![]() ![]() Steps for change of Bank account details with a mutual fund: Inform the concerned mutual fund using the prescribed bank mandate form and provide details of the new bank account along with the requisite supporting documents to replace the existing bank details. In such a case, it is necessary for the customer to promptly There may other reasons/occasions wherein mutual fund customers may want to or need to change their bank account - for example, when a person moves to another city. ![]() Registering the IFSC and the new CBS account number would facilitate speedy payments of redemption or dividend proceeds through NEFT/RTGS. To uniquely identify bank-branches in India similar to the MICR code]. [IFSC stands for Indian Financial System Code and is an alpha-numeric code containing 11 characters, allotted by the RBI Under the CBS, the new 15 or 16 digit account number and IFS Code are printed on the cheque leaf. The procedure and documentation explained above. In case there has been any revision in bank account on account of migration to CBS, the MF investors should promptly notify their new bank account number AND the IFSC to all mutual funds where they have invested, following Most banks in India have since migrated to Core-Banking system (CBS), whereby the banks have revised the existing bank account numbers, and have allotted new 15 or 16 digit account numbers in lieu of the original account However, Mutual Funds also provide a facility to individual investors to register up to five bank accounts against a folio, which could be done separately / subsequently.
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