New Delhi: MFCentral has made it an easy task to change your Mutual Fund (MF) linked bank account details. MF Central is a joint initiative of Kefintech and Computer Age Management Services (CAMS) which aims to ease tracking transactions and fulfillment of services related to MF Holdings.
The platform lets users update bank account, IFSC code, in case of change, mobile number and email address, among other services.
At present, the platform covers only those folios which have the first holder PAN and mobile number used during registration. Further, service requests are also not permitted for MF investments held in demat accounts.
Here is how you can request a change in bank account details:
Phase 1: Register with your PAN on mfcentral.com. Alternatively, you can log in using One-Time-Password (OTP), though you will need to register with PAN and mobile number to be able to view all your MF investment details.
Phase 2: The sign up process also requires setting up five security questions, which will be asked during each sign-in as part of additional authentication.
step 3: After signing in, click on the ‘Service Request’ tab on the home page.
step 4: Click on the ‘Bank Account Change’ tab to change the bank account.
Step 5: The page will display all the folios and their associated bank accounts. Select the MF holding for which you wish to make a request.
Step 6: Enter new bank account details and upload color scan of cheque as supporting document of proof. You will also have to upload the default bank account check.
things to note
In a single request, you can change the details of only those folios which have the same default bank details. For those with a different linked bank, you have to start the process from the beginning.
In the first phase, the platform only accepts checks as proof. The platform will soon start accepting other documents as well, but till then if you do not have the cheque, you will have to visit the nearest CAMS or KFintech branch with any other documents to initiate the request.
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