WEF 1st May 2012, Pocedure to followed for Change of Bank Mandate And address in mutual funds in India..

AMFI with view to protect the interest of investors and fraud/risk avoidance and such other operational risks, time to time issues various guidelines to mitigate such risks. 

 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. This  update is for uniform rules to be followed  for change in bank mandate, and changes in address. These changes would be effective May 1, 2012 .
 

Procedure to be followed for Change in Bank Mandate

1. Updation of Bank Account in Customer’s Folio shall be either through “Multiple Bank Account Registration Form” or a standalone separate “Change of Bank Mandate Form”.

2. In case of standalone change of bank details, documents as entailed below should be submitted as a proof of new bank account details such as proof of old bank account and proof of identity of the clients, for change in bank account.

3. Customers are advised to register multiple bank accounts and choose any of such registered bank accounts for receipt of redemption proceeds.

4. Any unregistered bank account or new bank account  with redemption request shall not be entertained or processed;

5. Any change of Bank Mandate request received/processed few days prior to submission of a redemption request or on the same day as a standalone change request,  will continue to follow cooling period of 10 calendar days for validation of the same.

 

Documents required for change in bank account:

 
Investors are required to submit any one of the following documents in Original or produce originals for verification or copy attested by the Bank -
 

 For New Bank Account Registration 

• Cancelled original cheque of new bank mandate with first unitholder name and bank account number printed on the face of the cheque; OR

• Self - attested copy of bank statement; OR

• Bank Passbook with current entries not older than 3 months; OR

• Letter from the bank on its letterhead confirming the bank account holder with the account details, duly signed by the Branch Manager/authorised personnel.

AND Proof of Identity as prescribed under KYC guidelines alongwith Proof of Investment - only for such investors who have not registered their bank mandate at the time of making investment.

For Change in Existing Bank Mandate

•   Cancelled original cheque with first unitholder name and bank account number printed on the face of the cheque; OR

•  Original bank account statement or pass book; OR

• Original letter issued by the Bank on the letterhead confirming the bank account holder with the account details, duly signed by the Branch Manager; OR- In case such Bank account is already closed, a duly signed and stamped original letter from such bank on the letter head of bank, confirming the closure of said account.

Procedure to be followed for Change in Address

 
Investors / unitholders are requested to note that from the effective date, self- attested copies of the below mentioned documents shall be submitted along
with a duly filled in 'Change of Address Form".

1. KYC not complied folios:

• Proof of new Address

• Proof of Identity (in case of PAN updated folios - only PAN card copy shall be accepted, and in other case PAN/other valid proof of identity shall be accepted)

• Based on AMC's  internal risk assessment, AMC may also consider collecting proof of old address, while effecting change of address

2. KYC complied folios: 

•  Proof of new Address

• Any other document/form that the KYC Registration Agency (KRA) may specify from time to time.

Copies of all documents submitted by the Investors should be self-attested and accompanied by originals for verification. 

In case the original of any document is not produced for verification, then the copies should be properly attested/ verified by entities authorised for attesting / verification of the documents as per KYC guidelines.

Forms 

  Multiple Bank account Registration form cams

         

   Multiple Bank account Registration form karvy

Form for HDFC Mutual Fund

Form for Franklin Templeton Investments

 Form for Reliance Mutual fund

 Form for SBI Mutual Fund