A PAN card is required to see if you are KYC compliant and if you are not then having a PAN card smoothens the process. It is also required as per legal regulations. A Bank account is needed to start investing in Mutual funds. The Bank account is required to be in the name of the investor with MICR (Magnetic Ink Character Recognition) and IFSC (Indian Financial System Code) details. These details are needed to verify the account holder’s details.