{"id":4830,"date":"2024-02-03T14:40:47","date_gmt":"2024-02-03T14:40:47","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=4830"},"modified":"2024-06-14T13:52:44","modified_gmt":"2024-06-14T13:52:44","slug":"how-to-change-default-bank-account-in-mutual-funds-in-paytm-money","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/how-to-change-default-bank-account-in-mutual-funds-in-paytm-money\/","title":{"rendered":"How To Change Your Mutual Fund’s Default Bank Account"},"content":{"rendered":"

Managing wealth involves staying organized, including keeping your mutual fund accounts up-to-date. This blog tackles a common concern: changing your default bank account in mutual funds. Meanwhile, the standard procedure for altering your default bank digitally across all AMCs via MF Central & default bank at PML as follows <\/span><\/p>\n

How to change default bank account in AMC\/RTAs via MF Central<\/strong><\/h3>\n

MF Central is a platform created by Registrar Transfer agents of all AMCs to support non-financial transactions in mutual funds through digital mode<\/span><\/p>\n

    \n
  1. Visit <\/span>https:\/\/app.mfcentral.com\/investor\/signin<\/span><\/a><\/li>\n
  2. Log in with your PAN Number<\/span><\/li>\n
  3. Navigate to \u201cSubmit Service Requests\u201d and select \u201cChange Bank Account Details.\u201d<\/span><\/li>\n
  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.<\/span><\/li>\n
  5. Enter the new bank account details (Account No., IFSC, Type of Account) and upload the required documents.<\/span><\/li>\n
  6. Submit the request and enter the OTP to verify.<\/span><\/li>\n
  7. Expect confirmation from AMC within 4 working days once the new bank account is U<\/span>pdated.<\/li>\n<\/ol>\n

    Prerequisites:<\/b><\/h3>\n
      \n
    1. \n
        \n
      1. The holding value should be less than Rs 10 lakh across all the folios.<\/span><\/li>\n
      2. Cheque copies of Old and New bank accounts.<\/span><\/li>\n
      3. Sign up with your PAN number on MF Central by visiting the following link: https:\/\/app.mfcentral.com\/investor\/signup<\/span><\/a><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

        Alternatively, you can visit the nearest RTA service center (KFintech\/CAMS) or the service center of the AMC(s) you have invested in to change the default bank account, irrespective of the holding value.<\/span><\/p>\n

        Steps to download Paytm Payments Bank Cancelled Cheque:<\/b><\/h3>\n
          \n
        1. Login to the Paytm App.<\/span><\/li>\n
        2. Click on Bank Account under Banking & Payments and enter the passcode.<\/span><\/li>\n
        3. Navigate to \u201cServices\u201d and select \u201cAll Bank Services.\u201d<\/span><\/li>\n
        4. Scroll down and tap on the \u201cCanceled Cheque\u201d option under the ‘Download’ section.<\/span><\/li>\n<\/ol>\n

          How to change the default bank account in Paytm Money app post updating at AMC<\/strong><\/h3>\n
            \n
          1. Please raise a ticket to \u201cchange default bank account\u201d with proof i.e updated Statement of account<\/span><\/li>\n
          2. Please wait for 1-2 working days to reflect the changes in the app.<\/span><\/li>\n
          3. You can also add a new bank and make it default using the same link.<\/span><\/li>\n<\/ol>\n

            How to add a new bank account on Paytm Money App?<\/b><\/h3>\n
              \n
            1. Click on \u201cAdd New Bank Account.\u201d<\/span><\/li>\n
            2. Enter your IFSC or find your IFSC using the Bank & Bank branch.<\/span><\/li>\n
            3. Enter your Account number and select the Account type.<\/span><\/li>\n
            4. PML will verify your account via a penny-drop process.<\/span><\/li>\n
            5. If the verification is unsuccessful, you must upload bank proof (a copy of the cancelled cheque\/account statement\/first page of the passbook). <\/span>Now, as the bank addition process is complete, the bank will be sent to the back office systems for the update.<\/span><\/li>\n
            6. Once the bank is added, place a request to make it default, and expect a confirmation within 1-2 working days.<\/span><\/li>\n<\/ol>\n

              Conclusion:<\/strong><\/h3>\n

              Changing the default bank at AMC and Paytm Money will ensure your redemption payouts are credited to your new default bank account. Keeping your bank details updated ensures smooth transactions and peace of mind. If you have any questions, reach out to <\/span>feedback@paytmmoney.com<\/span><\/a>. <\/span><\/p>\n

              Find your nearest RTA branch details via below links<\/span><\/p>\n

              KFintech: <\/b>https:\/\/www.kfintech.com\/contact-us\/<\/b><\/a> (or) <\/b>https:\/\/mfs.kfintech.com\/mfs\/Generalpages\/locateUs.aspx<\/b><\/a><\/p>\n

              CAMS: <\/b>https:\/\/www.camsonline.com\/Investors\/Support\/CAMS-Location&Service-center<\/b><\/a><\/p>\n

               <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              List of AMC’s registered under RTA’s<\/b><\/td>\n<\/tr>\n
              KFINTECH RTA<\/b><\/span><\/td>\nCAMS RTA<\/b><\/span><\/td>\n<\/tr>\n
              Axis Mutual Fund<\/span><\/td>\nAditya Birla Sun Life Mutual Fund<\/span><\/td>\n<\/tr>\n
              Bank of India Mutual Fund<\/span><\/td>\nBandhan Mutual Fund<\/span><\/td>\n<\/tr>\n
              Bajaj Finserv Mutual Fund<\/span><\/td>\nDSP Mutual Fund<\/span><\/td>\n<\/tr>\n
              Baroda BNP Paribas Mutual Fund<\/span><\/td>\nFranklin Templeton Mutual Fund<\/span><\/td>\n<\/tr>\n
              Canara Robeco Mutual Fund<\/span><\/td>\nHDFC Mutual Fund<\/span><\/td>\n<\/tr>\n
              Edelweiss Mutual Fund<\/span><\/td>\nHelios Mutual Fund<\/span><\/td>\n<\/tr>\n
              Groww Mutual Fund<\/span><\/td>\nHSBC Mutual Fund<\/span><\/td>\n<\/tr>\n
              Invesco Mutual Fund<\/span><\/td>\nICICI Prudential Mutual Fund<\/span><\/td>\n<\/tr>\n
              ITI Mutual Fund<\/span><\/td>\nIDFC Mutual Fund<\/span><\/td>\n<\/tr>\n
              JM Financial Mutual Fund<\/span><\/td>\nKotak Mutual Fund<\/span><\/td>\n<\/tr>\n
              LIC Mutual Fund<\/span><\/td>\nMahindra Manulife Mutual Fund<\/span><\/td>\n<\/tr>\n
              Mirae Mutual Fund<\/span><\/td>\nNavi Mutual Fund<\/span><\/td>\n<\/tr>\n
              Motilal Oswal Mutual Fund<\/span><\/td>\nPPFAS Mutual Fund<\/span><\/td>\n<\/tr>\n
              Nippon India Mutual Fund<\/span><\/td>\nSBI Mutual Fund<\/span><\/td>\n<\/tr>\n
              PGIM India Mutual Fund<\/span><\/td>\nShriram Mutual Fund<\/span><\/td>\n<\/tr>\n
              Quant Mutual Fund<\/span><\/td>\nTata Mutual Fund<\/span><\/td>\n<\/tr>\n
              Quantum Mutual Fund<\/span><\/td>\nUnion Mutual Fund<\/span><\/td>\n<\/tr>\n
              Samco Mutual Fund<\/span><\/td>\nWhiteoak Mutual Fund<\/span><\/td>\n<\/tr>\n
              Sundaram Mutual Fund<\/span><\/td>\nZerodha Fund House<\/span><\/td>\n<\/tr>\n
              Taurus Mutual Fund<\/span><\/td>\n360 ONE Asset Management Limited<\/span><\/td>\n<\/tr>\n
              Trust Mutual Fund<\/span><\/td>\n\u00a0<\/span><\/td>\n<\/tr>\n
              UTI Mutual Fund<\/span><\/td>\n\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

               <\/p>\n

              Paytm Money Ltd. SEBI Reg No. Broking \u2013 INZ000240532. NSE (90165), BSE (6707) Reg Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi, 110019. For more details, please visit: <\/span><\/i>https:\/\/www.paytmmoney.com<\/span><\/i><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

              Managing wealth involves staying organized, including keeping your mutual fund accounts up-to-date. This blog tackles a common concern: changing your default bank account in mutual funds. Meanwhile, the standard procedure for altering your default bank digitally across all AMCs via MF Central & default bank at PML as follows How to change default bank accountContinue reading “How To Change Your Mutual Fund’s Default Bank Account”<\/span><\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"single-classic-ns.php","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4830","post","type-post","status-publish","format-standard","hentry","category-announcements"],"_links":{"self":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/4830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=4830"}],"version-history":[{"count":0,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/4830\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=4830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=4830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=4830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}