How to modify the bank details linked to MFs via MFCentral
NEW DELHI: MFcentral has made it easy to change bank details related to your mutual funds (MF). MF Central is a joint initiative of KFintech and Computer Age Management Services (CAMS) to simplify transaction tracking and provide services related to MF assets.
The platform allows users to update bank accounts, IFSC code, in case of change, mobile phone numbers and email addresses, among other services.
Currently, the platform only covers folios which have the PAN of the first holder and the mobile number identical to those used during registration. In addition, service requests are also not allowed for MF investments held in mat accounts.
Here’s how you can request changes to your bank details:
Step 1: Register on mfcentral.com with your PAN. Alternatively, you can log in using a one-time password (OTP), but you will need to register with PAN and cell phone number to be able to see all of your MF investment details.
2nd step: The registration process also requires the configuration of five security questions, which will be asked during each connection as part of an additional authentication.
Step 3: Once logged in, click on the ‘service request’ tab on the home page.
Step 4: To change bank account, click on the ‘change bank account’ tab.
Step 5: The page will display all the folios and the bank accounts linked to them. Select the MF holding company for which you wish to apply.
Step 6: Enter the new bank details and download a color check scan as a supporting document. You must also download the check from the default bank account.
In a single request, you can only change the details of folios with the same default bank details. For those who have a different linked bank, you will have to start the process over from scratch.
In a first phase, the platform only accepts checks as proof. The platform will soon start accepting other documents, but until then, if you don’t have a check, you will need to go to the nearest CAMS or KFintech branch with another document to initiate the request.
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