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Is MIN necessary?

January 19th, 2007

MIN is necessary if you are planning to an investment of Rs. 50,000 made after January 1, 2007.

Generally, it suggested you take the MIN number now itself even if you do not have an immediate plan of making a Rs.50,000+ investment. MIN number is free, given over the counter as soon as you submit your application form and requires you to provide some minimum documentation.

The number is similar to a PAN number and would come handy later when rules change, particularly when MIN is made compulsory for investments of any amount or size. Further MIN could get the same weightage as a PAN number and could probably be accepted as a address-proof or photo-proof though this is not stated anywhere and this is not the purpose for which it is being issued.

Entry Filed under: Mutual Funds, Mutual Fund Identification Number