How to Change Bank Mandate in Your Mutual Fund Portfolio: Step-by-Step Guide

Have you recently changed your bank account, closed an old account, or want your future mutual fund SIP transactions to use a different bank account?

Updating your bank details in your existing mutual fund portfolio is an important investor-service process. A correct bank mandate helps ensure that future SIP debits, redemption proceeds and other eligible transactions are processed through the appropriate registered bank account.

At PAISA GAIN, we believe investors should understand the process before submitting a service request. The exact procedure, documents and processing time may vary between mutual fund AMCs and their respective RTAs.

When Do You Need to Change Your Bank Mandate?

You may need to update your bank details when:

• You have opened a new bank account.

• Your existing registered bank account has been closed.

• You want to change the bank account used for future SIP debits.

• Your bank account number or other bank details have changed.

• You want redemption proceeds to be credited to another registered bank account.

• You need to update or replace an existing NACH/SIP mandate.

Important: Changing the registered bank account and changing an active SIP/NACH mandate may be separate processes. Check the specific requirements of your AMC/RTA before submitting a request.

Step 1: Identify What You Need to Change

First, check your existing mutual fund folio and determine whether you need to:

• Change the registered bank account;

• Change an existing SIP/NACH mandate; or

• Update both.

You can usually check your folio and bank details through the relevant AMC or RTA investor portal.

Step 2: Download the Latest Bank Mandate Form

Obtain the latest applicable form from your mutual fund AMC or RTA.

Depending on the service required, the form may be described as a Change/Update of Bank Details, Bank Mandate, NACH Mandate, or a similar investor-service form.

Always use the latest official form rather than an old copy downloaded from an unofficial website.

Step 3: Fill in the Form Correctly

Enter the required details carefully, such as:

• Folio number

• Investor name

• New bank account number

• Bank name

• Branch

• IFSC

• Account type

• Existing and new mandate details, where applicable

Your signature should generally match the signature registered with the mutual fund records.

Incorrect information or a signature mismatch can result in rejection or additional verification.

Step 4: Attach the Required Documents

The exact documents depend on the AMC/RTA and the type of request.

Commonly requested documents may include:

• Cancelled cheque from the new bank account

• Bank statement or passbook copy, where applicable

• Self-attested PAN copy

• Address/identity document, if required

• Additional documents requested by the AMC/RTA

Make sure the documents are clear and legible and that the new bank account details can be verified.

Step 5: Submit the Request

Depending on the facility available, you may be able to submit the request through:

Online:
The AMC/RTA investor portal or applicable online service.

Physical submission:
An AMC branch, RTA service centre or other designated investor-service location.

Through an advisor/distributor:
Where permitted, your mutual fund distributor/advisor may help you understand the applicable process and documentation.

Keep a copy of the completed form and supporting documents for your records.

Step 6: Verification by the AMC/RTA

After submission, the AMC/RTA will process and verify the request.

They may check:

• Folio information

• Investor details

• Bank account information

• Signature

• Supporting documents

• Applicable mandate requirements

If additional information or clarification is required, the investor may be contacted.

Step 7: Confirmation of the Update

Once the request has been successfully processed, the updated bank information should become available in the applicable investor records/portal.

Check the updated details rather than assuming that the change has been completed.

Step 8: Resume and Monitor Your Transactions

If you have an active SIP or other recurring transaction, check whether a separate mandate update is required.

After the change, monitor your next relevant transaction to confirm that the updated bank details are working correctly.

Remember that changing the bank details associated with a mutual fund folio does not itself mean that your mutual fund investment has been sold or transferred. The service request concerns the bank/mandate information associated with the folio.

How Long Does Bank Mandate Change Take?

Processing time can vary depending on the AMC/RTA, submission method, documentation and type of request.

Therefore, investors should not assume that every bank-mandate change will be completed within the same number of days.

If a bank-detail change is being made close to a redemption request, additional restrictions or cooling-period requirements may apply under applicable mutual-fund procedures.

For an important transaction, check the latest instructions from your AMC/RTA before submitting the request.

Important Points to Remember

1. Use the latest form

Always obtain the applicable form from the official AMC/RTA source.

2. Check the bank account details carefully

A small error in the account number or IFSC can cause problems.

3. Keep your signature consistent

Signature mismatches can result in additional verification or rejection.

4. Keep copies of your documents

Maintain a copy of the submitted form and supporting documents until the request is completed.

5. Check whether SIP/NACH needs a separate update

Updating your folio’s registered bank account does not necessarily mean that every existing SIP mandate has automatically changed.

6. Verify the update

After receiving confirmation, check your updated folio details through the applicable AMC/RTA channel.

Frequently Asked Questions

Can I change my bank account in an existing mutual fund portfolio?

Yes, mutual fund investors can generally request an update of registered bank details, subject to the AMC/RTA’s applicable procedure and verification requirements.

Can I change my SIP bank mandate separately?

In many cases, SIP/NACH mandate changes have their own process. Check with the relevant AMC/RTA to determine whether a separate mandate update is required.

Will changing my bank details affect my mutual fund investment?

Changing bank details is an investor-service update. It does not by itself mean that your existing mutual fund units are sold. However, transactions such as SIP debits and redemption payouts may depend on the applicable registered bank/mandate information.

What happens if my old bank account is already closed?

Inform the relevant AMC/RTA about the closed account and follow its prescribed procedure for registering the new bank details. Additional documentation or verification may be required.

Can PAISA GAIN help me with the process?

PAISA GAIN can help investors understand the applicable mutual-fund service process and the documents generally required. The actual change is subject to the rules, verification and processing of the concerned mutual fund AMC/RTA.

Need Help With Your Mutual Fund Service Request?

Managing an existing mutual fund portfolio involves more than selecting investments. Keeping your folio information, bank details, SIP mandates and other investor records updated can also be important.

If you need help understanding a bank-detail change, SIP/NACH mandate update or another mutual fund service request, PAISA GAIN can help you understand the applicable process and documentation.

PAISA GAIN — Plan. Invest. Grow.

Investor Note

The exact procedure, forms, documents, submission methods and processing timelines may vary among mutual fund AMCs and RTAs. Investors should always follow the latest instructions issued by the concerned mutual fund company/RTA and use official forms and channels.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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