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NISM Certifications · NISM-Series-V-A: Mutual Fund Distributors · Investor Services

An investor in a mutual fund scheme wants to change the registered bank account linked to his folio. Which is the standard operational step that the AMC/RTA requires for this service request?

A change of bank mandate needs a written or online request from the investor along with proof of the new account, such as a cancelled cheque or bank statement. The RTA processes it; a verbal request, fresh KYC or a new folio is not required.

  1. AA written or online request with proof of the new bank account, such as a cancelled cheque or bank statement/passbook copyCorrect
  2. BOnly a verbal request to the distributor, who then updates the RTA records
  3. CA fresh KYC registration, because the bank account is part of KYC
  4. DA new folio must be opened and the old folio closed after redemption of all units

Explanation

Change of bank mandate is a non-financial service request processed by the AMC/RTA on a signed or authenticated request with supporting proof of the new account. A distributor cannot change records verbally. KYC is not required to be redone, and a new folio is unnecessary.

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