Mistakes in name or in address are a very common thing in our official documents or correspondences be it Voter ID, Driving License, Electricity/ Telephone bills, PAN Cards etc. They hardly get our attention as we think they are small mistakes and would hardly make any difference. But these small little differences can sometimes create big troubles.
For instance, sometimes Neeta Sharma or Nita Sharma, Rajeev or Rajiv etc. looks like only a spelling mistake to us. But these small spelling mistakes make one person as two different identities in the eyes of regulations. Sounds strange; but that’s the truth!
Problems it can pose
Since major execution of our plans is done through investments in Mutual Funds, so let me share my experience that how these mistakes can cause troubles for you if you a mutual fund investor.
You must have heard about KYC. Every person investing in mutual funds has to be a KYC compliant. One needs to give 2 basic documents i.e. PAN Card and an address proof to become a KYC compliant. Looks simple but if your name differs in these two documents, your KYC can be put on hold or rejected. This implies that you will not be able to make investments in your name in mutual funds.
These are the problems we often face while carrying out the execution which not only creates hassles for us but creates hassles for the client too. With advancement of technology, rules and regulations are getting stringent and almost everything is being watched for.
Discrepancies that can cause problems
For your reference, I am writing below the discrepancies along with instances that will give an insight on things that can cause problems to you:-
- Full name and First Name – Ram Sharma in one document and only Ram in other document
- Full Name and Abbreviated Name – Ram Kumar Sharma in one document and you get R.K. Sharma printed in other
- Married Women – So if you are married and have changed your last name, ensure all your documents bear the same name. While doing so ensure that bank accounts with your maiden name are closed or your new name has been updated.
- Spelling Mistakes – Spelling mistakes though seems like a really small mistake but remember an alphabet discrepancy is equivalent to a different name discrepancy.
A discrepancy whether minor or major can make you run around. Hence it’s an urge to all to make sure that all your documents primarily PAN cards, bank statements, driving license, telephone and electricity bills are in sync with each other so that you don’t get into the hassles.