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To change bank details in your mutual fund folio, you can follow these steps:
To change online, complete process available in this video. Offline process also available in this video.
Download the bank mandate change form from the website of your mutual fund company.
Fill out the form with your personal details, folio number(s), and the new bank account details.
Attach a cancelled cheque of your new bank account.
Sign the form and submit it to your mutual fund company.
You can submit the form online, by email, or by post. If you are submitting the form by post, send it to the registered office of your mutual fund company.
The following documents are required to change bank details in your mutual fund folio:
Bank mandate change form
Cancelled cheque of your new bank account as well as old bank cheque.
Additional documents may be required depending on the mutual fund company. For example, some mutual fund companies may require a copy of your government-issued ID proof.
Once you have submitted the bank mandate change form, it will take a few days for the changes to be processed. You will receive a confirmation from your mutual fund company once the changes have been made.
Please note that you should change your bank details in your mutual fund folio at least 7-10 days before your next SIP or redemption transaction.
Here are some additional tips for changing bank details in your mutual fund folio:
Make sure that you fill out the bank mandate change form correctly and completely.
Attach a cancelled cheque from the new bank account that you want to register.
Sign the form and submit it to your mutual fund company as soon as possible.
Keep a copy of the bank mandate change form for your records.
If you have any questions or problems changing your bank details in your mutual fund folio, please contact your mutual fund company for assistance.
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