UTIITSL – PAN Card, Mutual Fund & Other Services

In this article, we discuss about PAN card, mutual fund and other services of UTIITSL in detail.

Background

UTIITSL is one of the largest Financial Service Providers of India and provides technology and outsourcing services.  It was incorporated on May 19, 1993. It is regarded as government company through the enactment of The enactment of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.

It offers an array of services which include of mutual funds, issuance and printing of PAN card, insurance services,  e-governance and technology. The Registered Office is at CBD Belapur, Navi Mumbai. The data centers are co-located at Secunderabad and Gurgaon. It has four regional offices and branch offices, which are spread over 60 cities across the country.

Composition of the Board

The board is headed by the Chief Executive Officer (CEO) and the team consists of an executive director and seven directors.

Services Offered

PAN Card Related Services

The income tax department has outsourced the services in relating to Permanent Account Number (PAN) to UTIITSL. The services provided by UTIITSL include

a. Applying for UTI PAN Card

b. Making correction/ Changes in UTI PAN Card

c. Tracking UTI PAN Card Status

d. UTI PAN Bulk Verification

Medical Bill Processing

The medical bills and claims which are to be cleared by the government are processed by UTIITSL.  The medical claims of people employed under the following are covered under UTIITSL.

a. Central Government Health Scheme (CGHS)

b. Ex-Servicemen Contributory Health Scheme (ECHS)

c. Employees State Insurance Corporation

d. NIMHANS

e. Railways

Mutual Fund Services

Mutual Fund is a trust that pools money from a number of investors and invests in multiple securities. It is characterized by professional management and diversification. The various services offered include:

a. Sales and application processing include application and document analysis,data integrity and allocation of folio number, printing and dispatch of certificates/interest warrants/letters etc.and brokerage Payment.

b. After sales services cover changes in basic information like address, bank details, name, etc., issuing of duplicate certificates, unit/ share transfer, death claim settlement, Demat requests

c. Collection of paid instruments from banks include reporting of paid warrants, updating master warrants issued, bank reconciliation, reporting of account payables and receivables

d. Generating Management Information System (MIS) reports and the reports to be submitted to SEBI.

Infrastructure Services

The infrastructure services offered by UTIITSL are covered under three ambits Consultancy, Contracts and Turnkey projects. Some of the services are:

a. Management Services

b. Interior furnishing

c. Branding

d. Branch opening

e. Technical maintenance including periodic maintenance

f. Management services

g. Maintenance of electrical installations, air conditioning and other mechanical installations

h. Horticulture services

i. Valuation of Assets/ Properties

j. Real estate

k. Facilities for office and residential premises

l. Disposal of properties

Information Technology Competencies

With an increased dependency on technology and migration to technological platforms, it is essential for UTIITL to provide safe and secure and IT structures. Some of the highlights of the IT competencies are:

IT Consultancy and Project Management

Being a government company UTIITSL handles a major portion of the government projects. The government projects are highly sensitive because of the data use for their projects. Therefore UTIITSL provides a wide range of services which include consultancy services, managed IT Services, software development & implementation etc.

For  a project to be successful the IT initiatives need to be in synergy with an organization’s strategic objectives. UTIITSL’s information consulting services help clients assess different technology strategies so that organizations are able to align their technology initiatives with their business strategy.

Software Development

UTIITL has an expert coverage of Dot Net, open source Java J2EE, oracle designer 2000, oracle developer 2000, and visual studio 6.0.

IT Infrastructure Services

These services include network services, data center, disaster recovery center, facility management, database management services.

What documents are required?

To verify your identity, you can provide a photocopy of documents such as your voter ID card, passport, driving license, utility bills, or Aadhaar card. These documents are acceptable as they include your name and photograph, serving as proof of your identity.

For address verification, you can submit a photocopy of documents such as an electricity bill, ration card, telephone bill, passport, or rental agreement. Any of these documents can be used to confirm your current address.

It is important to ensure that the information provided matches the data in the central database of the NSDL. Any discrepancies between the two may lead to the rejection of your application form.

How Can You Invest in UTI Mutual Funds?

Investing in UTI Mutual Funds is a simple process. Here are the steps to keep in mind:

Step 1: Log into your account to access UTI Mutual Funds online.

Step 2: Upload the required identification documents for KYC compliance. You can use documents like a valid voter's ID, driver's license, passport, government-issued IDs, Aadhaar card, PAN card, etc., for identity verification.

Step 3: Provide a document that verifies your permanent address for address verification.

Step 4: Determine the duration of your investment.

Step 5: Assess the risk level you are comfortable with - high, low, or medium.

Step 6: Choose the appropriate UTI Mutual Fund based on your investment criteria.

Step 7: If you want to make a one-time lump sum investment, select 'Invest One Time.' For a regular investment plan, choose 'Start SIP' to initiate a Systematic Investment Plan.

Step 8: After completing the entire process, which usually takes 1-2 working days, the UTI Mutual Fund you purchased will appear in your account.

By following these steps, you can easily invest in UTI Mutual Funds online.

FAQs

What infrastructure services are provided by UTIITSL?

• Branding
• Branch opening
• Technical resources, including periodic maintenance
• Management Services
• Horticulture services
• Real estate
• Maintenance of electrical connections, air conditioning and other mechanical connections
• Disposal of properties
• Valuation of Assets/ Properties
• Facilities for office and private or residential proofs

What are the various classes of UTIITSL PAN Card?

Individuals: The PAN card is used by the Income Tax Department to calculate the total amount of tax a person owes. It is determined by looking at the different financial transactions a taxpayer has made in a specific year.

Companies: When it comes to companies, the PAN card indicates the date when the company filed its documents. However, the card does not include any visual images.

Foreign Nationals: Foreign citizens who wish to carry out business activities in India need to obtain a PAN card. They can apply for one by completing form 49AA.

How long does it take to receive a PAN card from UTI?

Typically, if the Income Tax Department is processing your PAN card application, you can expect to receive your PAN number within 5 business days. However, please note that it may take approximately 2 weeks after that to receive the physical PAN card.

Can I change or correct PAN card details from UTIITSL’s website?

You have the option to fill out the form online and submit a request to make changes to your PAN details. You can do      this through either the NSDL portal or the UTIITSL portal.

Who can use the PAN bulk verification facility on UTIITSL?

Financial institutions and government agencies have the convenience of using dedicated portals to verify PAN details in bulk. These portals allow them to efficiently verify PAN information for multiple individuals or entities simultaneously.

Does the government own UTI Mutual Fund?

While UTI Asset Management Company Limited (UTI AMC) is not a government entity, it is worth noting that 74% of its stake is owned by four prominent public sector organisations. These organisations are the Life Insurance Corporation of India (LIC), State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB).

Is UTI Mutual Fund tax-free?

Profits obtained from UTI Long Term Equity Fund (Tax Saving), which falls under the category of equity schemes, are subject to a 10% tax on long-term capital gains. However, it's important to note that all equity shares and equity funds, including UTI Long Term Equity Fund, are exempt from taxes on such gains up to ₹1 lakh per year.

Related articles on UTIITSL

• How to Apply for PAN Card ?
• PAN Card – What is PAN, Eligibility, How to Enrol, Download PAN
• PAN Card for Companies in India – Process & Document Required

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