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

Which of the following is a facility that lets an investor change the registered bank account for receiving redemption proceeds in an existing folio?

An investor changes the bank account in an existing folio by submitting a change of bank mandate request with supporting proof like a cancelled cheque or bank statement. Switches, systematic transfer plans and dividend reinvestment affect where money is invested, not the registered bank details.

  1. AChange of bank mandate request with supporting proof such as a cancelled cheque or bank statementCorrect
  2. BSwitch request to another scheme
  3. CSystematic transfer plan registration
  4. DDividend reinvestment option

Explanation

A change of bank mandate request, supported by documents such as a cancelled cheque leaf or bank statement, updates the bank details in the folio. Switches, STPs and reinvestment options deal with moving or reinvesting money, not altering bank details.

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