Registration of multiple bank accounts in mutual funds in India...

As per AMFI circular related to registration of multiple banks all Mutual Funds are directed to provide a facility to the investors for the registration of multiple bank accounts where they are one of the holders and from where they expect to make a payment for a Mutual Fund subscription.



The multiple bank account registration has the following 3 steps.
A) Registration of multiple bank accounts
B) Registration of default bank account
C) Deletion of a registered bank account



A) Registration of multiple bank accounts
As per AMFI circular
A separate form called ‘Multiple Bank Accounts Registration Form’, has been designed for investors covering requests for:
- Addition of bank accounts
- Registration of Default Bank account and
- Bank Account Deletion

Investors shall use the ‘Multiple Bank Accounts Registration Form’ along with any one of the following documents to register bank accounts:
- Cancelled cheque leaf
- Bank statement
- Passbook page with account number, name & address


Forms:

 Multiple Bank account Registration form cams

     

         Multiple Bank account Registration form karvy

Note: If investors submit copy of any one of the above documents, investors should bring the original documents to the AMC Branches/Collection Centers for verification. Originals would be returned back to investors after verification.

The bank accounts registration will be done only after verifying that the first named unit holder in the folio or account is one of the bank account holders


B) Registration of default bank account

Investors shall specify one of the registered bank accounts with as “Default bank account” for credit of redemption and dividend proceeds. For this purpose, investors shall use the above mentioned ‘Multiple Bank Accounts Registration Form’.

Investors also have the option of choosing to receive the redemption proceeds in any of the other registered banks at the time of redemption. This means, investors have to specify the bank account (in the redemption request) in which they would like to receive the redemption proceeds

In case of existing investors, the existing bank mandate will be treated as default bank account till the investor gives a separate request to change the same to any of the other registered bank account(s).

In case of new investors, the bank account mentioned in the purchase application form used for opening the folio, will be treated as the default bank account until the investor gives a separate request to change the same to any of the other registered bank account(s).




C) Deletion of a registered bank accountThe investors shall use the above mentioned ‘Multiple Bank Accounts Registration Form’ to delete a registered bank account. Investors will not be allowed to delete a default bank account unless he/she registers another registered bank account as default account.

Forms -  Multiple Bank Accounts Registration Form
1. Birla Mutual Fund
2. HDFC Mutual Fund
3. Reliance Mutual Fund
4. Kotak Mutual Fund
5. DSPBR Mutual Fund
6.Franklin Templeton Investments 7. Principal Mutual Fund