Changing your Bank Account Address of Mutual Funds

By | October 11, 2017

An important aspect of shifting is intimating the change of address to all concerned, in order to ensure seamless communication. Any change in the permanent or correspondence address should be promptly communicated for the smooth functioning your bank and investment accounts.

Options available

With respect to bank accounts, there are two options available. You can retain your existing account with the old branch and just communicate the new address to the bank.The other option is to shift the account to a new branch.

Form

If the account with the old branch is to be retained, a form intimating the change in address needs to be filled out by the customer and submitted to the nearest branch. If the branch is to be changed, the form for account transfer must be filled.

Documents

Only proof of the new address needs to be submitted. However, in case of account transfer, the bank may ask for the cheque book, ATM card or debit card to be returned, .If the customer has completed KYC formalities with his old branch, he is usually not required to submit those documents again.

Process

Once the customer submits the completed form with documents to a branch close to the new address, the bank will verify the credentials of the customer and process the request.

Dispatch

In case of account transfer, a cheque book with the new branch address and a new debit ATM card are dispatched to the client. In cases where the customer has only changed his address and retained his branch, any new communication shall be sent to the new address of the customer.

All joint bank account holders are required to sign the form for address change or shifting the account.

New contact details such as landline or mobile phone numbers should also be updated while filling the requisite form.

With core banking, customers can perform almost all banking functions at any branch without shifting their account.

For further information contact SaveTaxGetRich on 94 8300 8300

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