Screenshot of steps to open a Digital Mutual Fund account in Pakistan

Learn how to open an account in a mutual fund in Pakistan by following a step-by-step guide.

Apr 21, 2023

Screenshot of steps to open a Digital Mutual Fund account in Pakistan

An unexpected question came to us last week!

One of our friends asked for the branch address of a mutual fund so that he could open an account. I was surprised by the question. In this day of tech, why would someone ask for a branch address? I guess so many of us still like to visit the place before trusting them with our money

So today we will try to simplify the account opening process for our readers, explaining how easy it is to do it online. We will do this by opening an actual account through an app and attaching all the screenshots so you could really know the steps

For those who aren’t that tech-savvy and still like to do things physically- no issues; we are also attaching the branch addresses for each mutual fund.

Once again, the purpose is ONE – make the process of investments easy for all kinds of retail investors in Pakistan

Opening an account online with a mutual fund!

We conducted the exercise to open an account with NBP Funds (randomly selected) and it took us approx. 20 mins to do so.

Things to remember:

You need to have the following on you in hand

Access to your cell phone and email for OTPs

A PDF copy of NIC (front and back sides both)

Chequebook for IBAN Number

Salary slips (the most recent one)

A photo of your signature on white paper and

20 mins on your hand!

Step 1: Google search :p

Search for NBP funds – or any fund for that matter and look for online account opening

Most of the mutual funds are supporting online account opening – it should be on their website (look for it)

Step 2: Basic details

Type your NIC number, cell phone number and which network this number exist on. If your number is ported, select the network name which you are currently using (ported into)

Step 3: Things you need

Access to your cell phone and email for OTPs

A PDF copy of NIC (front and back sides both)

Chequebook for IBAN Number

Salary slips (the most recent one)

A photo of your signature on white paper and

Step 4: The First OTP

You will get an OTP to the number provided through SMS. Just type that number into the box

Step 5: The Real form

Fill in the details

The form requires basic information like your details, your NIC expiry date, education, email address and postal address

If you will choose a nominee, you will need to provide their name, relationship with you and contact number also.

Step 6: Your bank account details

Bank account details

Here you will put in your bank name and IBAN number (it’s written on the chequebook)

If you wish to get a statement through the post, select Post otherwise let it be by Email.

Finally, it will ask you for dividends. When they make money for you, do you wish to get them in the bank account or reinvest it? A better option would be to reinvest it but it depends on one’s cash needs. So make a choice accordingly.

Step 7: FATCA Form

All of the options will automatically be chosen as ‘No’ Unless you are a citizen of the US. No need to play around here.

Step 8: CRS From

Again, nothing to be done here except for putting in your address unless you are a citizen of any other country.

Step 9: KYC

Again, they will automatically choose NO as the answer. Change it if it applies to you

Step 10: Risk Profiling

Choose the option which applies to you.

They will ask for your age, monthly income and experience with investing in the stock market. As per your selection, they will advise funds to you. (they will advise less risky funds if you have less experience, have less risk appetite or if you are older – vice versa)

Step 11: Advice page as per your selected option

Read the names of the funds they advise you and select next

Step 12: Debit Card

NBP Funds offer debit cards to their account holder for easy cash access. We haven’t used these cards ever before so can’t advise if you should get one or not or how much do they charge for it.

We skipped the step

Step 13: Choose a fund and other details

They will ask for the fund you want to go with and with what amount

After that, they will ask to choose your mode of investing the money – online only or physical or both. Better to choose both for convenience.

Then, you will be asked to enter the amount you expect to invest in a year. If you wish to put in money every month, just multiply the expected monthly amount by 12 and choose the best option.

They will also ask how much maximum amount can they expect in one go. Choose as per your capacity – a higher number will not hurt you.

Step 14: Terms and conditions

Open each drop-down, read it (if possible :p) and choose ‘I Agree

Step 15: Review the form

This is a very important step

Take a few mins to read each box. Concentrate on the spellings especially names and numbers.

Step 16: Upload

Now is the time to upload files.

NIC front and back both

Salary slips

Signature card and

Zakat form (if applicable)

Step 17: One more security check and you are good to go!

They will send a fresh OTP to your registered email address and phone number

Submit them and you are good to go

They will get back to you in max 3 days

If details and uploads are correct, you will become their account holder in 3 days.

Branch Addresses:

For those who still feel the process to be overwhelming or are comfortable with going to a branch before opening an account, click the links below.

ABL Asset Management

Al Meezan Investments

Alfalah GHP

Atlas Asset Management

Faysal Funds

HBL Asset Management

JS Investments – Sorry guys we couldn’t find their branch address page. Here is the contact us page

Lakson Investments – Same! Here is their contact us page

MCB Arif Habib Investments

NIT Investments

NBP Funds

UBL Funds

You see that – that’s how quick the process is and now InvestKaar has made it simpler. So, if you are ready to invest your money – you don’t have an excuse. Go for it!

This article is just the tip of the iceberg. A lot more understanding is required to choose the best investment for you.

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Furqan Punjani

Founder at InvestKaar.com. 15 years of investing and wealth management experience. Worked at most renowned brokerage houses in Pakistan. Won the best sales trader award for 2021 by CFA Society of Pakistan.