The Facility of Registering Multiple Bank Accounts in a Folio

HDFC Mutual Fund offers a facility for registering upto 5 bank accounts in a folio for receiving redemption proceeds. You have to specify any one bank account as "Default" and can register upto 4 additional bank accounts. Upon registration, you can opt to receive redemption proceeds into any one of the registered bank accounts without providing any supporting documents at the time of redemption. Supporting documents for all the bank accounts have to be submitted with the registration form for multiple bank accounts. Dividend proceeds will be processed into the "Default" bank account only.

Registering for this facility enables you to receive redemption proceeds into any one of the registered bank accounts without providing any supporting documents at the time of redemption. This enables you to receive redemption proceeds into the bank account of your choice.  

At the time of registering for this facility, you have to specify any one bank account as a Default" bank account. This account is used for redemption processing in case you do not specify the bank account in the request for redemption of units. Dividend proceeds, if any, are processed into the "Default" bank account only.

Dividend proceeds, if any, are processed into the "Default" bank account only.  

Redemption is processed into the "default" bank account in the following scenarios:

• No bank account is mentioned in the redemption request for receiving redemption proceeds
• Details of the "Default" bank account are mentioned in the redemption request for receiving redemption proceeds
• Maturity of investments in FMP schemes
• In case you have already 2, 3 or 4 bank accounts in your folio and provide a new bank account for redemption along with the redemption request without complete / correct supporting documents.

 

Yes. The application form for registration for this facility has to be used for adding one or more accounts. However, the maximum number of bank accounts that can be registered in a folio is 5.

Yes. Any registered bank account including the "Default" bank account can be changed / replaced. A separate form is available for this purpose. We request you to refer to the addendum dated June 4, 2009 which specifies the aforesaid documentation requirements.

Yes. You may submit a request specifying the bank account to be deleted from you folio. In case the "Default" bank account has to be deleted, please ensure that you specify the new bank account to be treated as "Default".

Yes. You have to submit a separate form for this purpose. No supporting documents have to be submitted along with the application form.

Any of the following documents are valid supporting documents for a bank account:
We request you to refer to the addendum dated June 4, 2009 which specifies the aforesaid documentation requirements.  

• A cancelled original cheque leaf (where the account number and first Unitholder name is printed on the face of the cheque). Unitholders should without fail cancel the cheque and write 'Cancelled' on the face of it to prevent any possible misuse.
• A letter from the bank on its letterhead certifying that the Unitholder maintains/maintained an account with the bank, the bank account information like bank account number, bank branch, account type, the MICR code of the branch & IFSC Code (where available). The letter should be certified by the bank manager with his / her full signature, name, employee code, bank seal and contact number.
• A copy of the bank pass book or a statement of bank account having the name and address of the account holder and account number. The copy should be certified by the bank manager with his / her full signature, name, employee code, bank seal and contact number.
• Unitholders may also bring a copy of any of the documents mentioned in (3) above along with the original documents to the ISCs/Official Points of Acceptance of HDFC Mutual Fund. The copy of such documents will be verified with the original documents to the satisfaction of HDFC Mutual Fund. The originals documents will be returned across the counter to the Unitholder after due verification.

 

To register for multiple bank accounts in your folio, valid supporting documents should be submitted for the following bank accounts:

• Any one of the existing bank accounts in the folio
• All the bank accounts mentioned in the application form for registration of multiple bank accounts

To add one or more bank accounts in your folio after registering for multiple bankaccounts, valid supporting documents should be submitted for the following bank accounts:
To change a bank account in your folio after registering for multiple bank accounts, valid supporting documents should be submitted for the following bank accounts:
To delete a bank account from your folio after registering for multiple bank accounts, no supporting documents have to be submitted.

• Any one of the registered bank accounts in the folio
• The new bank account(s) which has/have to be added to the list of bank accounts registered in the folio
• The bank account which is being replaced
• The new bank account(s) which has/have to be added to the list of bank accounts registered in the folio

In case no bank account details are mentioned in the redemption request, the redemption proceeds areprocessed into the "Default" bank account. HDFC Mutual Fund or HDFC Asset Management Company Ltd. will not be liable for any loss arising to you due to the credit of redemption proceeds into any of the bank accounts registered with us in your folio.

In case you have registered 2, 3 or 4 bank accounts for your folio, you can provide a new bank account for redemption along with the redemption request. Valid supporting documents for any one of the bank accounts already registered for your folio as well as the new bank account sought to be added for the folio should be submitted with the redemption request. Subject to proper documentation, the redemption will be processed into the new bank account and the account will be registered in the folio. In case the supporting documents provided by you are incomplete / incorrect, the redemption proceeds will be credited into the bank account registered as "Default" in your folio and the account will be not be registered in the folio.

In case you have already registered 5 bank accounts for your folio, you cannot provide a new bank account for redemption along with the redemption request. Any changes to the registered bank accounts have to be communicated separately to us using the application form for registration / addition of bank accounts. The changes will be effected within 10 calendar days from the date of submission of the application form.

The registration process is completed after 10 calendar days from the date of submission of the application form for the facility at any of our official points of acceptance.

To opt out of the facility of registration of multiple bank accounts, you may submit a letter indicating the same and specifying the bank account to be retained in the folio for redemptions / dividends in future. In case you submit a request for deleting bank accounts which reduce the number of bank accounts in the folio to one, it will be construed as a request for opting out of the facility of registration of multiple bank accounts. The bank account that is retained in the folio will be used for processing any redemptions / dividends for all the schemes in the folio thereafter.

A letter intimating the registration of the bank accounts for the facility will be sent to you within 2 weeks of the date of submission of the application form for the facility at any of our official points of acceptance. Additionally, SMS and emails will be sent to investors who have provided their mobile number and email ID respectively. You are requested to verify the contents of the confirmation letter sent to you and contact us immediately in case of any discrepancy(ies).
We would like to communicate electronically to you, if possible, for important changes to your folio. Hence, if you provide us with your mobile contact number / email ID, we would - most importantly - be able to reach you faster to keep you abreast of transactions / changes in your folio.

In the letter intimating the registration for the facility, the complete bank account details registered for your folio will be mentioned. Additionally, the account statement will reflect the details of the bank accounts registered in the folio. In the interest of the security of your bank account information, the account statement will reflect a maximum of 4 digits of each account number.

 

No. The "default" bank account can't be deleted. However, you can change the same.  

No. Bank accounts registered in the folio vide this facility are applicable for all schemes in the folio.  

Yes.  

No.  

No. In case of a rejection of our instructions for direct credit / RTGS / NEFT, we will endeavour to contact you for the further course of action. In case we are unable to do so or get a response from you, a cheque shall be issued to you against the redemption / dividend proceeds.

Yes. You may register 2, 3, 4 of 5 bank accounts in your folio under this facility.  

Yes. We recommend that you opt for electronic receipt of redemption / dividend for all the bank accounts registered with HDFC Mutual Fund for receiving redemption / dividend proceeds.  

No. You may use 1 application form for upto 6 folios held by you if the joint holders and the mode of holding are the same. For additional folios, new application forms have to be submitted. In case you have numerous folios with HDFC Mutual Fund, we recommend that you consolidate all your investments into one folio.

No. For a folio, all the bank accounts for receiving redemption / dividend proceeds should be of type SB or NRO in case the investments are made vide SB or NRO accounts. If investments are made vide NRE accounts, all the bank accounts registered for redemption should be of type NRE only.

No. However, please note that for receiving redemption / dividend proceeds into your NRE account, the Foreign Inward Remittance Certificate (FIRC) for each underlying investment has to be submitted to HDFC Mutual Fund. For additional details in this regard, please contact any of our Investor Service Centres.

No. You have to submit valid supporting documents for each bank account that you wish to register for receiving redemption / dividend proceeds in your folio. These documents should conclusively prove that the bank accounts provided pertain the sole / first unit holder in the folio.