Firstly, get the Aadhar card address updated
This should be the first step because Aadhar constitutes the basic document to update all other address records. You can visit the following interface on the UIDAI website to update address online.
In this facility you can also upload the relevant document like sale deed, lease agreement online, electricity bill etc and get the Aadhar address updated in 3-4 days. Once the Aadhar address is updated, it can serve as the base document for changing the address at all other financial touch points. Here is what you need to modify and here is why you must do it.
Notify your bank of change in address
Once you have the Aadhar updated with the new address, all you need to do is to walk into the nearest bank branch and submit a signed application for change of address along with proof of identity and proof of new address. Normally, banks take 6-7 days to update the new address if all documents are proper. If you have an internet banking account, you are allowed to upload the address change documents online. Why is this so important?
Banks use your registered address for all correspondence. For example, your statement of accounts and cheque book will be sent to the registered address. For current accounts, if the address is found locked or it is the wrong address, bank can freeze your account. Since accounts statement and cheque book are important documents, you can inform / instruct your account holding branch that you have shifted address and will collect important correspondence from the branch.
Notify your broker / DP of change of address
If your broker and DP are different you need to send two letters to two different places. However, in India brokers have to keep their broking and DP operations separate and the databases are also maintained separately. So even if your broker and DP are the same, you still need to write to two separate letters for the address shift. Here again, you are required to attach proof of new address.
The address change in this case is extremely important. Nowadays, most of the trading is online or app driven. Hence the contract notes are delivered by email. However, in the event of any dispute, the broker will sent notice to your registered address. If the address is not updated, you cannot complain that you did not get the notice. Similarly, in the case of demat account, you only need to do a single address change and it is applicable to all the stocks you hold. While most AGM notices and dividend credits are online, you still need to update your address to receive quarterly statements and rights / buyback notifications. The sooner this update is done, the better it is.
Finally, don’t forget to update your PAN card records
Updating the address in a PAN card is like a fresh PAN card application. You can either do it online or offline at a TIN facilitation centre by paying a fee. You have to take care of entering your name in the right order, ensuring that names are same in the address proof and the PAN records etc. The PAN address update normally takes 10-15 days. This is important as any tax notices, physical refund orders are all sent to this registered address only.
What if your address change request is not adhered to?
The address may not be updated by the banker / broker / insurer / Income Authorities either due to name mismatch in the proof of address or due to inappropriate proof of address or due to signature mismatch. Typically, in case the address update request is rejected, then you would be immediately informed so that you can rectify the application accordingly or file a fresh application. It is always better to note down your Request Reference Number in case of online address change requests. In case you have given a physical application for address change, you can take a stamped acknowledge on a copy of the letter and retain for reference.
In the era of online transactions and online interfaces, we often forget to update addresses. In your own interest, it is essential to update your address in all the key records.