Mutual Fund

When a mutual fund investor passes away, the nominee registered in the folio can claim ownership of the units through a process called transmission. To initiate this, the nominee needs to submit a transmission request to the Asset Management Company (AMC) or its Registrar and Transfer Agent (RTA), such as CAMS or KFintech.

The required documents typically include a transmission request form (specific to nominee claims), a notarized or original death certificate of the deceased investor, KYC documents of the nominee (like PAN, Aadhaar, and address proof), a cancelled cheque or bank statement for verifying bank details, and a signature verification from the nominee’s bank. If the folio has a registered nominee, the process is straightforward and doesn’t require a legal heir certificate or succession documents.

Once the documents are verified and approved, the mutual fund units are transferred to the nominee’s name. The nominee then becomes the sole holder of the folio and can choose to redeem, switch, or continue the investment as per their financial goals.

This process usually takes 7 to 15 working days, depending on the AMC’s internal procedures and the completeness of the documents submitted. It’s important to ensure that nomination is registered across all folios to avoid complications during transmission.

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To change your default bank account in a mutual fund, Jiban, you’ll need to follow a structured process that ensures your redemption proceeds and dividends are credited to the correct account. Here’s how you can do it smoothly:

Step-by-Step Process to Change Default Bank Account in Mutual Funds

1. Prepare Required Documents

   • Cancelled cheque of the new bank account
   • Cancelled cheque or bank statement of the old bank account
   • PAN card and address proof (if KYC update is needed)
   • Signature verification (if requested by AMC or RTA)

2. Fill the Bank Mandate Change Form

   • Use the Change of Bank Mandate Form provided by the AMC or RTA (like CAMS or KFintech)
   • Mention folio number(s) and new bank details (Account No., IFSC, Account Type)

3. Submit the Form

   • You can submit it physically at the nearest AMC branch or RTA service center
   • Or use MF Central for digital submission:
     MF Central Bank Change Portal

4. Verification and Processing

   • AMC may verify via penny-drop or document validation
   • Processing usually takes 4–7 working days
   • You’ll receive confirmation once the new bank is updated

5. Make It Default

   • If multiple bank accounts are registered, specify the new one as default for future transactions

Important Notes

• If your total holding value is below ₹10 lakh, MF Central allows a fully digital process
• Always ensure your new bank account is active and matches your KYC details
• For joint accounts, all holders may need to sign the form

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To update your email ID and mobile number in an old mutual fund folio, Jiban, you can follow either the online or offline route depending on your comfort and the AMC or RTA involved. Here’s a streamlined guide:

Online Method (Recommended for PAN-linked folios)

1. Visit MF Central – the unified portal by CAMS and KFintech
   👉 MF Central Contact Update

2. Login using PAN and OTP

   • No need to remember folio numbers
   • OTP will be sent to your registered mobile/email (if available)

3. Go to ‘Service Request’ tab

   • Choose “Update Contact Details”
   • Enter new mobile number and email ID
   • Authenticate via OTP sent to the new contact details

4. Changes Apply Across All Folios

   • If your PAN is linked to multiple folios, the update reflects everywhere

Offline Method (For folios not linked to PAN or older accounts)

1. Download Contact Update Form from AMC or RTA (CAMS/KFintech)
2. Fill in Folio Number, New Contact Details, and Sign
3. Attach Self-Attested PAN Copy and Address Proof (if required)
4. Submit at AMC Branch or RTA Service Center

Important Tips

• Always double-check the spelling and digits before submission
• Use a mobile number and email that you actively monitor for alerts
• If folio is jointly held, all holders may need to sign the form