How to change your Name, Address and Bank details in Mutual Funds?

In today’s post we will look at some service oriented issues which every common investor of Mutual Funds will face. These below methods are in generic, hence few Mutual Fund Companies may ask you for additional requirements. So let us look at one by one.

1) Change of Name-This case is normally applies to women who invested before marriage and after marriage want to include their husband’s name. To do changes, investor must submit a letter asking for change. Below are the few mandatory documents which you need to attach with application.

a) Name change certificate by authority

b) Official Gazette copy

c) Marriage Certificate copy

d) List of folios you hold

e) Signature of the account holder

f) Bank account details where the new name already showing

Change of name for non individuals include change in corporate names like Pvt Ltd company to Ltd company, partnership firm to Pvt Ltd company or due to merger or acquisition. In such cases these non individuals need to  provide name change certificate from the Registrar of Companies and authorization to invest, approval from the board and the list of authorised signatories.

2) Change of Address-Now change of address is possible only when you change your address in KYC first. Hence to change your address, use the KYC update form and provide the new address. Mention your PAN number in the new address. You also need to provide new address proof document (Self Attested). Once this is done and application is correct then it get processed either with CVL or KRA as the case may be. Same change will be communicated to the R&T Agents of all AMCs. Update is made to all the folios of the investor from AMCs. In this updating process they track your name through the PAN number.

3) Change of Bank-Now it is mandatory that any payout from mutual fund companies are directly to registered bank account of investor. So it makes very important to update your bank details whenever you change the same. Below are the few documents which you need to submit to change your bank.

a) Bank Name, b) Branch Name, c) MICR Code, d) IFSC Code, e) Account Number, f) Name as per Bank Records, g) Type of Account and h) Cancelled bank cheque.

Now AMCs are asking for old bank cancelled cheque too. Dont how the closed account cheque can be retained and submitted to apply for new bank change 🙂

4) Change of Status from Minor to Major-Usually guardian operates the account of minor. But when minor attains the major status then it is mandatory to change the status from minor to major. No transactions are allowed until the changes are made from minor to major. To do such changes, below are the documents you need to submit.

a) Request letter to change the status

b) New Bank Mandate form where account changed from minor to major with proof

c) Signature attestation of major by your banker

d) KYC acknowledgement of major

e) PAN card of minor

5) Change of Guardian-This situation arises when their is mutual consensus between guardians or death of existing guardian. Below are documents you need to submit for this change.

a) Request letter for change

b) NOC from old guardian or court order for appointing new guardian

c) Notarized or attested copy of the death certificate of old guardian

d) Bank attestation of signature with account details

e) PAN and KYC of new guardian.

6) Change of Karta in HUF-To change Karta in HUF holding need to submitted through the application form by HUF. Below are the general requirements of the same.

a) An attested death certificate copy of old karta

b) Identification proof of new karta

c) Signature of new karta which need to be verified by banker

d) Declaration cum indemnity of all surviving members of HUF acknowledging and verifying the new karta appointment of HUF and authorizing him to operate the investments

e) Certified copy of HUF deed.

Hope above information will make you aware about the basic requirements to change in your mutual fund.