Unitholders need to submit a written request for change in their bank account details
Most of us invest in mutual funds for long-term say for 5-10 years. During this period, some of the unit-holders may forget what were their registered savings bank account details in their mutual fund investments.
What happens in case you have closed your savings bank account, which was also a registered bank account for your mutual fund investments. Now you would be unable to redeem your mutual funds as the AMC (asset management company) would transfer funds in your bank account mentioned in their records. However, the bank account is closed now and no longer operative. The electronic fund transfer made by the AMC to your bank account would be declined as the account is closed. Also, you won't be able to deposit the cheque sent to you by the AMC as the cheque would mention your bank account number, which is closed.
The below article provides a comprehensive analysis of what you need to do in case you want to change your bank mandate for your mutual fund investments.
Unitholders need to submit a written request for change in their bank account details. The written letter should be duly signed by the unit holders. Besides, unitholders also need to submit anyone of the following documents to their nearest CAMS (Computer Age Management Services) or mutual fund branch for change of bank mandate.
In case the photocopies of the document are being submitted kindly ensure that the same is attested by the bank manager of the respective bank.
Alternately, the attestation can be obtained from the branch office of the Asset Management Company Ltd. or at any of the designated Official Point of Acceptance of Transactions (OPAT) by producing the original documents for verification.
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
Aug 10, 2022
The laws of the financial world are different from the physical world. You can have prolonged periods of time, when sanity takes a back seat and excesses happen.
R. Venkataraman Aug 20, 2021
Retail trading or day trading has exploded because of falling brokerage rates, democratization of information, higher transparency and mobile platforms.
R. Venkataraman Jun 15, 2021
My simple message for dear readers is, if you don’t have any desperate need for funds, then don’t do anything.
R. Venkataraman May 12, 2021
The blow up of a US hedge fund has resulted in WhatsApp university offering many courses on what went wrong with Bill Hwang and Archegos.
R. Venkataraman Apr 09, 2021
The expensive valuations have been sustained by strong rebound in corporate earnings which led to ~8% upgrade in FY22 Nifty EPS since October 2020.
R. Venkataraman Mar 26, 2021
We believe the interest rates are likely to have bottomed due to inflationary pressure, large government borrowings and normalizing credit growth. Hence rate sensitive sectors should be avoided in our view.
R. Venkataraman Feb 17, 2021
As markets make new highs, one gets more emails and messages, which highlight the accomplishments of traders who have found a formula for making money.
R. Venkataraman Jan 27, 2021
Data does not seem to convincingly prove that short periods of high returns are always followed by meagre returns. Only in 4 instances, we had negative returns in the subsequent year.
R. Venkataraman Jan 01, 2021
Since September end, Bankex is up 16% with large banks like ICICI Bank, Bandhan up 20-27%, Housing Finance Companies like Repco, LICHF, PNB Housing are up 50%-100% from their six-month lows.
R. Venkataraman Oct 13, 2020
Morgan Housel’s 'The Psychology of Money' explains in detail the role of human biases in investment decisions.
R. Venkataraman Sep 26, 2020
Per Order for ETF & Mutual Funds Brokerage
Per Order for Delivery, Intraday, F&O, Currency & Commodity