Aditya Birla Sun Life AMC Limited

Want to add another bank's detail to your existing folio? Here's how you can do it easily

Jul 13, 2020
3 mins | Views 7917

SEBI regulations make it mandatory for mutual fund investors to provide bank account details at the time of making the initial purchase of units in a mutual fund scheme. The bank account details mentioned in the form get registered in the investor’s folio and all transactions such as the redemption of units, dividend payouts, etc. are conducted through this account.

However, if you want to change your existing bank account details to a new account and wondering what will happen to your mutual fund investments linked to that account, then worry not. Investors can easily change the bank account details by following a simple process and add details of their desired bank account to their existing folio.

For ease and convenience of investors, mutual fund companies provide investors with the facility to register up to five bank accounts either at the time of making the initial purchase or subsequently after the initial purchase.

To make the adding bank process easier, Aditya Birla Sun Life Mutual Fund has added an online feature where existing investors can add upto 5 bank accounts to their mutual fund folio easily on investor portal.

Here’s the step by step online process for Adding a New Bank Account-

  • Set clear financial goals

  • Existing customers can login to the investor portal with their User ID and password or User ID and OTP. Those who do not have User ID can create one instantly

  • On the menu bar of the home page, you need to click on the “My Services” and select the “View/Add Bank” option

  • Choose the mutual fund folio number to which you want to link to a new bank account

  • On the add bank page, you have to fill in all the details which include IFSC, bank name, account number, branch name, branch address, city of the new bank account

  • After furnishing the account details you need to validate the account online by uploading a coloured image of cheque leaf of the new bank account. Alternately, the AMC can also verify the new account by making an IMPS credit of Rs 1 to your account

  • The next step is to upload proof of your existing bank by uploading a coloured image of your old cheque leaf

  • Check all the details entered by you are correct and tick the acknowledgment box and click on “Proceed” to submit your request

  • Next, complete the 2-factor authorization step. If you had logged in to the portal with User ID and password, then you will be prompted for the OTP which will be sent to your registered email ID and mobile number. And if you had logged in with User ID & OTP then you will be prompted for your password. Submit the OTP/Password to complete the process.

Once you submit the add bank request it takes up to 3 working days to process the request. Also, please note that whenever any change of bank mandate request is received, it is subject to a cooling period of 7 days as a matter of precaution against unauthorized/fraudulent transactions.

So, follow these steps and conveniently modify your bank details.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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