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

Documents required for change in bank details in mutual funds in India

This is uniform procedure which is applicable to all fund houses in India.

To update your bank details, you need to submit letter requesting for change of bank details along with a Cancelled Original Cheque of new bank.

New Bank Account
 1. Documents for Proof of New Bank Account (Bank account details you want to update in mutual fund records)

1] New bank account:
Original of any one of the following documents or originals should be produced for verification or copy should be attested by the Bank:

• Cancelled original cheque of the new bank mandate with first unit holder name and bank account number printed on the face of the cheque
• Self attested copy of bank statement  
•   Bank passbook with current entries not older than 3 months Bank Letter duly signed by branch manager/authorized personnel

 

Old Bank Account

In addition to above what other document required (These are document(proofs) related to your bank account currently registered in mutual fund records)

 You need to submit any one of the following document

 Cancelled Original Cheque bearing account number and first unit holders name on the face of the cheque

                                            OR

 Original Bank Account Statement (latest will be more preferable)

True copy of bank account statement may be accepted only if the original account statement is bought to Designated Investor Service Center for physical verification and in such situation after accepting the true copy the original bank account statement will be returned back across the counter after the verification

                                             OR

True Copy of the Bank Pass Book

Original Bank Passbook should be bought at the Designated Investor Service Center for verification, After verification, the original returned back across the counter.

                                           OR

Closure Letter from Bank

A duly Stamped Original Letter from your bank on the letter head of Bank, confirming the closure of the account.

Also refer:

Uniform Procedure for Change of Bank details, Change of Address

Form for change in bank details

Many mutual fund houses come up with multiple bank registration form for change in bank details, and now many of fund houses accept MULTIPLE BANK ACCOUNTS REGISTRATION FORM for change in bank details.

 ***Click the link to download PDF File for Multiple Registration Bank form

Form for HDFC Mutual Fund

Form for Franklin Templeton Investments

 Form for Reliance Mutual fund

 Form for SBI Mutual Fund