Uniform Procedure for Change/Updation of Bank details, Change of Address

The Association of Mutual Funds in India (AMFI) vide circular no 26/2011-12 has issued best practice guidelines, advising uniform procedure and documentation for Change/Updation of Bank details & Change of Address in Mutual Fund folios.

Change in Bank Account Details

1. Use the Multiple Bank Account Registration Facility to register multiple bank accounts and choose any of the registered bank accounts towards receipt of redemption proceeds.
2. Submit standalone requests to avoid rejection of requests and to register any changes to Bank account in a timely manner.
3. Forms for redemption and change of bank account request are now segregated so that two different requests are handled and executed separately for all investors. In other words, all of our investor forms such as the common transaction forms, transaction slips or any other form containing redemption request will not have the facility to change the bank mandate or update a new bank mandate.
4. Please note that any redemption request received which also mentions a new and unregistered bank mandate or a change of bank mandate request (with or without necessary supporting documents), such bank account change may not be registered and considered for payment of redemption/ dividend proceeds.
5. Alternatively, investors may use a standard Change of Bank Account Form or a general letter along with prescribed supporting documents as mentioned on the form to register a single bank account sufficiently well in advance of placing a redemption request.
6. Updation of bank accounts, henceforth, in an investor’s folio will be only through a Multiple Bank Account Registration Form, a separate Standalone Change of Bank Mandate form, or an investor letter with prescribed mandatory documents

Forms are available at Investor Resources> Forms

Uniform Procedure for Change/Updation of Bank details, Change of Address

• Cancelled original cheque leaf with first Unit Holder name and bank account number printed on the face of the cheque. OR
• Copy of bank statement. OR
• Photo copy of Bank Passbook. OR
• Letter issued by the bank on the letterhead, duly signed and stamped by the Branch Manager / Authorised Personnel.

Important : The above documents should be either in original or copy to be submitted alone with original produced for verification or copy of the document duly attested by Branch Manager / Authorized Personnel with seal of the branch, name, designation, employee code and sign of the person attesting.

Change of Address

The following documents will be mandatorily required to effect Change in Address:

1. For Non-KYC compliant folios/clients:
   1. Proof of new Address (POA), and
   2. Proof of Identity (POI): PAN card copy if PAN is updated in the folio, or PAN/other proof of identity if PAN is not updated in the folio.
2. For KYC compliant folios/clients:
   1. Proof of new Address (POA),
   2. Any other document/form that the KRA may specify from time to time.

Copies of documents submitted must be self-attested and accompanied by originals for verification. If originals are not produced, copies should be properly attested / verified by entities authorized for attesting/verification of documents as per existing KYC guidelines.

Proof of Identity (POI): List of documents admissible as Proof of Identity (*Documents having an expiry date should be valid on the date of submission.):

1. PAN card with photograph. This is a mandatory requirement for all applicants except those who are specifically exempt from obtaining PAN (listed in Section D).
2. Unique Identification Number (UID) (Aadhaar)/Passport/Voter ID card/Driving license.
3. Identity card/ document with applicant's Photo, issued by any of the following: Central/State Government and its Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions, Colleges affiliated to Universities, Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc., to their Members; and Credit cards/Debit cards issued by Banks.

Proof of Address (POA): List of documents admissible as Proof of Address: (*Documents having an expiry date should be valid on the date of submission.)

1. Passport/Voters Identity Card/Ration Card/Registered Lease or Sale Agreement of Residence/Driving License/Flat Maintenance bill/Insurance Copy.
2. Utility bills like Telephone Bill (only land line), Electricity bill or Gas bill -Not more than 3 months old.
3. Bank Account Statement/Passbook -Not more than 3 months old.
4. Self-declaration by High Court and Supreme Court judges, giving the new address in respect of their own accounts.
5. Proof of address issued by any of the following: Bank Managers of Scheduled Commercial Banks/Scheduled Co-operative Bank/ Multinational Foreign Banks/Gazetted Officer/Notary public/ Elected representatives to the Legislative Assembly or Parliament/ Documents issued by any Government or Statutory Authority.
6. Identity card/document with address, issued by any of the following: Central/State Government and its Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions, Colleges affiliated to Universities and Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc., to their Members.
7. The proof of address in the name of the spouse may be accepted.

List of people authorized to attest the Proof of Address and Proof of identity after verification with the originals:

1. Authorised officials of Asset Management Companies (AMC).
2. Authorised officials of Registrar & Transfer Agent (R&T) acting on behalf of the AMC.
3. KYD compliant mutual fund distributors.
4. Notary Public, Gazetted Officer, Manager of a Scheduled Commercial/Co-operative Bank or Multinational Foreign Banks (Name, Designation & Seal should be affixed on the copy).
5. In case of NRIs, authorized officials of overseas branches of Scheduled Commercial Banks registered in India, Notary Public, Court Magistrate, Judge, Indian Embassy/Consulate General in the country where the client resides are permitted to attest the documents.
6. Government authorized officials who are empowered to issue Apostille Certificates.