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Procedure: Change of Bank Details Registered for Mutual Fund
February 06 , 2013
  1. Redemption and dividend payments on the mutual fund units you hold are sent across via cheque to your bank account. Unless change of bank account is notified at the Investor Service Centre (ISC) of your mutual fund, proceeds will be sent to the bank account registered with them. 
  2. It takes approximately 7 days for changes to take effect so make notifications well in advance when redemption is near. 

  1. Fill in the slip for bank account details change at the bottom of the monthly mutual fund statement you receive. Submit a cancelled cheque of the new bank account and also the account registered with them. The cheques must have your account number and name printed on it. Don't forget to cancel the cheque and write 'cancelled' on its face to prevent misuse.
  2. In case cheques don't have your account number and name printed, get a letter from the bank on its letterhead stating you maintain/had maintained an account with them along with information such as bank account, branch name, MICR, IFSC, etc. If you can't get this, your pass book or a bank statement containing your account number, name and address will suffice. Either of these two you submit must be certified by the bank manager with his/her signature, name, employee code, seal and contact number.  
  3. Submit the transaction slip along with documents in (2) and copies of them (for your record) at the ISC and give it 7 days time.

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