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Tata Capital > Blog > How to Change Your Bank Account Linked to Your Folio Through MFCentral

How to Change Your Bank Account Linked to Your Folio Through MFCentral

How to Change Your Bank Account Linked to Your Folio Through MFCentral

In September 2021, KFintech and CAMS launched MFCentral, a cross-industry platform for all your mutual fund needs. MFCentral aims to provide investors with a convenient, paperless way to perform non-financial transactions related to mutual funds. 

Currently, MFCentral allows usage through a single registered mobile number against all investments under a PAN. In other words, you can register on MFCentral with your phone number and PAN and access only those folios whose first holder has the same registered mobile number and PAN. 

How can you change your bank account details through MFCentral? 

If you want to change your bank details online, the consolidated value of all your investments should be less than Rs. 10 Lakh. This restriction is temporary, and MFCentral will soon be increasing the threshold.

To change your bank account linked to your folio through MFCentral, follow these steps. 

Step 1- Register on MF Central

Sign up on MFCentral with your PAN and mobile number linked to your folios. You will receive a one-time password (OTP), which you will need to enter to complete the registration process. 

Step 2- Add 5 security questions

To prevent unauthorized access, MFCentral requires you to set up an additional security layer in the form of security questions.  

Additional Read: How your profits from global investments are taxed in India?

Step 3- Go to 'Service Requests'

Go to the homepage and click on the 'Service Requests' tab. Here you will be able to raise any requests against your ongoing mutual funds

Step 4- Click on 'Change of Bank Account Details'

After selecting this option, you will be able to view all your folios and the bank accounts linked to them. Select the mutual fund holding for which you want to change bank account details. You can select multiple folios, provided that the existing bank account details (IFSC and account number) are the same for all. 

If your bank details are different for different folios, you need to raise separate requests. 

Step 5- Update your information and upload supporting documents

For the final step, enter the new bank account details and upload the supporting documents. MFCentral currently accepts only coloured scanned copies or images of bank cheques as proofs. So, upload one cheque for your old bank account and another for your new one. 

And you are done. It is that simple. 

What to do if you do not have bank cheque copies? 

MFCentral is in its initial phase but plans to expand the list of valid proof documents shortly. Currently, if you do not have bank cheques, you can follow the offline route. Visit your nearest KFintech/CAMS branch or your AMC’s office and submit a change request form with a copy of your bank statement, passbook or any attested letter from your bank. 

Additional Read: How to Plan Your Investments via Goal-Based Investing with Moneyfy

In conclusion

MFCentral is a user-friendly platform where you can avail of services such as viewing your portfolio, updating your personal details, adding nominees, changing bank details and more. The project is still in its early stages but will become fully operational by December 2021.

Do you want to start investing in mutual funds? Tata Capital's Moneyfy app is a beginner-friendly mutual fund app where you can search and compare various mutual fund schemes tailored to your financial goals. Download the app now, and make your savings grow.

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