NEW DELHI: MFcentral has made changing bank account details linked to your Mutual Funds (MFs) a simple task. MF Central is a joint initiative by KFintech and Computer Age Management Services (CAMS) aimed at simplifying tracking transactions and carrying out services related to MF holdings.
The platform lets users update bank accounts, IFSC code, in case of a change, mobile numbers, and email addresses, among other services.
Currently, the platform only covers folios that have first holder PAN and mobile number same as the ones used during registration. Further, service requests are also not allowed for MF investments held in demat accounts.
Here is how you can request changes in bank account details:
Step 1: Register on mfcentral.com with your PAN. Alternatively, you can log in using one-time-password (OTP), however you’ll need to register with PAN and mobile number to be able to see all your MF investment details.
Step 2: 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: Once signed in, click on ‘service request’ tab on the home page.
Step 4: To change bank account, click on ‘change of bank account’ tab.
Step 5: The page will display all the folios and the bank accounts linked to them. Select the MF holding you want to make the request for.
Step 6: Key in the new bank account details and upload a colored scan of cheque as a supporting document of proof. You also need to upload cheque of the default bank account.
Things to note
In a single request, you can change details of only those folios with the same default bank details. For those with a different linked bank, you’ll have to start the process from the scratch.
In the first phase, the platform only accepts cheques as proof. The platform will soon start accepting other documents as well but until then if you do not have cheque, you will have to visit the nearest CAMS or KFintech branch with another document to initiate the request.
