Query of Blog Reader: change in ongoing sip bank details
I have registered an SIP with auto debit. I wish to change the bank from which the amount is being debited as very recently i have changed my job, so now i want to switch my sip to my new salary bank account. Is this possible?
Reply:
Yes, it is possible to make changes in your SIP bank account.
In order to make changes in your bank account, you need to select the ‘Change bank mandate' option in the auto-debit form and submit it at the mutual fund's branch.
Important point here to note is in this process of change in bank details
1. You are cancelling your existing sip and registering new sip in the same mutual fund scheme.
2. For making changes you need to use "SIP Auto Debit/ ECS Form" and in that form click the option for change in bank details.
3. In this process you require SIP Auto debit form and not Multiple Bank Accounts Registration Form.
4. Some mutual fund houses want SIP Cancellation Form + SIP Auto debit form (with subject Change in bank details on top of application form) and where as some fund houses only ask you sip auto debit form and in that click option change in bank details, along with original cancelled cheque of new bank account (make sure, your name is printed on cheque, if name is not printed on cheque leaflet then along with cancelled original cheque you have to submit any one of following document:
- Copy of Bank Statement of recent 3 months, or,
- Copy of Bank pass book containing account number , account holder’s name & address.
6. It will take approximately 30 days to effect the change, and for debits to go to the new bank. The reverse of the SIP auto-debit form contains instructions on the requirements to change the auto-debit bank.
7. Some funds have a separate form which can be used for the purpose.
Investors may fill in the new bank details in this form and clearly
indicate that it is for changing the auto-debit bank.
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