With effect from April 30 2012, You can't change bank details with redemption request.
These changes are pursuant to the recent circulars issued by SEBI as well as AMFI to mitigate instances of fraud, to reduce operational risks and to protect the interest of investors.
Forms for redemption and change of bank account request are now segregated so that two different requests are handled and executed separately for all investors.
In other words, all investors forms such as the common transaction forms, transaction slips or any other form containing redemption request will not have the facility to change the bank mandate or update a new bank mandate.
Most important point here to note is that any redemption request received which also mentions a new and unregistered bank mandate or a change of bank mandate request (with or without necessary supporting documents), such bank account change may not be registered and considered for payment of redemption/ dividend proceeds.
For Change of Bank Account / New Bank Account with Redemption Request, investor need to Register for Multiple Bank Account Registration Form