I gave my State Bank of Mysore account details to MF during registration 3 years ago. Now after SBI merger, my account holding Banks IFSC has been changed. But still monthly SIP is occurring without any issues.
Do I need to update my Banks IFSC details in the MF Fund house? Will there be any problems if I dont update? What are the consequences if I dont update immediately?
Usually, when such mergers happen, the account number and IFSC code change. However, due to their merger, to make sure all customer does not face an issue, banks accept all transactions related to old account format or numbers. Hence, you no need to worry.
However, once your SIP ends, then you have to register the fresh SIP with the new account number and also you have to update your bank details with MF for the redeemption purpose.