option.
• Click Save to save the details.
• Click Next.
  OR
  Click Cancel to cancel the transaction.
• The Review screen appears. Verify the details, and click Confirm.
  OR
  Click against the section that you want to edit. The respective screen appears in editable mode.
  OR
  Click Cancel to cancel the transaction.
  OR
  Click Back to navigate back to previous screen.
• The success message of account opening appears.
  Click the Open Another Account link if you want to open another new investment account
  OR
  Click Purchase Mutual Fund link to purchase a fund.
  OR
  Click Wealth Dashboard to go to the Wealth Management Dashboard screen.

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