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How To Change Your Mutual Fund’s Default Bank Account4 min read

February 3, 2024

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How To Change Your Mutual Fund’s Default Bank Account4 min read

Managing wealth involves staying organised, including keeping your mutual fund accounts up-to-date. This blog tackles a common concern: changing your default bank account in mutual funds. We’ll guide you through the process on both the Paytm Money app and across all AMCs through MF Central, ensuring a smooth and efficient transition.

How to Change default bank account in Paytm Money App?

  1. Please click on the following link – https://paytmmoney.onelink.me/9L59/v69377vi.
  2. Click the “Action” button next to the desired account in the list of already added bank accounts. Click on the “Make it Default” option.
  3. Read the instructions and click on “Proceed” to submit the request.
  4. Please wait for 1-2 working days to reflect the changes in the app.
  5. You can also add a new bank and make it default using the same link.

How to add a new bank account on Paytm Money App?

  1. Click on “Add New Bank Account.”
  2. Enter your IFSC or find your IFSC using the Bank & Bank branch.
  3. Enter your Account number and select the Account type.
  4. PML will verify your account via a penny-drop process.
  5. If the verification is unsuccessful, you must upload bank proof (a copy of the canceled cheque/account statement/first page of the passbook). Now, as the bank addition process is complete, the bank will be sent to the back office systems for the update.
  6. Once the bank is added, place a request to make it default, and expect a confirmation within 1-2 working days.

Changing the default bank at Paytm Money will ensure your redemption payouts are credited to your new default bank account.

Please remember to update your default bank account with RTAs/AMCs after changing it on the Paytm Money App to ensure AMC records are in sync.

How to change default bank account in AMC/RTAs via MF Central?

  1. Please visit https://app.mfcentral.com/investor/signin.  
  2. Log in with your PAN Number
  3. Navigate to “Submit Service Requests” and select “Change Bank Account Details.”
  4. Choose the Folio No. for which the bank account details have to be changed from the list of all the folio numbers shown along with the bank account details registered.
  5. Enter the new bank account details (Account No., IFSC, Type of Account) and upload the required documents.
  6. Submit the request and enter the OTP to verify.
  7. Expect confirmation from AMC within 4 working days once the new bank account is updated.

Prerequisites:

  1. The holding value should be less than Rs 10 Lakhs across all the folios.
  2. Cheque copies of Old & New bank accounts.
  3. Sign up with your PAN number on MF Central by visiting the following link: https://app.mfcentral.com/investor/signup

Below are the RTA contact details for your convenience.

KFin Technologies Limited CAMS
Email ID: 

investorsupport.mfs@kfintech.com

Email ID:

https://www.camsonline.com/Investors/Support/Email-Support 

Phone number: 1800 425 4034/35 Phone number: 1800 419 2267

Alternatively, you can visit the nearest RTA service centre (KFintech/CAMS) or the service centre of the AMC(s) you have invested in to change the default bank account, irrespective of the holding value.

In case of any concerns or further assistance, please write to feedback@paytmmoney.com.

Steps to download Paytm Payments Bank Cancelled Cheque:

  1. Login to the Paytm App.
  2. Click on Bank Account under Banking & Payments and enter the passcode.
  3. Navigate to “Services” and select “All Bank Services.”
  4. Scroll down and tap on the “Canceled Cheque” option under the ‘Download’ section.
List of AMC’s registered under RTA’s
KFINTECH RTA CAMS RTA
Axis Mutual Fund Aditya Birla Sun Life Mutual Fund
Bank of India Mutual Fund Bandhan Mutual Fund
Bajaj Finserv Mutual Fund DSP Mutual Fund
Baroda BNP Paribas Mutual Fund Franklin Templeton Mutual Fund
Canara Robeco Mutual Fund HDFC Mutual Fund
Edelweiss Mutual Fund Helios Mutual Fund
Groww Mutual Fund HSBC Mutual Fund
Invesco Mutual Fund ICICI Prudential Mutual Fund
ITI Mutual Fund IDFC Mutual Fund
JM Financial Mutual Fund Kotak Mutual Fund
LIC Mutual Fund Mahindra Manulife Mutual Fund
Mirae Mutual Fund Navi Mutual Fund
Motilal Oswal Mutual Fund PPFAS Mutual Fund
Nippon India Mutual Fund SBI Mutual Fund
PGIM India Mutual Fund Shriram Mutual Fund
Quant Mutual Fund Tata Mutual Fund
Quantum Mutual Fund Union Mutual Fund
Samco Mutual Fund Whiteoak Mutual Fund
Sundaram Mutual Fund Zerodha Fund House
Taurus Mutual Fund 360 ONE Asset Management Limited
Trust Mutual Fund  
UTI Mutual Fund  

Conclusion:

Keeping your bank details updated ensures smooth transactions and peace of mind. With this guide and helpful resources, changing your default bank account in mutual funds is now a breeze! If you have any questions, reach out to feedback@paytmmoney.com.

Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for informational purposes only and in no way to be considered as advice or recommendation. The securities are quoted as an example and not as a recommendation. Brokerage will not exceed the SEBI prescribed limit. Paytm Money Ltd SEBI Reg No. Broking – INZ000240532. NSE (90165), BSE(6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019. s  For more details, please visit: https://www.paytmmoney.com